All Forum Posts by: Joe Cassandra

"Oh no, you're getting direct mail...must be so hard to throw it out along with all the insurance, cable, coupons you get." (Do you complain about those to AT&T and WalMart?)

To anyone reading this thread

...who didn't invest in real estate 30 years ago (and it's appreciated 200%+ since then)

...who didn't buy all their properties on the courthouse steps 20 years ago

...or. who didn't buy REOs when they rained from the sky like manna in 2011

Finding off-market deals is $#*@*% hard. Especially in one of the hottest markets in history.

Well, when you've only invested for 1-5 years...You have no credibility.

You have to MAKE your own luck.

---

I sent out 2800 letters last month...got 3 deals...in a hot market. (I closed on all of them, no wholesaling)

#1. I didn't use 'deceptive' practices

#2. I didn't 'trick' someone out of their property. They knew they were selling at a discount.

#3. They weren't 'dumb' sellers.

I got 2 happy video testimonials out of it for proof...

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Yes, most wholesalers suck.

All the people you hear on the podcasts who've made it big all correlate their success to working harder than others...pushing when others are telling them 'no.',

Why dump on people trying to do the same?

I personally don't text random numbers as that's lazy and I think it starts a relationship off wrong...

But maybe see these people reaching out as potential partners...real estate is small enough as it is.

11 Votes

Lol, I'm still wet behind the ears Jay :).

No one's dropping deals in my lap yet haha

That's a lie. Someone found me on BP a month ago and sent me a deal we just bought.

So for anyone that claims BP is just for 'newbie's, it's not true

1 Vote

Originally posted by @Jay Hinrichs:

Originally posted by @Joe Cassandra:

Originally posted by @Steve Morris:

"Anyone Else Worn Out by Wholesalers Texts and Postcards?"

Not at all, I see them as an opportunity.

1) I call and say I'm a buyer, put me on your list.

2) I find the owners they've exploited and under-priced

3) I call the owner and say, here's the FMV and comp sales of your property and you're losing at least 20% you go with this offer. I then tell them that the guy that wrote is NOT going to be the buyer and he's given you $0.01 as earnest money.

4) I tell them since you don't have a listing, think about it.

#1. Your "brilliant scheme" isn't new. Wholesalers try and do this to each other all the time. It's a surefire way to get blackballed by everyone in the area to never work with you.

#2. Based off your "scheme" I'm guessing you've never talked to many offmarket sellers before that sold for a discount.

Most aren't dumb.

They know what a realtor is...they know that's what would get them the most money.

...they just don't care! They want the easy button.

Realtors on the other hand strut through your house, tell you "Oh, you need to update the kitchen, and paint, and etc. etc. etc."

These people don't want that.

They don't want their neighbors seeing their house in bad condition...

They don't want strangers going through and judging them on the clutter...

They also don't want to deal with picky retail buyers who want an HGTV house.

They just want their money and to be done with it.

=-====

(no, I'm not a wholesaler...but I do market for offmarket deals to buy/hold or flip).

I'm betting most of the people that complain about wholesaler messages also are ON wholesaler mailing lists trying to pick up deals.

It's like saying you love pizza but don't want to see how it is made.

to carry this conversation forward.. I do want to offer that.. wholesalers parade all sorts of buyers through the houses.. no investor i know is going to buy a fixer unless they can see it and march their contractor through it.. so that excuse the wholesale community uses does not track. wholesale deals go down just like any regular deal.. buyer does some sort of walk through inspection etc.. I guess the only difference is there usually is not a sign in the yard for sale..

Although a lot of wholesalers these days in Oregon or let me say a few.. are now trying to re market listed properties.. so there is a sign in the yard.. and then send out blast e mails with hours for walk through s Like this one i got this morning.

Investors,

This is just a reminder for our walk through today at the property in Portland, Oregon from 1:30-3:00 pm. Please send me an email response or text to give you the address and so I know you are coming!

Here are the numbers again:

Purchase Price: $235k

Rehab/Repairs: $39.5k

ARV: $354,817

PROFIT POTENTIAL: +$80K

I look forward to seeing you!

