All Forum Posts by: Matt Pursley

@Alecia Loveless

Requested to connect but can’t see your email until we do

Hey All, been doing fix - n - flips for a while, but started wholesaling recently a lot more. a friend of mine has a 32 house package deal that he’s trying to sell and gave me permission to wholesale.

He’s looking for buyers as well. I’m curious if anyone knows how to find portfolio buyers?

The biggest thing for my seller is ease, selling all of them to one Buyer would be ideal. I am finding people who are interested in 4, five, or six properties, but not much interest in all 32. Mostly because people can’t afford that many at once. I’ve looked for hedge funds and institutional buyers but not much success finding the person to get in touch with. Any advice would be helpful.

@Nathan Harden I have always done my own marketing and been my own buyer direct from seller. What i'm saying is recently i've found way more than I normally do and I can't keep up. I got no problem buying them but some i like more than others.  I wont let a good deal slip through my fingers, but i've found my niche and i'd rather focus on those than tying up capital to do other jobs that don't excite me as much. 

I get a ton of other wholesalers wanted to split the deals, but I don't trust that. I need more end buyers who are ready to take action directly through me. 

@Randall E Collins I think we misunderstood each other. I've always been the end buyer myself - I dont put things under contract unless i plan on purchasing it. I'm getting to a place where i'd rather assign some of these than purchase them myself - they're good deals for someone, but not always for me at the time, but I wont let it slip through my fingers. Hopefully that clarifies what's happening. 

But hear me, i appreciate your concern for the idea of wholesalers tying up properties that they can't close on. It gives a bad name to not just wholesalers, but their specific businesses in general. My reputation is not one i'm willing to risk.

Help - I’ve been a fix and flipper. Recently changed my marketing strategy and I’m getting so many leads I can’t keep up.

I’m kind of accidentally wholesaling. How do I find end buyers in nc, sc, va and Maine?

I just got 8 leads TODAY with verbal “ballpark” offers accepted. I’ve got 3 u/c I need to assign and can’t find buyers.

Any advice would be so helpful!!!

Help! I’ve been a fix and flipper and changed my marketing strategy. It’s been too successful and I have too many leads and not enough buyers.

Properties in NC, SC, Va, and Maine.

How do I find end buyers for these!!!!????

I’ve been scrambling to keep up with leads and can’t make offers fast enough or find buyers fast enough.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $54,000
Cash invested: $55,000
Sale price: $149,000

Small 2/1. Absolutely obnoxious just like my previous post. Learned to avoid small 2/1 homes. Returns aren't great in this area and it's a tough house to sell IMO.

How did you find this deal and how did you negotiate it?

Direct mail, seller was ready and made cash offer.

How did you finance this deal?

HELOC and private money

How did you add value to the deal?

Remodel kitchen bath new floors paint fixtures

What was the outcome?

Net profit was about 20k. 2 weeks on market

Lessons learned? Challenges?

Avoid 2 bd 1 bath.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $32,000
Cash invested: $92,000
Sale price: $169,000

This thing was rough. Permits, city inspectors, practically reframed the whole house. It was only a small 2 bed but it was just one awful problem after another. Margins on 2 bedroom homes are thin. I should've just wholesaled this for a small profit. Wasn't worth the headache. After fees, commissions, holding costs, only made about 10k. Probably could've gotten that wholesaling it. Learned more through this than any other flip i've done.

What made you interested in investing in this type of deal?

My strategy is to fix-n-flip then use capital to acquire long term rentals.

How did you find this deal and how did you negotiate it?

Direct mail marketing. They told me they wanted 45k. I said the best I can do is 32k and they said ok.

How did you finance this deal?

My own cash then borrowed rehab from private money.

How did you add value to the deal?

Complete GUT GUT GUT rehab

What was the outcome?

Made a little bit, learned a lot.

Lessons learned? Challenges?

Avoid 2/1s. Margins are too thin. Just wholesale it, make a few grand and get out of there.

@Dom Nico

That sounds like a good plan. Ive got plenty of connections, subs, etc so let me know how I can help.

-Matt

My partner and I just bought 25 lots in a great area all with city water and sewer. We've already started clearing the land and are looking for a good lender for new construction.

Market rate is going somewhere between 9.5-12% interest only payments and most do 100% of construction cost (we already bought and started clearing/grading)

We would've preferred to go private money but the private lenders we usually use are all tied up in other projects. Any bank recommendations for a good and easy draw process?