All Forum Posts by: Najeriq Mentor

I am seeking feedback on one of my current deals. What stands out about this deal is the fact that it has 2 houses on one lot, both rented producing a total of $925/ month. The home is in no need of repair and the FMV is $105,000. It's comps range from $90,000 to $100,000. I've priced it at $49,000. Is this a deal?

Jim, Welcome! I too am new, however I was a student of Real Estate before I actually proceeded with my real estate business. So far my experience consists of JV oppurtunities with fellow Wholesalers in my area. But I want to share with you what works in my area and marketing techniques that have brought us a good amount of leads. It's good that you have funds specifically for marketing, but make sure you are making the most of your free tools as well. Websites like Craigslist and Backpage generate a lot of leads for us. Being as though the majority are tainted with unqualified Wannabe cash buyers I send them directly to my business email. As far as your direct mailing campaign goes I find it odd that you didn't receive any leads. This might help. A local wholesaler I partner with and I, are starting a direct mailing campaign in which we are targeting a specific Cash buyer. Absentee owners, who have owned a property for at least 10 years+, purchasing homes built after 1950 that have purchased in a specific area in the last 3-6 months. If you target cash buyers in the area you are finding deals in, someone is going to raise their hand and say "Yes, I'm interested in buying a home near where I'm already buying homes at". I hope this was helpful Jim

Shannon, Welcome! I agree that wholesaling is a good place to start. I am new to real estate too. I've been wholesaling almost a year and have learned the in and outs of real estate. I too like to plan things out thoroughly before just jumping into something I've never done before, but that really didn't help me much in this case. I literally spent about 3 months attending webinars, listening to podcasts, reading books, online content, watching Youtube videos. Basically I wanted to know everything there was to know about Real Estate before I got in front of someone. I didn't want them to doubt my knowledge or not take me seriously. I am glad I did such extensive research because I am very knowledgeable about this particular niche however the longer you wait to start actually moving forward with your business, the greater the anxiety will become. The experience I get from answering a seller's call, evaluating their motivation and negotiating a deal didn't come out of a book. It came from putting myself out there. There are times when I may get stuck or be unsure how to handle a certain situation. But I go right back to the drawing board and figure it out. In short it is good to plan accordingly, but it's better to get out and start putting deals together.

Usually if you have a really good deal, light marketing will get that deal sold. However a buyer's list will expedite the process, just make sure you have good quality buyer's on your list that are currently buying houses. Watch out for the Wannabe Cash buyers!

Joseph, Welcome! I am also new to the real estate world. I've always had a passion for it though. I just didn't know where I would fit in. Or how much money I would need to start investing. I did a lot of research, and contrary to regular belief, there's tons of free content online that will step by step guide you in the right direction. I studied Wholesaling for months before actually attempting it. I don't know if you're familiar with it but you can get started with no money down, and make money with no risk to you. Research "Real Estate Assignment of Contract". Just off of my experience of almost a year studying and actually wholesaling, I feel confident enough to buy my first home in cash. Because I've taught myself to know what a good deal looks like, how to find them and how to negotiate with sellers.

Hope that was helpful

Omari, I recently did a JV with a local wholesaler who had an REO under contract. From what the house was worth and what she got it for, there was plenty of room for profit. However, be mindful a lot of these properties have issues. This one property in particular was deeply discounted however it needed roughly $30,000 of repair. Take repairs into consideration before deciding if its a deal or not. As for the proof of funds, yes she had to submit a proof of funds letter as well as pay an upfront Earnest money deposit of $2500 non-refundable. This is an avenue of real estate I am looking into as well, but you need to have a bit of capitol.

@Cale Ferguson Thanks for replying Cale, and awesome will do

@Deadrick Colbert 

@Ronnie Boyd Will do.

Thanks @Deadrick Colbert . It's helpful to know other wholesalers though, gives me more eyes and ears in this market. A friend of mine has 2 properties in Aiken, what's your email?

Yes Curt you are absolutely right. @Curt Davis