All Forum Posts by: Jonathan Loynaz

Iv'e been thinking this for so long! Thank you for starting this post. I get emails and phone calls of wholesalers who try to sell these properties where they only make money! It's bad for their business and it's bad for the rest of us wholesalers. When we evaluate a property, we first think of how much the end buyer can make, not us! That's why most of our properties sell in less than 2 days and why we always have repeat business.

Great post @David Oldenburg!

@Abou C. Evictions with owners who've owned the property 15+ years is definitely a good idea. We mailed out an absentee owner list last month and now acquiring a 6 unit multifamily tomorrow because the owners are an older couple with health issues.

Marketing to retired investors is great because they often have multiple properties they want to sell.

Good luck!

Welcome to BP @Kyle Vandever!

Being young myself and diving into real estate right out of high school, the best advice I can offer anybody when starting off is to meet as many people in the business as possible. You really have to let it consume you. Ask as many questions and bother as many investors as you possibly can. People will notice your desire to succeed and some of them will take time of out their lives to help you.

After almost 2 years of failing on my own, I began going to meetups, REIA's, and even calling people off Craigslist. I got in touch with my now partner and in 2 months of me working with him, we've closed on 2 properties, closing 2 more this month, and have 7 more under contract.

Good luck to you!

Welcome to BP @Christian Benitez!

I'm a wholesaler/agent in Miami. Most definitely you need to network with as many people as possible. Being active and social in real estate is very important, you never know who might have the time to teach you a thing or two!

Welcome @Frank Ygarza!

I'm a wholesaler/agent in Miami. Let's network, I have a few hot deals that I'm working on right now. What type of investments are you looking for?

I'm in Miami but I'd still love to network with anybody in Florida. You never know when you might need the connections!

Cheers!

Hey everybody!

I'm about to get my first wholesale deal under contract! I have some concerns regarding the contract, repair costs, and what to do after I get his signature.

I've determined this property's ARV to be $110K - $125K and I'm getting it under contract for $54K and hopefully sell it for around $65K.

It's a flat roofed, 3 bed, 1 bath, 864 sq. ft. SFR sitting on 10,800 sq. ft. of land.

First, needs a new roof, a kitchen, flooring and some cosmetics, basically a full renovation. I'm estimating the repairs to be between $20K - $25K (I'm actually not sure at all about this estimate). Another problem with the property is the owners are tax delinquent $4,000. Somebody bought the tax lien about a month ago. 

I'm not sure what to do about that problem. Does it becomes the buyer's problem, do I re-negotiate with the seller? I'm scared to do that because he had other offers even a higher offer than mine but I agreed to a faster closing.

Second, I'm going to be using the FAR BAR As-Is contract. It's about 9 pages long and I honestly don't understand most of it. I'm meeting with the seller tomorrow to sign the contract. I don't want to mess it up and seem like an amateur. If I don't have a title company yet, do I leave that stuff blank? I have one in mind but they're closed on weekends?

I've been going crazy all day trying to figure this stuff out. Any advice would be great. Thanks guys!

I've been looking for a partner to rehab with as well. What pointers can you give to a successful partnership?

Congrats Sharad! It's a beautiful home!

First off, I'd like to thank everybody for their great advice.

@Christopher Salazar My criteria is out of state absentee owner, 40-100% equity, owned since 1999 or before and spanning across 2 counties. I know of him and I'll try talking to him directly. Thanks!

@Daniel Seo I'll be talking to a pro wholesaler down here and asking him what he thinks what lists do better. I like everything to look perfect so I do focus a lot on the mail piece itself. With that said, I have the worst handwriting of anybody I know (haha). 

@Mohit Madaan Thank you for detailed replies! What are some trouble shooting methods that you can recommend? Also what's the name of the company that will write letters?

@Rick H. You made some good points about adding that sentence and how yellow letters are played out. Maybe it's time to tap into a creative way of getting the message across.