I wont comment on the quality of the deal.. but if it was betting I would say.. the rehab is more ARV is less.. there is no figure for cost of resale taxs insurance and holding costs especially if its private or hard money. that 80k POTENTIAL gets down to next to nothing pretty quick.

Hey Jay, agree with that point about the buyers waltzing through.

Again, I'm not a wholesaler, so I don't side with anyone.

I bought a house last week I haven't even stepped in because a tenant...just saw a bunch of pictures and saw the outside. (didn't need any rehab) (I marketed for this lead myself)

#2.

Agree 90% of wholesalers are terrible. And suck.

They inflate their ARVs and deflate their repairs.

My main point is many people complain about wholesalers ---> yet, many are on wholesaler lists trying to get good deals. As we can all agree the MLS is empty with 'great' deals.

I was also responding to Steve's posts where he would just go behind the wholesaler's back to try and get the seller to list.

...

How about he drops $10,000 on marketing (as I have the past few months), digs through people cursing at them, sitting on dozens of porches listening to sellers...for a piranha to try and go behind their back to steal the lead.

You wanna talk about how 'annoying' a wholesaling texting you is...but you say you're going to try to steal leads?

That's what I have issue with.

#1. People complain about wholesalers then buy from them

#2. Saying you'll steal leads and try to get sellers to list when drumming up good deals is hard enough

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If you buy all your deals from the MLS...then sure complain about wholesalers.

But if you're buying deals from wholesalers, you've negotiated off market on sellers and gotten house at a discount (i.e. what wholesalers do)...can you really complain about anything?

10 Votes

Originally posted by @Steve Morris:

"Anyone Else Worn Out by Wholesalers Texts and Postcards?"

Not at all, I see them as an opportunity.

1) I call and say I'm a buyer, put me on your list.

2) I find the owners they've exploited and under-priced

4) I tell them since you don't have a listing, think about it.

#1. Your "brilliant scheme" isn't new. Wholesalers try and do this to each other all the time. It's a surefire way to get blackballed by everyone in the area to never work with you.

#2. Based off your "scheme" I'm guessing you've never talked to many offmarket sellers before that sold for a discount.

Most aren't dumb.

They know what a realtor is...they know that's what would get them the most money.

...they just don't care! They want the easy button.

Realtors on the other hand strut through your house, tell you "Oh, you need to update the kitchen, and paint, and etc. etc. etc."

These people don't want that.

They don't want their neighbors seeing their house in bad condition...

They don't want strangers going through and judging them on the clutter...

They also don't want to deal with picky retail buyers who want an HGTV house.

They just want their money and to be done with it.

=-====

(no, I'm not a wholesaler...but I do market for offmarket deals to buy/hold or flip).

I'm betting most of the people that complain about wholesaler messages also are ON wholesaler mailing lists trying to pick up deals.

It's like saying you love pizza but don't want to see how it is made.

13 Votes

You don't need experience...you just need a deal.

Find a great deal and anyone will give you money.

Plus...

Not sure which HML you're talking to...as most are eager beavers to lock down a rookie flipper at 3 points 15% interest and start the milking

1 Vote

How good must they be to set up a bunch of fake accounts to comment.

No one goes through the hassle to set up an account to give a glowing review of a company on a forum.

"Pam" above...most of her comments are "JWB is great" posts

2 Votes

Originally posted by @Jordan Deeney:

Thank you for all the helpful feedback. From what I’ve seen in metro Atlanta, you can only pull a permit as a homeowner if you live in the houseThey don’t seem to want investors pulling their own permits, but a contractor. I have found some contractors that work on a consultation basis, they pull the permit and then inspect the work as completed, along with the city/county inspector. I am thinking this route is a good way to go to maintain control over my own projects.

Get that license Jordan :)...

Around here, it's always the contractor I've had pull them...but don't know if they were GC licensed or not.

