All Forum Posts by: Tayler LaChapelle

Hello! I recently just purchased a drone (DJI phantom 4) and I am just amazed at how clean and clear my videos have been. Instead of it just being a hobby to create YouTube videos, I wanted to turn this into a way to create some income! I am thinking about helping investors around MN showcase their property through amazing aerial shots. I wanted to turn this into a business and then use income I make through this (plus my normal job) to start purchasing my own real estate. So if anyone is interested in the MN area message me. Or if you have any advice or what to think of my idea let me know in the comments below!

Make sure to check out all the podcasts talking about wholesale. A lot of great content there! I also would recommend learning how to really analyze deals not just for yourself, but for flippers and rental investors. 

Wish nothing but success!

The no money down is true in wholesaling. But i will say it is nice if you have a few extra hundred bucks saved up for getting leads from services like listsource or have some extra money for marketing. With that said you can still use no money and come out with money in wholesaling. 

The simplified version of wholesaling is pretty much the following in order:

1.) Find a distressed property by driving for dollars.

2.) Look up the properties you found on your counties local Central Appraisal District, if the info shows the owners address is different from the home address then it's an absentee house. If the address are the same it doesn't mean you can't go on with the deal, the owner may actually still want to sell their house. 

3.) Once you get all the potential leads then you can mail each of them. ( Usually postcard works best, make sure it uses key words like "we buy houses" "SELL FAST") have a phone number on their that people can reach you at.

4.) Receive calls from motivated sellers, talk to them on the phone. ASK LOTS OF QUESTIONS! build rapport with them as fast as possible. Set up a time when to see the property. (If you want to learn how to talk to motivated sellers just watch podcast 77 that is an amazing podcast.)

5.) Before you go to your property make sure you run comparable properties to get an idea of how much your property will sell for. Make sure the properties you compare to your property are almost the same EX: sq ft is around the same number, bedrooms and bathrooms are same, conditions on the property may be the same, etc.

6.) When inside the property make sure you bring a notebook or something to write down all the repairs you think the property will need. EVERYTHING! That will help you determine how much you can offer to the seller and how much money your flipper will need to put into the property to fix it. It will give you a range of how much money you are able to make.

7.) Once you make an offer get it under contract. Open up escrow and make sure theres nothing on the property that will hold you back from purchasing it.

8.) Find a buyer. Use FREE marketing on craigslist or make bandit signs and put it up around the neighborhood. NOT in front of the house. If its a good deal, Buyers will come.

9.) Once a buyer has been found, ask seller if they can leave keys in a lock box (if vacant) and ask if you can view the property or show the property to potential buyers when needed to, Set up a time for buyer to view the property.

10.) Tell buyer your sale price. Try to always offer 10K more than the deal you made with the seller. That way if the buyer tries to talk you down then you can negotiate. 

11.) You and the buyer sign an assignment contract. Basically your selling him the contract made between you and the seller. The money you will make is your assignment fee. In this contract also make sure buyer will pay all closing costs, so your paying nothing out of pocket. I would also say make buyer pays 2,500 non-refundable earnest money.

12.) Go to the title company or escrow company or closing attorney office, whatever your state requires for you to close the deal and sign the last papers.

13.) BOOM get PAID! Now REPEAT!

Theres a lot of things that can happen during this whole process but you won't know how to deal with them if you don't go out and take action and start wholesaling. Mistakes you make will only make you more successful.

I would recommend all the BP podcast talking about wholesaling, they will help you out a TON!

hope this helps!

If you are someone who is from or does business in the metro area of Minneapolis, MN. I would like to know what title companies are investor friendly or that you've done business with that work well. Also if you have any investor friendly attorneys you could refer me too would be great! Thanks!

Hello Kwami,

What is so awesome about real estate is you can truly start with nothing! With that being said I would advise you to watch the BP podcasts talking about wholesaling. Start learning your business, learn everything about it. 

When introducing yourself you need to establish value of why would someone want to even work with you. You can establish value by watching, reading, and even start finding deals in your market for wholesaling. Many people on BP want to actually help you out by answering your questions. Most if not all questions you have about any aspect of real estate can be answered through the forums.  

The goal right now is to just educate yourself on the business and don't rush into your first deal when you haven't done the proper homework. Be patient sellers and buyers will come the more you educate yourself.

Thats awesome Dan! Keep setting goals! If your goal doesn't sound crazy to other people, the you did not set it high enough! Keep going after it!

I believe unless your doing a double closing, then all parties will be able to see. Some title companies say they are able to do double closing deals but they need to inform everyone involved, thus making your earnings in the deal not so much of a secret. 

In all honesty I would advise you to tell your motivated seller that your partner or yourself will buy the property. Technically your not lying about having a partner because at closing they are your partner for the time being. 

You could also be upfront with them and tell them that this is how you put food on the table, so you're going to make a profit off this deal. But remind them that they are getting the money you offered them. 

If you ask the right questions you will find out that the seller just got divorced or it's a pre-forclosure or they just don't want anything to do with the property. Whatever the case may be find out how much will they need in order to feel happy again, you don't have to give them exactly what they ask but if your close that will be good enough for them. 

Make sure you ask questions and find out if they are a motivated seller or not. You will be able to easily tell by their situation. Remember you just want that 5% of sellers. Most of the time if they are motivated they won't really care how much you make, they more care that they got the property off their hands!

Remember just be honest to the seller and make sure he/she is a MOTIVATED seller. 

I just wanted to say hello to the BP world! I currently have decided to go into real estate investing full time and I'm only 20! Some may even call me crazy like some of my family haha! But I've always been an entrepreneur at heart. I just don't like someone breathing over my neck consistently asking me if I'm doing my job correctly... I'm talking about good ol retail people! 

I'm tired of missing some of my family's birthdays, having to leave early on thanksgiving because America, and just tired of having to do something I hate. I rather be spending time with my family and to be able to give back to my mom. My real goal is to create wealth so my mom won't have to stress about paying the bills this month, or what my 5 younger siblings and I will eat tonight. I see the stress it causes on her and she's really good at not showing it but I know. She is my everything, she's going to school right now, I plan to pay for all her schooling by the end of this year. That is where I am going to start by giving back to her.

I'm so passionate when it comes to real estate. I get excited to see other people do 1 million dollar deals and people who do their first deal. It is all so awesome to me that they are changing their lives. Soon I will be on BP success stories, be on the watch out people!!!

love you all!

Hello! I am currently looking into getting my first rental property through the technique of house hacking. I am 20 right now and currently live in the Minneapolis area. Just as most young people, I don't have much credit. I just applied for a secured credit card and will start there to build my credit. I looked up how much credit you need to get a FHA loan and average is 580. I want to know how to build my credit fast so I'm not having to wait years or a long time to start my first house hack project. Thanks so much for reading!