All Forum Posts by: Marcel Pean

Thanks to everyone for the awesome feedback! It's definitely helped me understand what it is I need to focus on. I like the strategy of continuing with sending postcards to my current absentee list and also sending out yellow letters to a different group of absentee owners. I hope with consistency and persistence I will eventually get that elusive first deal!

Thanks again everyone!

Hi BP,

I am a new real estate investor and am currently focusing on wholesaling single family homes in DC. As of now, my budget allows me to mail out 300 postcards from a high equity absentee owner's list. I've done this 2x so far and have had little to no response even after cold calling the people on the list. 

I am considering increasing that number to 600. I know that wholesaling is about volume and finding people who are motivated to sell. My question is, is it recommended to stick with the list I am currently using or would I have a better success rate if I switched to a probate or tax sales list? I would be doing this 1x/month, so therefore I need to be efficient with my $.

Thanks in advance for any feedback!

-M

All,

I believe I misspoke. When I said "mansion" I meant in terms of size, not value. You can easily find 2 bedroom homes in DC for $1M+!

Thanks for your input. The house is a pretty large, single family home in an area of other million dollar homes ranging between $1.4 - $2.2M. I haven't seen the property so I don't know what finishes look like but the potential seller says he believes it will probably be a gut or a tear down. According to my research I have an ARV of $1.8-$1.9M. At those ARVs and that size, I'm not sure what to estimate for repairs.

I'll swing by over the weekend and see what else I can find.

Thanks again!

Hi,

What is a good estimate/rule of thumb to use to estimate a major rehab, full gut job for a large home? This house is in a very upscale neighborhood in Washington DC and has 5 bed, 4.5 baths. Homes in the vicinity sell for $1M+. In order to compete with the surrounding market, a rehabber would use more expensive materials increasing the value of the house. 

Has anyone even wholesale a house this big?

I appreciate any suggestions and advice in advance!