0 Votes

Originally posted by @Chris Gawlik:

@Steve K. @Henry Lazerow @Account Closed Have you ever noticed that RE agents are always bullish. Look at just this thread alone. For the most part your vested interest in the housing market staying strong and your salesman type aggressive way of being competitive, keeps you in this line of thought. Keep telling your clients its a good time to buy. That will deff help them out, and line your pockets at the same time. Good job.

It's the joke I always tell people about real estate agents lol (sorry agents).

HOMEOWNER TALKING TO AGENT DURING HOT MARKET:

HOMEOWNER: I'm thinking of buying a house, is now a good time to buy?

AGENT: YES! The market is super strong. Great idea to buy!

HOMEOWNER: Well, I also have a house that I may sell. Is not a good time to sell?

AGENT: ABSOLUTELY! Prices are very hot, there's no inventory. Selling is a great idea!

HOMEOWNER: So, should I buy or sell?

AGENT: Yes :)

------------

HOMEOWNER TALKING TO AGENT DURING BEAR MARKET CRASH:

HOMEOWNER: I'm thinking of buying a house, is now a good time to buy, prices have gone down?

AGENT: YES! The market is super CHEAP. Great idea to buy!

HOMEOWNER: Well, I also have a house that I may sell. Is not a good time to sell?

AGENT: ABSOLUTELY! Prices have gone down, and they may go down more! Sell now!

HOMEOWNER: So, should I buy or sell?

AGENT: Yes :)

22 Votes

I just bought a house I found off-market.

They were both laid off from covid...and the only money is coming from a lone rental property.

I'm getting it for 64 cents on the dollar...and it's fully rehabbed (in 2019).

They held on as long as they could...but they need money ASAP.

----

This type of situation is just beginning for most folks.

I doubt we will see some 50% crash in RE prices...

But the recency bias of "Oh, stocks are up and RE is up...so everything will stay that way"...seems too optimistic.

#1 ) Most major layoffs happen at the end of the year...

(American Airlines just announced they're laying off over 17,000 employees...they turned them from temporary layoffs to permanent...) and that trend is likely to continue.

#2 )There is also A LOT of political puppetery going on that we won't know where we stand until after the election.

----

Bottom - line ---> we won't know until mid-2021 the full extent of the economic damage. Businesses are holding on as long as they can.

At some point, the effects are likely to be felt, but they're 'suffering in silence' at the moment (like the people I'm buying the house from).

15 Votes

@Jonathan Hasan don't listen to the ball-busters on here dumping on wholesalers.

These same people are likely on many good wholesaler buyers lists begging for a deal...

Real estate agents hate wholesalers because it "steals" listings that could be theirs.

But for the most part, agents suck at generating leads...

Learn how to find off market deals and you'll have dozens of men, women, and children lining up outside your door with a checkbook and pen.

If you can find deals offmarket...it's such a valuable skill... you'll never go hungry.

(I don't wholesale, I buy offmarket, take them down as rentals, flips...or one I'm closing in 5 days I'll clean up and sell it on the MLS as an "investor deal"...or maybe wholesale it...who knows).

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Bottom line, don't let all these people saying "wholesaling is illegal and unethical" push you down.

Likely...they just suck at finding great deals.

---

Bottom line #2 ---> it's not easy buying off market.

It takes hustle...

Or, it takes a good pile of cash to spend on marketing.

If you have $0...get some ice in your veins and start cold calling.

(Only thing I agree with someone above is it is somewhat illegal to mass text and bandit sign your neighborhood)

1 Vote

All Forum Posts by: Joe Cassandra

Joe Cassandra has started 18 posts and replied 504 times.

Post: Anyone Else Worn Out by Wholesalers Texts and Postcards?

Post: Anyone Else Worn Out by Wholesalers Texts and Postcards?

Post: Anyone Else Worn Out by Wholesalers Texts and Postcards?

Post: Anyone Else Worn Out by Wholesalers Texts and Postcards?

Post: How do I get experience without a experience? Chicken or the Egg

Post: JWB Real Estate Cpital

Post: Who Pulls Your Permits?

Post: Is the Real Estate market really not going to take a hit?

Post: Is the Real Estate market really not going to take a hit?

Post: Should I tell a listing agent that I am a wholesaler?