All Forum Posts by: Mike Flowers

Co wholesaling is a great way to make revenue between your own deals. If you can get with another wholesaler that has the correct contracts. It should go that easily. MAKE SURE that you read over the contract that is being assigned to you and that it has all of the out clauses that are standard. Do not have anything assigned to you that you have not read. 

 agreed, cold calling is great! <y numbers are a little better than what Michael said but, that is probably because I have called a LOT less people than he has and he has a larger pool of data to look over. In addition to these lists, I also cold call my drive for dollars vacant properties that I can skip trace. 

Cold calling is a great free way of generating leads and getting deals. Just make sure they are not on the do not call list. 

Just my thoughts. 

Being that I recently quit my job to go full time into investing, I can offer a little advice as to what should be considered. 

1. Can you support your current lifestyle with your investment income. 

2. Is there something in your life that you would rather devote your time to other than your full time job.

3. Do you like your job.

4. If all of your properties go vacant tomorrow, Do you have enough money in the bank to support yourself for at least 3-6 months until you get tenants again. 

5. Can you make more investment income by being full time?

and Finally and probably most important.

6. Where/When are you the happiest?

If your answers look like this

1. yes

2. Yes

3. No

4. yes

5. yes

6. spending time in my investment business.

Then you are ready to go full time. 

This is totally a subjective decision by you but, these are the questions I used to decide to go full time. 

Hope this helps. Just my thoughts.  

This is a good post, As a very well known wholesaler in my market, I try my best to fully evaluate all prices and make sure that there is a significant profit for my end buyer. This is also why my partner @JPaul Mills and I have a very good reputation. If you do not know how much rehab costs are, get a contractor to come out and look at the property with you. You may have to pay the guy for his time but, after a few times of him walking through a property with you, you can start doing your own estimates because then you know. Also, when determining an ARV, work with a real estate agent to pull a CMA and that will tell you more than anything else.

@Thomas Flanagan I know i started out with a much smaller budget than that and got started very quickly. I am not sure what lists you are mailing or if you are doing any bandit signs but I know, around here, 90% of my deals have come from those signs. 

I think your budget will be great and you should see calls and progress quickly, I cannot garuntee that you will get deals form that but, it you have a 7% call back from the almost 2000 letters you can send with that money and a 25% deal rate off of those calls, you will have a deal very quickly.

Good luck. keep us updated!

@Shalay Cano Wholesaling is legal. I know in Florida assigning a contract is completely legal. There is a lot of negative connotation on this site about wholesalers but, most of them are short sighted and I know everyone of them will buy a property from a wholesaler to get that good deal in a heart beat. As a wholesaler you are marketing for people who need to sell their homes fast and can't wait for the typical 60 days a real estate agent takes to sell their house. You get that house under contract keeping in mind you have to make a profit and your end buyer needs to have their profit in there. So , you get the property under contract at X and you assign that contract for X + 5-10K or even more. 

But, do not take my word or anyone's word on this site for the legality of this in your area. consult an attorney in your area and see what they say.

@Amin Ali Sounds like you worked through that perfectly and your attorney is a keeper. 

One suggestion, A lot of people say to not put anything about assigning in your contracts because it is ambiguously known to be assignable if it not mentioned. One thing you may want to do to get around this is to put clearly in the contract that it is assignable. 

So many gurus say that the only extra clause you need is "contingent upon financial partner approval" but, I add something about them recognizing I am an investor and some other key clauses to my contracts to make sure that people know, up front that I am there to make money and that if I have to assign to do that, I will.

Good job on this one. and hopefully your seller realizes what a terrible attorney they have and will seek better counsel after this ordeal. 

@Kay Winters Thanks For the information. I will get some estimates from those guys. 

Good morning BP community!

I have been looking at a lot of prospective rehabs in North Florida and a lot of them have dilapidated pools that need liners or concrete repairs.

Can someone help me out with estimated costs for doing this?  

Do not want to get myself in a situation that will ruin my ROI.

@Kevin Davidson Thank you for posting this. I am looking at my first rehab property right now and actually have my offer going in today. Luckily, the numbers work but, I did FALL IN LOVE with this property when I first saw it. 

I had to step back and make myself snap out of that but, it happens very easily. 

Now I still love the property but that is because my ROI is very good and if that changes, so does my love for that property.