All Forum Posts by: Luke W.

12 Unit Complex - Needs lots of work - $125,000

Each Unit: 

2 beds 1 bath

936 Sq ft

Beds and bath room upstairs, kitchen downstairs.

Pictures

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9 of the 12 units are rented, the other 3 need extensive rehab. All 9 are currently rented at $300 a month. Once the complex is fixed up these units should be rented for $550-600 each. Totaling $6600 - $7200/month.

Repairs needed - New roof, flooring, paint, kitchen, baths. We have had estimates between $120,000-$150,000 for the entire complex.

This could be a great return on your money.

Luke Ward - 4056135924 - [email protected]

I have definitely found deals by driving for dollars. It wasn't my first deal, but it has happened a couple of times. It would work better if I put more effort into it, but that's not where we focus.

There's nothing absolutely set in stone that is going to make a deal great. Many people do follow the ARV * 70% - repairs formula. If you can find a deal that fits this, and legitimately fits it, then you should be able to find a buyer. Assuming you worked your profit in. There are properties that just don't make sense. For instance, a home that just needs to be torn down, etc. We actually have some places here in OKC that you couldn't tear down and build again with any financial intentions, because you'd be losing money.

Personally, we don't have our VA take the phone calls, our acquisitions manager does that. Since he is the one who is trained in the aspects of wholesaling, rapport, motivateion, etc, we felt he could be a good gauge of when to set an appointment and when not to. Also, since he is the one going on the appointments, he can only really waste his time. In my opinion, an acquisitions manager/salesman is the first hire.

As far as to your question directly.

I would have a point system for "when they're looking to sell" Yesterday - 5   Today - 4 - Soon 3, etc.

How much work does the property need? Tons - 5    Decent amount - 4, etc

Is it a hot area?

What's their tone like? Sometimes it may seem as though they aren't negotiable by what they say, but their tone says otherwise. Lots of people are easier to deal with in person, so if your numbers aren't all that off it might be a good idea to set an appointment.

Also, something for the point system to consider, maybe, how busy is your schedule at the moment?

Just a few thoughts.

That's great, good job!

@Travis BenhamDid you end up doing anything with this property? It sounds like something we are working on right now.

What kind of price range and neighborhood are you looking for? You might PM me some details, we might be able to help you out.

dirtcheapsigns.com

This has been moved to 6:30 tomorrow! See you all there.

Welcome to wholesaling!

If you are wanting to find a mentor, I would suggest doing essential networking to find out who might be interested in being a mentor. Since you don't have the money you might think you need, I would suggest offering half of a certain amount of your first deals, or even more than half in order to learn the trade. It can be intimidating you speak to someone about learning from them, but please don't let that stop you from trying.

As far as your marketing type, it really depends on personal preference. With a smaller budget, I would suggest driving for dollars and writing your own letters to begin with. Also, scour Craig's List. 

Hope that helps!