All Forum Posts by: Joseph Ball

Spread too thin for that much investment. Figure long holding costs, because the percentage of buyers in that price range is small. Just think of a chart with house values ranging from $100,000- $400,000. On one axis, picture house prices. On the other axis, picture buyers.

The number of actual, qualified buyers drops significantly, as prices increase. 

Do a title search first. Then, you will know what you are dealing with.

Look at recent buyers at local tax deed sale

I would rather lose sleep over a house I didn't buy than lose sleep over a house I bought.

I don't agree with almost anything. If you are a wholesaler, you know your numbers, you know your market, you know your buyers. You buy when you can sell. If you can't sell, you are a BIG GUY and you deal with it. If you don't know these factors, you should not be in the business. This stuff about "I MAY buy it if I can sell it" is GURU stuff. I would never do that.

Real estate should be an ethical business. Occasionally, you may lose some money, but if you know your business, this will be infrequent. If you are an an ethical wholesaler, you will not get in the way of the Seller trying to sell his house.

Never make the first offer. Always have seller name the first number. When you offer, you may say, "Your house is worth every penny you are asking, but it just doesn't work for me. Here are my numbers, and how I came up with them. I wish we could do business, but I just cannot pay what you are asking." Leave your written offer and walk away. 

Be prepared to get thrown in the street sometimes. I say, "If you aren't thrown in the street once a month, you are offering too much."

Short introduction, and "What is your situation?" And a lot of listening. Just listen. And don't take this opportunity to brag about how many houses you have bought.

As a NEWBIE, please tell me why you have decided to start with wholesaling. Just curious. Thank you

I was looking to buy a new family home. Someone "Promised s friend" I would go look at his house. (I had already contracted for our new home.) But I went. I knew my values, because I had just bought. When the Seller told me what he wanted, I called my wife. She said, "What on earth would we do with another house?" I said we would rent it. So, I bought it on the spot. I was so stupid. I didn't know you were supposed to have GURU's, Mentors, Seminars. I just (stupidly) went on and bought 26 more over next 6 years. I guess, if I had spent dollars on Experts, I would have done better? My equity, after 6 years was about  $......... 

Stay out of real estate, unless you are willing to spend thousands on EXPERTS.

I never heard of it. 

I made an offer between my first post and this one. I also prepared a video, describing another property I am planning to buy.  Sent it to an investor. He and I will probably buy it together-tomorrow. 

Did you analyze Buildium, while I was doing that? Seriously, you can get lost analyzing. Go make an offer.