All Forum Posts by: Lance Wakefield

I would use two different sites, one for cash buyers and one for deal leads. 

I heard auction.com is having legal troubles in California right now for that very thing. I have never personally used them to buy a property yet. I have heard of people getting good deals with them, you just have to watch out for fake bids. 

I am doing a new build in a C+ area the exit cost of the house is around 150k. Should I pay the additional $1500 for gas appliances? Or should I just keep everything to stay electric. I know it hurts long term efficiency but it saves on building costs. I just don't know what consumers would want in a low income area like that or if they care. 

I have heard that most people swear by yellow letters. They cost more, but they have a much higher success rate. One technique I have heard mentioned is to use postcards for the first mailing so you can remove the returned addresses from your list before you do the more expensive letters. Most wholesalers swear by consistency. My first campaign is mailing the same list for 6 months. 

@Justin S.

Bigger pockets is an excellent way if you have management and everything in place. There is a podcast or two about turnkeys with companies like memphis invest. Maybe its worth listening to see if they have any tips. 

I have some experience in Park City Utah which is also a huge ski town. You usually have to bend some zoning laws if you want to pack enough people in to be profitable. Bending zoning laws is always a risk. I found if you're going to get something in close proximity to ski slopes its in your best interest to create an airbnb or vacation rental. Your returns will be so much higher it just doesn't make sense to go the route you're looking at.  Just my two cents and in a different area. 

Have your agent look up all the cash purchases in the area over the last year. Are you trying to sell turnkey rentals? Why do you care who buys your flips if you're getting your selling price for them? 

@Devin Mann

This is a great question. My wife is a new agent and her and I were discussing it. One idea we had was to contact several sellers in your area to see how they chose their agent who is selling their home. I know a lot of people insist on simply talking to everyone you come into contact with as well as door knocking in older areas. Best of luck, let me know if you come up with anything else as my wife is still looking for listings. 

@Chris C.

Thanks so much for sharing! 

@Michael Schueler I have never purchased a property from net worth. 

That being said I have learned from wholesalers that they can often times inflate values by cherry picking comps and they can also often under estimate rehab costs. Not all wholesalers do this by any means, but there are some out there. I am also not saying net worth does this. I am only saying be very careful and nail down your timeline, cost of money, utilities, and all holding costs as well as your exit price and the cost to get it to its highest market value. If you depend on others for these numbers you open yourself up to be burned. 

Best of luck