All Forum Posts by: Account Closed

@Derek Petersen I'm  in Carlsbad / Encintias area.  We interview at least 2 or 3 people a month for some of the same tasks.  Its not easy to find a solid guy / Gal but when you do its magic.  Had a rockstar that just left about 5 months ago and he was amazing and made things run great.  Best of luck finding that A Player!!  I use interns while in the pursuit of an actual A player.

Cheers. Michael 

@Terry Evans I think your approach is great, you have an outstanding understanding of what you need to get done!! 

One suggestion that I will add is possibly implementing a digital call service (Ring Central or Vumber).  This way when your phone starts blowing up you will know where the lead originated and its all organized for you when you get the calls.  

@Ralphy Rosado The forms that we use in our markets are tailored to us. Not one form/ contract fits all if that makes sense. You will want to either grab a template from a pier in your hometown or go to a REIA club and start inquiring to see the proper forms for your area Rochester, NY. For the most part they are all similar however due to legal gobbledygook you want to be careful you are protecting yourself and the note holder against the piece of property.

Obtain PITI on the property, Principal, Interest, Taxes & insurance calculate the total payment that needs to be made per month. You will also need get a very good understanding of what type of loan is against the property as well: FIXED, ADJ, when does it adjust. Determine repairs as well as the Market rent against the PITI with rehab costs to see if you have a good cash flow rental on your hands.

For us the key to this strategy is explaining in such away to sellers how this strategy can really benefit them verse us.  I have spooked off a ton of sellers with this approach because you need to educate in such a way to where you are adding value to them not just taking their home.  Because remember they are essentially giving you their home (or cash for keys) and leaving the note in place so you need to make them really really trust you and have the sellers best interest in mind when using this. 

Hope this helps!

@Jay Hinrichs Thanks for the insight my friend - We have lost a tone of revenue over the years by referring deals or simply walking.

@Chuck Taylor  Nice,Hiring an online Digital manager for your online presence must free up a ton of your time, something to consider moving forward.    Would rather put glass in my eyes then handle SEO and and blogging / newsletters etc... 

Any other suggestions please keep 'em coming =) 

@Jay Hinrichs in regards to get licensing there are some carrying costs with having a RE License, correct?  E & O Ins Monthly  fee's associated with the broker you hang your license with?  Which RE companies offers good competitive fee's to their agent associates?  The referral aspect too from being an agent is great as well, you may have planted a seed here with me.   

@Mike Hicks That is our goal to not just to wonder one our next deal will close and we have been wondering more this year then previous years for sure.   Good luck with your RE Exam.

@Stephen Franco Thanks for your input we just seem to be hitting a wall this year with our Wholesaling business.

@Chuck Taylor - Our social media is rather poor we need to strengthen that channel. You use an intern or a VA to manage your bi-weekly Monthly blogs, letters and content marketing? The monthly networking event is probably huge for you as far as meeting people face-to-face. Great advice and very much appreciated.

To fellow wholesalers nationwide your thoughts and ideas are appreciated here:

2010 -2014 We were closing about 20 - 30 wholesale deals a year.  2015 as well as 2016 things have slowed greatly on deal flow in our wholesale business.  

Have any other wholesaler buy / sell operations encountered this ?  

Advice on how to tweak / adjust would be very helpful.  Thanks for reading and supplying feedback if you do.

@Todd Moriarty Could be the same you never mentioned the title.   Another good educational tool that I'm using right now is Jefferson Lilly & Brad Johnson's podcast I think they are doing a killer job of really giving the A-to-Z on the entire process in my personal opinion. 

@John Duffy I like what you had to say about targeting Non-corporate owned MHP owners.  Also showing your face first then providing mail piece is a good strategy this way they have an idea of who you are you are real!   

@Todd Moriarty I Can send you good E-Book by Dave Reynolds??

 We too are aggressively turning over rocks for a good MHP to purchase.  

@Kristin Whitaker  If its a deal I would  personally go back to the seller and tell him simply I can't close until I get a walk thru with my contractor and I don't feel safe having my team go thru until the property becomes vacant.  I'm willing to put up an additional X amount of dollars into a escrow account to show you good faith for the property to become vacant.  I have limited capital so please get this tenant out as soon as you can because I do have other homes I'm looking at. 

The messiest situations are where the money is from what I've seen.