All Forum Posts by: John Webster

Good stuff. I dnt see anybody else offering what they do. Bootcamps, free transactional funding etc . those in program roughly how long did it take from submission of deal to them finding buyer's?

As far refinancing, I havent done buy n holds or rentals. So the time frame you mentioned I never had to go anywhere near that. Fix n flip side you should be able to pay back fast if know how to buy low etc. It never took me longer than 4 months to get my money or payback investors . most of time faster. i did it differently than most, i would tell people where to get good deals etc, that way i got paid back as fast as possible. Granted you price deal right . I will add to this when looking at comps look at the days on the market. Seems common sense but most deals sit forever because of that . they bank on certain comp but dom could be forever lol.I price mines on a worse case scenario, same with investors, worst case and best etc. I even tell them how much my "fudge factor" will be. Unknowns, technical term. if you buy right to begin with can do that and still make a great profit. For example, I bought a deal for 685k that had an arv of 1.5 to 1.6 million. Less than 100k of rehab. I was able to sell low side of comps , sold very fast. Many do things so wrong they have to sell for top dollar to make any money..sometime deals wnt go fast investors sitting In the wing waiting, they dnt like that. Me I pay back very fast they call me about the next deal and send emails. I never had experience with multiple people funding a deal. I would go to people and they would have several people investing. They setup a biz account,entity, therefore, all would be on first lien. As far as me loaning money it depended sometimes I would charge just 6% if very quick deal, some deals were a few days of rehabbing then a few days on the market. Example, bedford texas was 4 days on the market avg, i got my money back in fairly fast time,6% usually was 12%. When I looked at my rate of return. Borrowing vs funding I was getting over 1000% borrowing . therefore, I stopped lending .

Asia I am going to give you a few tips that will help in your wholesaling business. One thing i do and I have others doing it too. First,I have 2 versions of all agreements/contracts. Reason being is some wnt sign them because they look intimidating, all the legal jargon makes people nervous . they would need to consult a lawyer etc. Second version is for people that understand . I had a few friends this past weekend that had no luck on first two deals I sent them a kids version lol, they went back to owner's and they signed it. Secondly, some owner's won't sign a contract cause it doesn't protect the owner only the buyer. I put a clause that if they could find another buyer feel free to sell to them, contract becomes null and void. They are happy, Nobody says no lol. I am able to put earnest money deposits of $1, i have many going at once pushing to buyer's vs like some putting down 500 bucks to show they are serious. Depending on motivation some wholesaler's able to put down $10 earnest money. Two of my friends I shared were able to put 7 deals under contract this past weekend. when before two if lucky.

To honest not really much to preforeclosures. Basically about negotiations . people have mixed thoughts on preforeclosures they will tell you being new to stay away. Banks want to protect their bottom line, won't accept low ball offers. That alone shows people dnt understand what a bank goes through when a house reaches foreclosure. I trained a friend he is racking up now. He recently talked the bank down for the homeowner from 42590 to 11k, wholesaled it for 18 fast. People will tell you what you cnt do with a bank, not that you can't they dnt want to deal with stuff. Many dnt fully grasp things. People say you can't wholesale a bank reo that isn't true either. I do agree with people it is easier to use transactional funding and double close. I had to show lawyers things in law that made things ok for friends and I am not a lawyer. Biggest thing about any aspect of wholesaling is buyer's. Many I see post on here have deals under contract then hustling to find buyer's. Backwards. Between my partnerships and my buyers I have over 50k buyers. You can create your own buyers too. Get paid multiple times on one wholesale deal. I will respond about buyers next. Many dnt do that right either.

Dang Asia I could look at your pic all day,not ready to accept yet lol. When fix n flipping you have unknowns, "fudge factor" you have to account for. Many just throw numbers out and end up stuck having to cut costs somewhere to make up for it to make a decent profit. You see it all the time on TV. Some have to borrow money from family etc to finish the job. It is a simple calculation. What helps me is my business degree from Harvard. My mind is always thinking outside the box, coming up with more ways to skin a cat, expanding my mind like I never thought I could.

I may do a post Asia. I just responded to a few people . half I gv them leads in their markets. Looks like you are in Sacramento..I love Cali, tons in Sacramento, San Fransisco , San Diego and Oakland. To name a few areas, but especially your market wow!

Seems like great stuff, lex seems like he knows his stuff. Just so I am correct I believe i saw a one time payment etc which is only good for 12 months then monthly amounts for the duration of the partnership?

Not really Asia that is what most say in any market, there are no deals, homes cost too much. Majority just dnt know where to look to find deals or where to get leads. I had people tell me that no deals, little inventory, I told them what to do..they sent me a message, that they made over 100k on each deal and thanked me. As far as mobile homes buyers dnt hV to pay a premium, usually so cost effective wnt matter as much. Outside of rental income that is the reason Warren buffet invested in mobile homes . problem with fix n flips, since most dnt know where to get deals, they do all that work to make a 15k take home. If I bought home 15k it better be a two week flip lol. Yeah national take home avg only 15k. Many buy wrong, replace things that they dnt need to, dnt buy from the right places. Alot of reasons people make so little. I will gv two examples.. People buy prefigured vs sheets of granite and getting it cut. As far as Tile I put the 2nd to lowest tile in a very expensive home, I put it diagonal, gv perception of a more expensive look. Buyers were blown away I was laughing inside, I hardly spent any money.

Unlimited money they have is no good with no boots on the ground. They are in Florida they can negotiate a deal in Cali, but somebody has to look at deal to make sure no surprises before being put under contract. They dnt have the man power for that , they would need offices in every state, nobody does would need way too many people. I would say they have the worst negotiation team. I had a few recently I had to put under contract cause it takes them forever to contact somebody . dnt know if they are not saying the right things when leaving messages etc cause they say homeowner wnt call them back. Yet they call me back next day or same day when I leave message. I had to put a few under contract myself. Some homeowners say they never called smh. A friend sent several deals 15 days ago and still nothing.

I agree michael about the rentals as far as fix n flips, problem with that is most dnt know where to get deals, everybody looking in the same places. People putting their own money into deals, borrow money,contractor's etc and still make very little in take home. I saw where national avg for take home is only 15k. I see people post profits on here, better than most jobs, but as far as everything included not much at all. Rentals between the utilities and paying a property manager etc I saw where avg only 300-400 a month take home. No wonder people need so many to pay the bills lol. Great advice Michael