All Forum Posts by: Jean Tranquille

It been a crazy year but I just closed on my first wholesale deal couple weeks ago. I've learned a lot from my first deal. Everything in life is about mindset and Take calculated risk. My recommendation to any wholesaler what worked yesterday might not work today, we are in a changing world. SEO is the way to go guys. Here's the story. it was around April 2022. I was on fb when this ad came up about a new method to get motivated Seller's. I was excited so I put my information. Got a call from the owner (jonathan) he explained everything to me. So basically they'll sell me 25 really motivated lead for 5k . I was like damn that's a lot of money. So I past on them. couple months later their secretary (Elyse) check back with me and offer me 10 lead for 2k I was that's still high for me but with the amount of time and money I'm spending on pulling lists and cold calling, I'll probably spend 2k. So I went for it, but first I had ask her for some references. I went and called all of them asked question. About two weeks in no lead I was getting weird feeling, then a day later I got a text from them. A motivated seller I called, it was the daughter owner I set an appointment with them next day. That's how motivated they were, (didn't close on that lead) I never got that far with any of my leads. I was scared but I was also hungry. Gave them my offer they accepted verbally. The owner story was that they were already in contact with someone else. The investor had given them time to look for a property to move in. It took them a while but when they finally find a property and Weaver the closing till the investor close on their home. this guy knew they urgency to close he kept asking for credit to lower the price. But it was going to be a year since they have been under contract. The seller attorney said if the investor doesn't close he would lose his earnest money deposit (25k). the contract had an expiration date. So the daughter went on google and that's how I got my real actual lead. I didn't close on this lead because I never got that far with my leads and wholesaling in New York is different from any other states. What I was saying to the seller didn't add up and to buy a property in New York (most attorney) won't take less then 10% of the selling price (EMD). I'm a guy who didn't have 5k to spend on lead ain't no way I was gonna have 10% on 400k houses. learn from that. On my second motivated lead I JV with another wholesaler who has done a couple deal in NYC he had attorneys and everything. we gave the seller an attorney so we were able to only put 1k (emd) 800k selling price. But it wasn't easy to wholesale that houses. it was in the middle of the whole interest going up thing and our buyer pool were small because the owner needed a couple days after closing to move out. Most investor in nyc wants property vacant. Eviction can take years in New York. not many people wanted to take the risk. So SEO is the new way guys. if you guys want to be connected to the guy I use I'll share their information and no I don't get pay or get any discount from them. Or learn to set up your own website that's my plan for new year. So now you know the good thing about SEO I would be an (a**hole) to leave the bad out. Out of the 10 leads only 3 were really motivated the other wanted to see how much they can get or house on market(mls) price very high and owner is freaking out because it not selling and goes to google. But the guy I use gave me credit for anyone that's not motivated or on market(mls).

Quote from @Aryka Ortego:

Hi BP!

Introduction: My name is Aryka Ortego originally from north Louisiana, currently living in NYC where I work as a real estate agent. My brother, Landon, and I are diving headfirst into wholesaling. We are networking and learning all the tips and tricks to hopefully have a strong foundation to start from. 

Our markets where we drive for dollars/tax auctions: Easton PA, Jersey City NJ, Staten Island NY, Ruston LA, Monroe LA, Weston (Caney lake) LA, and Hattiesburg MS. 

We are currently trying to network with investors who are interested in buying in the markets listed above. 
** we would also love to know of any REI meetups going on in these areas!
If you can offer any specific advice that you wish you had known before getting into wholesaling or suggestions for a couple of new wholesalers it would be greatly appreciated! 

wholesaling is a great way to get into real estate at a low cost. But wholesaling is not easy it, wholesaling is marketing it take hustle and knowledge. real estate is a numbers games as long the numbers work buyers will be crawling after you. as a wholesaler you've got to think like a buyer not only about your assignment fee. a great deal a for buy and hold investor might not be the case for a flipper. it save to say it goes both way, lean the 70% and 80% rule, read brrrr.

Quote from @Mohammed Rahman:

Agreed with @Bryant Brislin, but I also feel that you can do a lot on your own @Sean Pesner - there's a ton of great content out there on how to wholesale as a beginner. You can also try connecting with @Jean Tranquille who has been getting closer to wholesaling his first deal this year! 

