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All Forum Posts by: Matt Shope

Matt Shope has started 5 posts and replied 12 times.

Post: Why use a realtor to make offers?

Matt ShopePosted
  • Albuquerque, NM
  • Posts 14
  • Votes 10

Thanks everyone. I'm comfortable making the offers but I want to make sure I'm giving them the best chance at being taken seriously by homeowners. I also want to make sure I'm within the law. I'll probably try both ways and see what works best. Thanks.

Post: Why use a realtor to make offers?

Matt ShopePosted
  • Albuquerque, NM
  • Posts 14
  • Votes 10

I've done some wholesaling but I'm considering transitioning into buy and holds. I have a couple of questions about one of the strategies commonly discussed on the show and in the forums. Brandon Turner recommends finding potential properties, running the numbers, and then placing multiple offers a day/week. I know the common practice is to use a realtor to place these offers. Is it necessary to use a realtor to place these offers? What's in it for them on a buy and hold? I know on a flip you can give them the listing when you go to sell but why would they do it on a buy and hold? If you're asking them to write up multiple offers a week I assume that takes a decent amount of time on their part. I want to provide value to the realtor as well, I'm just not sure how on a property I'm not reselling. The second part of my question is why can't I just call or mail an offer to these owners myself? I am probably going to look for properties on Craigslist and I'm constantly driving for dollars list so I'm not going to be using the MLS at this point. Does the use of a realtor give my offer more credibility, is it illegal or unethical not to use a realtor?

Post: Title companies almost costing us deals.

Matt ShopePosted
  • Albuquerque, NM
  • Posts 14
  • Votes 10

Hey BP, I have a question about title companies. I live in Albuquerque, New Mexico and we are trying to close on our second wholesale deal (technically wholetale). We've used two different title companies and both almost lost us the deal. The first one knew the double closing process inside and I really liked working with them but communication was horrible and she tried changing the closing date on us the day before the contract expired. I told her that was unacceptable and I stayed up re-emailing them documents until 1:00 in the morning. In the end she came through but it was still a little too close for comfort. The second one said beforehand that she was familiar with double closings but isn't and has had horrible communication. I know things always come up that you don't expect and I'm ok with that but it seems like both companies didn't crack open our file until a couple of days before closing.

We have called around to all of the other large and small title companies in Albuquerque and most of them were afraid to touch a wholesale deal unless we used transactional funding which seems to cost between 1,500-2,500.

What should I expect? Are title companies just going to be one of the challenges we have to get through or am I right to expect good communication and honoring dates? Based on what I've heard on podcasts and read in forums they should be eager to keep us happy but it seems like they don't care. Any Albuquerque investors have recommendations? Thanks

Matt Shope

I didn't see it in any of the replies so I'm sorry if someone already brought this up. I'm a wholesaler and my buyers don't know what I make on my properties. We do a double closing so my seller doesn't know what I sell it for either. I've only done two deals but I made double that. That being said you can only sell it for what a buyer is willing to pay.

Post: Direct Marketing Questions

Matt ShopePosted
  • Albuquerque, NM
  • Posts 14
  • Votes 10

I think yellowletters.com does the inexpensive postcards. I've also used Uprint.com. I know there's a local place here in Albuquerque that does the cheaper paper (like thin cardboard) and they are called Minuteman Press. I don't know if they are a chain or not. There's a ton of places out there if you just do a Google search for postcard printers.

Post: I need a tool to help work leads

Matt ShopePosted
  • Albuquerque, NM
  • Posts 14
  • Votes 10
Also Did you see there is a beta available on BP under tools for a lead management tool? I haven't checked it out but it might be helpful.

Post: I need a tool to help work leads

Matt ShopePosted
  • Albuquerque, NM
  • Posts 14
  • Votes 10

Hi Don. You might check out REI Black Book. I'm new to investing but we have it and it seems like it will do a lot of that. It also calculates rehab costs and runs comps. It keeps track of leads, contacts, and buyers lists. I like the calculators on BP better but it's nice to have all of our tools in one place. They pay a monthly fee, I think about 100-150. Good luck.

Post: Albuquerque Westside home

Matt ShopePosted
  • Albuquerque, NM
  • Posts 14
  • Votes 10

I am in possession of a contract to wholesale a 3 bedroom 2 bath SFR. This would be an easy flip, just needs cosmetic updates. We are selling it for 125,000 and ARV is 175,000. Estimated repairs are 15-20k. Has a new roof and A/C and everything works. Needs some cosmetic upgrades but could be lived in as is. Sits in great school districts and in a great part of town for investors. Would also consider a financial partner to flip with. Take video tour with my business partner

and contact me for more info.

https://www.youtube.com/watch?v=TvoNuLY2OiQ&sns=em

Post: Just closed on our first deal

Matt ShopePosted
  • Albuquerque, NM
  • Posts 14
  • Votes 10

Wow. Thanks for all the congrats. Here are the details. 

Marketing: We use postcards, although we really need to dial that in. We were doing about 1,000 every three weeks and we only got 4 calls from 4,000 cards, this was one of the first. 

The deal: The home is a mobile home with a 1,000 ft bonus building and it comes with the land. We offered her 53k back in March, she verbally accepted but her sister told her she could get more so we never got it under contract. I called her back to follow up in late April and she was ready to sign. Our plan was to wholesale but we don't have a very large buyers list so we marketed it to some of the REIA groups, on Craigslist, and Facebook. The guy who bought it isn't a professional investor but wanted a place to stick his money. We sold it to him for a $26,000 assignment fee.

As a side bonus, I really got to know the seller. She's an older woman who lost her husband a year ago. She couldn't keep the property up so she moved in with her cousin. Her 50 year old step-son moved in without permission and started using the property to make meth. She was afraid of him and felt guilty about kicking out her late husbands son but she also knew he was making meth and stealing form her. Cleaning up 5 tons of garbage, crack pipes, heroine, and adult videos was a learning experience. In the end the seller was so grateful that we helped her cut ties with the step son. We got to help her move on with life and make money doing it.

Post: Just closed on our first deal

Matt ShopePosted
  • Albuquerque, NM
  • Posts 14
  • Votes 10

We just closed on our first deal! It was a wholesale mobile home here in Albuquerque, NM. Feels like it's taken so much time, energy, and hustle to get here but I can finally say I am a real estate investor. On to the next one.