All Forum Posts by: Marcel Umphery

Chris absolutely. It is very important that you have a plan in this business. It's essential to have a plan of action no matter if your starting out in wholesaling or buy and hold. I've been actually watching your company for over a year now and I see you give your clients a plan first before they actually buy one of your deals. Excellent way of adding value and security for someone looking to get started.

Thanks for the reply!

Marcel

Recently I have been getting questions from folks just starting out in the Wholesaling niche having trouble finding buyer's for their deals and determining values. I really can relate to these 2 hurdles these people are encountering. When I first started just like a lot of other seasoned house flipper's encountered some of the same road blocks.

There are a couple of ways to get over and around these road blocks and hurdles. Here are a few that I know work.

Get on some of the other Wholesaler's buyer list in your marketplace. And get familiar with the neighborhoods they are selling properties in. Most seasoned wholesaler's always list the ARV, Pics, Repairs, Description and may even show a list of comparable sales. You will learn their business rhythm's and this will help you model their success.

After a few months on their buyer's list you should be able to determine what the wholesaler's are selling their properties for which will help you determine how much you need to market and sell your deals for. And as for getting your properties SOLD simple contact the Wholesaler's you have been following and structure a Co - Wholesale deal with them were you split your profits 50/50.

How do I know this works when I started Flipping Houses in 2004 I subscribed to the 2 biggest wholesaler's in my marketplace's buyer's list and studied them for about a year while sitting a t my cubicle before I flipped my first couple of deals before I left my J.O.B. And now there are NEW wholesaler's in my marketplace doing the same with us.

Tyler really good question. It's standard for my company to put down 100 bucks I know some folks that only put down 10 bucks. A monetary consideration must be given to bind the contract.

Now as for our buyers we always collect at least one thousand dollars as a earnest money deposit that has to be delivered in certified funds to our title company.

Cash Flow Boy Shanequa provided an excellent tip in finding a contractor that does FREE estimate. There are plenty of them out there. I would also recommend that you build a relationship with one of your buyers that rehabs and ask them if they can walk you through one of their projects to go over repairs. If you don't have any buyer's yet a good place to find them is at your local REIA.

Wayn congrats on getting started. It is always good to start in a market your already familiar with. I always tell folks to start out in their own back yards. Your coach will most likely assist you with that.

Nicole wish I could help I would recommend that you call around I do have a friend up there that is in the business I will inbox you his contact info.

Keith I would recommend that you start visiting your local REIA's here's a great resource to get you started http://nationalreia.com

Hope it helps!

Michael I'm a landlord, rehabber, wholesaler, and tenant placer in Baltimore. You do need co's and lead certs as well. Average Baltimore rents run anywhere from $650 on the low end to $2100 on the high end for single family dwellings depending on # of beds.

Bob congrats on your REIA here are 2 that I actually teach (Shameless Plug) 1. Wholesaling Real Estate 2. Open House Launch Formula

Here are some others: REO's, Buying at Auction, Short Sales, Rehabbing, Tax Sales and Deeds

Bob hope this helps!

Matt really good questions. Your probably going to get different answers from seasoned wholesaler's. For most of our closings we usually have the seller and buyer at settlement. We have never had a case where the seller left the table disgruntled because we realized profits. As long as they get their agreed upon price their happy and this is for a simultaneous close. If we are making a huge 5 figure profit and we have never done business with our buyer we will either assign an llc or double close. If you have a good Escrow agent they will contact the buyer and seller to schedule settlement but I personally think you should be their to build rapport and a relationship with your buyer.