All Forum Posts by: Matt Honeyford

I believe that Pratik is dead on. I think that there is also a conflict of interest while representing a buyer in a transaction that you are wholesaling. If you are acting as a buyers agent while at the same time wholesaling them a property, it could be problematic. 

Lately, I been hearing a lot of people say that they are thinking of listing their home without a real estate agent. I can’t figure out why.

My wife and I are full time real estate. We flip homes, have rentals, and represent clients. We have seen a lot.

So, help me understand why someone who has never bought or sold a home before would think that it’s better to navigate this process on their own than listing it with a real estate agent who eats, breaths and sleeps real estate....?

I mean after all - shouldn’t real estate fees just be a part of the math? If you spent $30k to fix up a $150k home, what’s another $4,500 bucks?

Prove me wrong

@Kyle Glasgow

It depends on your areas absorption rate (amount of time it takes for something to sell). If the average days on market for your area is 30 days, then I’d wait it out. But if properties are going under contract day 1 on the market like they are in Rochester NY, then you should reduce the price.

Couple additional things: We pay for high quality photos and create marketing pieces and push it out to our market. We also offer home warranties with our properties.

The thing that concerns me about your property is that you’ve only had 4 showings. Price may be the issue.

Hope that helps.

Hello everyone, 

We are growing faster than expected, which is nice but has to be approached carefully. We have insurances, payroll, marketing costs and loan payments (holding costs) to manage. We've hired a book keeper which will help organize the past, but we need to have a grip on the future. I'm pretty sure what we need is an operating budget. I've been taking some mini business finance classes online but thought that perhaps some fellow BP people might already be doing this and may have a system in place that they would be willing to share with me. Or, direct me to a book perhaps. 

As always, thanks in advanced for the help. 

@Martin Grizzanti Hey pal - With both you have the option of covering the expense or passing it along to the tenant. Roof is $2 per transaction and SmartMove is $40 per application if paid by the perspective tenant, $25 to $40 if paid by the landlord (depending) on the package selected (Background, Credit, or both)

We are choosing to pay for Roof for our current tenants, but anyone new picks up the cost. For SmartMove, applicants pay for the fee. I've found that if you pay for it - everyone will apply but nobody will take it seriously. Ya no?

Hi Anthony, 

Congrats on your first property! One lesson that I've learned that has helped me out a ton is making everything digital. My tenants utilize an online payment app (Roof), I run credit and background checks online (SmartMove) and keep all of my records in a folder on Google Drive. It makes life sooooo much easier. 

Hi Jackie - My advice to you is to consult a local real estate agent. 

@Jerryll Noorden Impressive, very impressive. Is this a company who placed this website and lead generation strategy together for you?

@Ehsan Rishat Great feedback. Thank you for replying to my post. That’s a great idea, I’ll begin gathering information from my local wholesalers as to what’s been working for them. I don’t need to produce a whole lot of wholesale deals, just enough to flip my 12 houses.

 Great post - Thanks for the feedback. How many direct mailers did you send out initially? And, where did you get the list from?