Yes indeed I’m very close lol, @Sean Pesner wholesaling is not easy just so you know it might cost little to no money to get started but wholesaling is marketing, there's gonna a lot of no but find a System you comfortable with, driving for dollar 10/10, door knock 10/10, cold calling 8/10 pulling list off PropStream or anything other site 6/10, putting Bandit sign 5/10, build your own website to get people come to you, can't rate that cuz I don't have a website myself but I've heard good things about it. Also on the MLS (on market) 6/10 pick two or three then stick with it. Start by looking at your own zip code get to know ur own backyard, then you expand. And you don't really need an LLC to start wholesaling. Also get out there meet other wholesaler like yourself ask questions and talk to investor ask them what they look for when taking a deal from a wholesaler. And as always be honest with whom ever you trying to peach a deal to. My recommendation would be get comfortable with running numbers. learn about comps After repair value ( ARV) the 70% 80% rules. in high market like NYC it's impossible to do the 70% but 80%, 82% work fine, book check out "BRRRR" it about real estate investing gives a perfect idea as a wholesaler what an investor is looking for when purchasing a property. Also that book was written years ago like the author david Greene said yesterday advice might not be good for today's market. So you always gotta be on top of things. like I said going to meet up and meeting people that's in the market right now is the best way to get accurate information about it. Book " never split the difference" it about negotiating haven't read it yet, got it recommended by a former wholesaler. And good luck

Quote from @Oladimeji Sonibare:

Hello, All.

For those of us wholesaling properties, what are the best resources out there for you? What are the most effective ways to find motivated sellers, interested investors, etc.? What's your process?

Thanks for your help!

 

It's a good question but it all depends on who you ask, some will tell you to buy a list off Prop Stream or any other website but the thing is 99% of other wholesalers are doing the exact same thing. Like @Mohammed Rahman said to me " you've got to be doing what the other 99% won't" Sometimes the list you pull of absentee owners are also investors that's growing their portfolios. And the list for distress property is not 100%. I've pulled a list when I google the house or pass in front of it. It doesn't look distressed. I've got a neighbor 3 houses down from me. His house is in terrible shape from the outside. Roof is falling apart and has a blue top to cover it. That's not all overgrown trees and three cars in the driveway are covered with trees and dirt. But yet if you look that house up in any website most of us say it is not distress. I spoke with the owner. He's not ready to sell yet so I'll probably hit him up in a few months. Also others will tell you to build a website where deals will come to you. I agree it's pretty smart instead of you doing all the hard work you let people find you. But for me I think the website is kind of a long term thing. You've got to decide how long you want to be wholesaling for. I'm me just doing it till I get enough capital to invest. I know it won't be much for the New York city market but I'll invest out of state and grow from there. But here's what I do: drive for dollars and cold calling, (gonna start doing door knocks) I'm doing property on market (MLS) it is less stressful and u just set the type of property you want and when one hit the market you get a Notification. From there you run the your number to see if it a good deal like @Mohammed Rahman said " it all a number game." but there's a lot that goes into wholesaling most people don't tell you about. The numbers will determine if you've got a gold mine or a pile of dirt. you have to have some knowledge about running comps and After repair values(ARV). also it's good to have a second opinion from people who are more experience than you. go out there meet people download meet.com and meet like minded.

Quote from @Kevin Paulk:

@Jean Tranquille What area do you plan to target ?

 new york and PA 

Quote from @Mohammed Rahman:

Hi @Gloria Gordon - this is a pretty popular question that gets asked a few times a month. There are a few title companies out there, I don't recall off the top of my head but if you search the NYC forum for title companies specific to wholesalers you'll see a few responses with suggestions. 

CC @Jean Tranquille & @Oladimeji Sonibare who might benefit from the answer! 

 thank you for the tag, I appreciate you   

hello there! I am not an experience wholesaler but from my understanding anyone can do, it as long they have a little knowledge about real estate. I'm too a newbie wholesaler but haven't sign a contract yet. my challenging is Cold calling, I’m afraid of people cursing me out. I’m trying to think past that because in life you’ve got to overcome your fear if u wanna be successfully. What I found that works for me is I put in my head that they not gonna answer. When they do they’ve always been nice. An other thing I found to be useful is creating your own script, when I used to use other people’s script, I struggle to stay in the line the calls can be unpredictable. And for being an immigrant myself People struggle to understand me fully. so creating my own script made it easier. All you need is “ hey good morning/ evening my name is……. I was hoping to speak with ( home owner names). If they say that them Say “ hi how u doing, I’m a local investor was calling about a property I believe that you owned ( house address). I was wondering if u would consider an offer on it.” That’s my script theirs plenty of other script out there find the one that’s easier for u then use it.

I’m currently driving for dollar and putting up bandit sign to find a house or land to wholesale. I haven’t closed a deal yet. I’m looking for like minded people that might be willing to grab a coffee or lunch, let's share some tips or tricks or even exchange books. If you’re an investor I’m willing to offer my time for some knowledge from you . I speak 3 languages: French, creole, and English, currently learning Spanish. I’m a Quick learner. I'm super handy and got my own tools. I know a couple contractors personally.