All Forum Posts by: Jonathan Baker

Hi All,

My motivated seller needs moving service. Her family is disabled and cannot handle the labor.

How can I structure this service into my wholesale deal? I plan on doing a double assignment or a close.

Total NEWBIE question I know!! But my main goal is to help this seller in whatever way I can.

Thank you all!

Jonathan

Thanks all!

Hello all,

Newbie question here. I understand that a typical wholesale deal to a fix and flip investor you're looking at % of ARV - repairs for a wholesale price to an all cash investor.

The rules seem to change a bit when you're considering rental rates. I was told by a buyer that they are looking for properties in specific areas that are 35x rental rates. So I pulled up Zillow, and checked the stats for target area:

Median Home Value: $150,000.00

Median Rental Rate: $870.00

WHAT?! So $870.00 x 35 = $30,450 wholesale price. I have to net out an assignment fee onto of that. Under a typical equation it would be more like $150,000.00 x .70 - repairs which would put us around 90k. Much more "purchasing" power when dealing with the seller.

So how exactly do these deals work?

Thanks,

Jonathan.

Hello all,

I'm a newby investor (1 deal completed!) trying to get my structure set up properly.

I'm currently located in Ohio and would like to establish my LLC here. But I would like to wholesale properties in other states. Is there anything that I need to be aware of by having my LLC established in Ohio and wholesaling properties in California, for example?

Thanks a lot!!

Jonathan Baker

Hi All!

I'm still getting started in the business (newby - 1 deal under my belt with a $3,000.00 assignment fee! woo!). And I'm wondering about LLC names.

Would it be a bad idea to use the word "wholesale" in my LLC name? When sellers sign my contract, it says my company name that will be purchasing the property.

I would like to use somehting like John Doe Wholesale Homes, LLC.

But i'm thinking maybe its better to use "John Doe Real Estate Investments, LLC"

Thoughts?

Thank you everyone for all of the great responses and time to give me perspective.

Thanks @Morry Eghbal 

San Diego is my target, on the top 3 places for lifestyle and real estate. But I'm completely new except for 1 midwestern wholesale flip. But I get the process and I believe I will succeed.

Would it be foolish, in your opinion to see San Diego or Long Beach as career wholesale locations? I would love your opinion :)

Thanks Bruce, Kelly,

I live in a midwestern city that I love dearly but has been on the steady decline and I badly want to move (think rust belt, cloudy days, and cold weather).  The profession that I'm in now is supply chain / project management. Its a great field that I can lean on for a job in any major market. I've been successful in my career path and entrepreneurship has been my nagging next frontier.

To make my question more specific and less general. I would ask: What indicators can I look for with my own independent research to validate any market? Is there a way (without a realtors access to MLS) to compare area (zip code, city, county, etc..) cash sales over the past, say 120 days?

I could, of course develop a relationship with a realtor and have them pull this information for me but I feel that thats a waste of their time especially if I'm still just looking at things from a birds eye view.

Some perspective with this would be great.

Hi All,

This is my first post! :) I'm just getting started in my wholesaling career and I'm happy to report that I've done my first deal. I've got all of the basics down in regards to marketing, working with title companies, understanding the value add process and all of that jazz.

I'm also at a point where I want to move to a new city to experience new things.

I'm at a point in my life where I'm single and in my late 20's I want real estate (particularly wholesaling because I see it as a good entry point into the industry) to be a part of my wealth building plan. Obviously its imperative that I move into a market that will support this. Moving into a rural area, for example isn't an option.

I wil be relocating to the new city and immediately look for a full time job. I have a Bachelors degree and good resume experience. I don't plan on relying on house flipping to get me through my first few months.

So for those who are experienced, my question is: do you have any advice for me at the early stages of my investing career? Are any of my top cities bad places to wholesale? Southern California and Denver are my focus, both that I feel may be good markets but I'm not 100% sure and I'm filled up with a bit of doubt.

My top 3 cities are:

1. San Diego, California

2. Denver, Colorado,

3. Long Beach, California,

Thank you all for any advice that you can offer! I really appreciate everything in advance and hope that I too soon can be a top contributor for this site!!

Thank you!

John