All Forum Posts by: Neil J.

I know this thread is nearly a year old, but I really would like to understand your logic? If I purchase a property for $10.00 and it has an ARV of $300,000 with roughly $50,000 in needed repairs and I offer you the property at a $60,000 assignment fee, why do you give a shxt that I made $59,990? What does MY money have to do with your deal? It's either the deal works for you or it doesn't. What does my economic outcome have to do with YOU? The fact that this industry even needs double closings is because of the insecurities of the end buyers NOT finding the great deal(s) themselves. If the end buyer initially agreed to the numbers presented then backed out because of an assignment fee that was already included in the marketing price as a whole, the end buyer is the unethical one, NOT the wholesaler; not to add a boarder line "hater" with all due respect to all end buyers. Also, there are very professional (advanced) wholesalers who also rehab properties themselves and know their numbers and are very transparent with the seller in regards to wholesaling the property. Not all wholesalers are bums trying to make a quick buck in an unethical way. You're the reason why we need double closings NOT the seller.

That's amazing! I have actually completed a rehab this year. However, the "wholesale" transaction is very powerful tool. For someone to find and hold a transaction together to make $1m is absolutely insane. To wholesale at a one million dollar profit, it can beat any business in any field if you line them up side by side and actually compare the yield of the initial capital invested and the personal time spent to make the transaction go through. 

@Jerry Puckett I know this is a very old post but this kinda hit a nerve for me. With all due respect, not all wholesalers make 5k, experienced wholesalers can make 20k - 50k. In fact, I am involved in a 20k deal now.  I see that you're from Texas and I am sure that southern people are a lot more honest and honorable for the most part. However, I am from New Jersey/ New York area where its a lot more cut throat and Mr Regime is inquiring about a REAL problem here. I've lost north of 30k due to this nonsense (Yes, I can take legal action but no one ever does). Sometimes wholesalers come across that 120k+ profit deal as rare as that is, and because the wholesaler did all of the leg work in finding the "deal of the year", why not take 20k and allow the investor to make 100k? Believe it or not, at least here in NJ, investors actually believe that you're taking 15k too much which should rightfully belong to them DESPITE the fact that YOU found the deal and they will make $100k (Unbelievable). So, yes. They will go back to the home and shoot the sellers offers or purposely let the deal fall through to come back and buy. It happens all the time ALL THE TIME. Wholesalers are not respected in this industry because we are viewed as less valuable than the actual rehabber and egos can clash when a great deal is found. 

 Wow, this is definitely a marketing strategy I need to look into. This is my first year into real estate fulltime so I am trying to build a business model as I close deals. I just feel like I am all over the place and I'm looking for the most effective way to consistently get leads. "PPC" will definitely be on my list now!

Thanks Jesse!

 Hi Jesse,

I am not to familiar with "PPC"? Can  you please go over some details?

Thanks!

 Hello Brie,

I will definitely look into it! He appears to have a lot of great feed back and recommendations.

Thank you!

Thank you so much for the info Sharon! People like yourself are the reasons why the BiggerPockets forum is so successful. 

Neil

 I remember you've stated that in one of your previous replies. I will stay out of war zone ares. Properties in Northen New Jersey are a little pricey so I decided to go up to 400k.. maybe 400k is still a little too high, I will do more research on that. Also, when you slim down the list using property value do you recommend using the assessed value selection on listsource or the property value selection on listsource. This part confuses me.. theres two parts on listsource to determine your range of value. 

Thanks for your input Sharon! Do you think I should start with more than a 1000 postcards being that they're half the price of yellow letters? Maybe 2000? I am willing to do things the right way and stick to it being that the funds used are from a wholesale deal. 

Hello BiggerPockets family,

I am active wholesaler/Realtor and I must add that I have read every last single post on this thread! Definitely one of the most informative threads I've ever read on BP.

I've closed a few wholesale deals this year using traditional beginner approaches from "driving for dollars" to lots of bandit signs. Even though I am actually closing deals, I still wouldn't say I have an actual business; its more of a hobby at the rate I am actually closing which is disappointing. However, I am closing on a deal soon (Hopefully this week) and want to put some of the profits to a strong direct mail campaign. My thoughts so far:

1. 1000 Yellow Letters Red Ink

2. 80-100% equity 

3. Absentee owners (out of state)

4. Max property value of 400k

5. Repeat list forever

6. Increase list by 500 leads after each closing.

Any thoughts welcomed! Negative or Positive. I am here to learn!

Neil