All Forum Posts by: Jonathan Guerrero

 Yeah I figured.  Thanks for the quick response. 

 Now let's say he does assign it at 85k, is it that simple to assign it again to a third person?

So I might be closing on my first deal today.  I called a bandit sign and introduced myself to the wholesaler.  I told him I'm new in this business but knowledgeable and I'm looking to grow my network and possibly partner up on some deals.  He had one. I told my buyer about it and negotiated.  He's buying at 90k but there's no room for me to buy cheaper and reassign it at 90k. I know we unofficially partnered up and it should be a 50/50 split by bringing a buyer but I know that won't happen. 

I still don't know what he has it under contract for but my guess is 70k max 80k.  What would be a fair cut for me?

How should I approach him about this?

Don't want to sound overconfident but I don't want to get taken advantage of either. 

Your help is greatly appreciated.

So I started my first Direct Mail campaign and 1000 postcards were mailed out on the July 22 and I've recieved 3 calls already.  Only one is a good one.  

Seller owns 2 houses free and clear.  One has a new roof, new flooring and is basically move in ready.  The other one he's currently working on it and he said he would like to sell as soon as possible so he can stop putting money into it.  He is tired and wants to retire.  He is interested in seller financing on one house and wants cash for the other.  However that could change.  

1st house 3bd 1.75 bath 1320 sq ARV is 140-150k (rough estimate)

2nd House 3bd 1.75 1400 sq ARV 140-150k (rough estimate)

He says he doesn't know what to sell the house for and he asked me how many cents on the dollar I'm buying at.  I didn't tell him but I explained my criteria.  

Is it a good deal? I want to wholesale this. However, how can I negotiate a good seller finance deal or get him to accept .70 cents on the dollar? 

 I listened to your podcast in which you explained the difference between wholesaling and wholetailing.  I'd rather wholetale and sell as is, but I don't know if I could afford the holding costs.  Is it possible that I could find a private or hard money lender and sell on the mls quickly? How long do your properties sit on the market?

I appreciate everyone for chiming in. 

@Russell Ponce I'm assuming you no longer go and see the houses.  Who does your inspections? Your contractor? Partner? Or an employee of yours.  Also, are you using podio or something different?

@Ryan Billingsley Thanks for the info.  Yellow letters provided everything but a way to track. They were great.  My goal is to wholesale these properties and eventually scale up to flipping.   

@Michael Quarles Thanks again for chiming in. I've listened to your podcasts on buy fix flip sell and I'm really impressed with your negotiation skills. My question is how are you wholesaling these properties so quick? Are you selling them on the MLS or to another investor at a reduced price or full retail?

 Its yellowletters actually.  They service your marketing plan.  You can buy a list to mail to from them or from listsource and they will input that information for you.  You just need to edit your postcard and put your contact information and they put the addresses and mail them out.  

 I think this it. 

http://www.biggerpockets.com/files/user/svornholt/file/property-info-sheet-sharon-vornholt

 Thanks man!

So i pulled the trigger on 1000 postcards from yellowletters.  I went with one of their templates.  I've downloaded Sharon Vornholt's script and a couple of others and a rehab checklist.  My dad and two uncles run a contracting business so they will help with the repair estimates.  So I'm ready to go. I want to be good at what I do and not be a "crappy wholesaler." I will also be meeting with a local rehabber soon and hope to partner up and learn some more.  

Couple of questions: Phone calls.  How are you guys tracking them and how are you handling them? Do you let them all go to voicemail or answer immediately?  I'm planning to answer immediately.  How are you guys buying without even looking at the house? Should I contact the buyers first or should I lock down the deal first?  I'm planning to lockdown the deal first.  Any advice is appreciated.