All Forum Posts by: Marvin McTaw

Here's a simplified version of wholesaling for you @Ricky Ross: 

• Step 1. Find cash buyers (e.g. go to foreclosure auction, look in tax records, ask agents for cash buyers via MLS transactions, do a google search for investors in your area)
• Step 2. Figure out what they want (e.g. 3 bed, 2 bath, built after 1980, light cosmetics only, less than $100,000 purchase and rehab)
• Step 3. Do marketing to find the properties (e.g. direct mail, driving for dollars, bandit signs, etc.)
• Step 4. Talk to sellers and explain the value in what you're offering. Only expect a small portion to be truly motivated e.g. 2 or 3 out of 100
• Step 5. Get the property under contract with a purchase and sale agreement (plenty of examples on here) 
• Step 6. Assign the contract to the end buyers you met in Step 1

As long as you have the signed agreement with the seller you have what's called an equitable interest in the property. This allows you to act as a principal in deal instead of as an agent. All that really means is you you're not acting on behalf of someone else. You are acting for your own benefit and not violating any laws/rules as its not against the law to sell your own property. Hope it helps! 

Hi @Gerrit Stukkie! I think you're already overthinking it. Sean Terry or one of the other wholesaling gurus has this thing called the "Massive Action Plan". As long as your agreement says "Your name and/or assigns as Buyer" you're fine. Another key clause is to make sure you have the right to market the property and can get reaosnable access to the property via a lockbox. Your agreement should also say you intend to sell for a profit too so there are no surprises. 

All that being said, the hardest part is finding deals. Believe me: when you're working with motivated sellers (i.e. people who needed to sell their property yesterday) they are not going to care what you're doing as long as the property gets sold. To be honest, its kind of hard to screw up with really motivated sellers. It's like the numbers align, the situation works and they understand (because you tell them) you intend to make a profit.

The one problem most people have is they never get started. Don't worry about figuring everything out. Frankly, I didn't understand everything I did until I had done a few wholesale deals. Just get started and trust me you'll figure it out along the way. I promise you it's not that complicated. 

People send the standard "I want to $$BUY$$ your house..." yellow letters because they work. I'm sure there are investors out there that have tested other versions of the letter. One of the mail fulfillment companies I use let's you send the letter in pretty much any color you want to use.

Anyway, would love to hear what others have to say!

Hi @Jeremy Love and welcome to Bigger Pockets! Wholesaling can be tough especially when you think you've secured and deal but then can ultimately sell it. Unfortunately speaking from personal experience, you can waste a LOT of time when you "get a good deal" but don't have an end buyer in mind. 

I would highly recommend you get one or more strong cash buyers before you start looking for properties. Figure out exactly what they want, where they want it and then go find it. It makes wholesaling much easier when you know exactly what you're looking for and how much someone is willing to pay for it.  

You can find cash buyers a number of ways. Probably one of the easiest ways is to just go to the foreclosure auction and talk to the people buying houses. Survey them and get their contact information. Only after you know what they're looking for should you spend your time (and gas) driving for dollars or using marketing to find other motivated sellers.

Hi @Robert McEachern I don't know the specific rules for Oregon but the short answer is yes. You can either do with a full wrap or have your aunt-in-law take a subordinated note. She can either keep the note and collect the payments or you can sell the subordinated note (or wrap) to note purchasers. If you're going to sell the note, it would need to yield enough so you wouldn't have to discount it too much. Let me know if you have any additional questions. 

Hey @David Taylor there are plenty of areas like that in Atlanta. You can try zip codes 30083, 30349, 30315, and 30331. You can also look in 30058 but those tend to be more around 150K +/- 25K. Hope it helps. 

Hi @Curt Smith. Target comp is $5,000/mo however it can be higher or lower based on your results. Breakdown is $1,000.mo base + $3,000 meet monthly qualified leads goal + $1,000 target team bonuses (based on how the team as a whole does i.e. how many houses we sell).

The bulk of compensation is based on your personal results. The key performance indicator for this position is qualified leads generated. My main goal is to increase the number of quality leads we get on a monthly basis because this ultimately allows us to do more deals.  The smarter you work (not necessarily the harder) the higher the potential income.

In addition to this compensation you will be paid monthly bonuses based on how the organization as a whole does (i.e. the number of properties we sell). If we sell a lot of properties in a given month, you'll make more money.

All this being said, please view the targeted comps with a hint of skepticism. You won't get the full compensation if you don't meet the baseline targets. If you blow your targets out of the water then you will make more (but not that much more than targeted for that portion of comp). You will however get even more comp in the team bonuses based on the properties we sell (because you will have generated more good leads). 

Let me know if you have any additional questions. 

You can do joint ventures, lease purchases and owner financed deals in Georgia. 

I'm a little confused by what you're saying with the "Lease option to buy, owner financed". To me that say's your controlling the property via a lease option and then ultimately when you purchase the property down the line, the owner will provide the financing. If you're gonna do the owner financing route, why not just do that at the start?

You might run into the issue where even though you have a written, signed option agreement to purchase, the owner may not honor the written terms. Get ownership and control with the owner financing straight out of the gate if they are willing to do it now and then do the rehab. 

Good luck to you!

I am looking for a Marketing Manager to help me plan and execute the marketing in my business. 

The marketing manager is responsible for planning, executing and improving the marketing for motivated sellers and cash buyers. Specific tasks include

• Marketing Calendar: develop and maintain our marketing calendar
• Managing Assistants: managing the virtual and local assistants involved in the marketing process
• Direct Mail: plan and execute all direct mail campaigns
• Bandit Signs: planning and executing our bandit sign campaigns
• Vendor/Tool Review: Analyze potential and new vendors and make recommendations 
• Campaign Development: develop new marketing campaigns to target motivated sellers and cash buyers
• Analyzation & Improvement: review and improve existing marketing campaigns

Compensation & Details

You will be paid an hourly rate and monthly bonuses based on key performance indicators (i.e. quality leads generated) and overall organization performance (i.e. office revenue). This position is expected to be a full time position.

Questions or Want To Apply?

If you have questions please feel free to send me a message here on Bigger Pockets. If you want to apply, please fill out this simple application. 

I'm looking for someone to help me sell and rent out my existing inventory. I am a Dunwoody (Atlanta) based, local real estate investor. 

Current Responsibilities

The current tasks involved as the Dispositions Manager are as follows:

• Managing virtual and local assistants involved in the sales process
• Getting pictures and videos of our properties
• Marketing inventory to our buyer's list (e.g. emails, voice broadcasts, text messages)
• Advertising the property online (e.g. Postlets, Facebook, Craigslist) 
• Getting bandit signs placed at and around properties
• Deliver feedback to team from end buyers on properties
• Handling all inbound sales inquiries (e.g. phone calls, text messages, email inquiries)

Additional Planned Responsibilities

Additional responsibilities to be added in the future include

• Performing market research
• Interviewing our existing buyers to better understand what they are looking for
• Collaborating with our team to better target our marketing for what our buyers want
• Coordinating with other wholesalers and agents to find and secure inventory for buyers
• Hire and manage additional virtual and local assistants 

Compensation

This is a 100% commission based position. 

Skills & Attributes

The primary skill I am looking for is someone who is action oriented and a do-er. You don't need to know how to do anything. I will train you. You need to be able to execute and willing to learn on the go. 

More Information or Apply 

If you are interested or know someone who might be interested, please fill out this quick application or contact me here on Bigger Pockets.