All Forum Posts by: Nick Stango

@Forrest Atkinson not sure but it looks like you can create a PDF file and print it, 

I looked at a property today that was listed by a wholesaler I get emails from, he listed the property at $48,000 I met him at the property and looked it over I called him later and offered him $30,000 he could not except my offer because his deal was for 37k with the homeowner and he needed to get at least 40k so he can make his 3K. I understood but felt it was too risky to add another $10,000 onto the property to purchase. Later I went home and checked my email and noticed there was a wholesale property listed by a different wholesaler it was the same property and he had it listed for $67,000 LOL I guess this means no inventory?

Be proud of yourself for taking on something that most newbies like me are to afraid to try. I will definitely look at this like inspiration to get started, and also a lesson not to overpay. I just put a lowball offer in today that was not excepted, I tried to squeeze the numbers until it worked but then realized it would be better for me to walk away then to pay too much and not make anything. I definitely need to be more careful because I would be borrowing hard money to do my first flip. The numbers would definitely have to work for me to even qualify for the loan. Great story and I hope your next flip goes really well good luck!

wow! @Joe Cummings I hope no one ends up with that contractor! Meaning the type you described, not you. 

I have to say though, I don't like to be controlled, probably one of the reasons why I started my own business, I prefer my customers to have the confidence in me to loosen the reins and allow me to do my job. If I am the one who is going to be responsible for the end product then I want to be in control of that at all times. I have a joke I tell my customers when they ask me if they could help or if they could watch, I say my work is $70 an hour, if you want to watch it's $80 an hour,  if you want to help it's $100 an hour, they usually smile, put their hands up and back away really quick. I say this in a half kidding have serious way, for example I had a customer who owned a body shop, very old school with a thick Russian accent. I guess he thought because he can make his cars perfectly smooth that he could do the same thing with spackle and drywall, I left after hanging some sheet rock and taping my first coat, I came back to find that he tried to put a second coat on my work and I ended up having to scrape and sand all the thick clumpy spackle that he smeared on top of my nice smooth first coat. If I didn't take care of it right away he probably would've come back with a grinder to sand it down. LOL 

I don't actually do wholesaling but I have studied it and those are the suggestions I have, it seems like yellow letters would be a good way to market, if you don't have the marketing budget for yellow letters you can start by finding for sale by owners on craigslist and e-mailing them.

many people have a different idea about what a good contractor is, some may feel a good contractors is one who has good prices another might feel that a good contractor is one who does quality workmanship, while another may feel it's all about reliability. Find out what you want in your contractor, maybe all of the above? Do your due diligence read reviews talk to referrals, interview contractors, years in business, do they live nearby? How long have they lived nearby. Look at pictures of their work, what do they specialize in and why? Do they have employees or do they use subcontractors? Are they licensed and insured? Or other subcontractors licensed and insured? I hope this helps!

Hey @Jonathan Perez welcome to BP.  If you want to be a wholesaler my best advice would be to learn how to market it's the number one thing you would need to know how to do, the second thing I would suggest you to learn would be sales or negotiations, take your time learning these things and don't expect to get rich overnight. It could take a long time before you get your first deal signed, but if you never give up you will never fail. Good luck!

Hey @James Wise and @Brent Coombs thanks for your input, I was wondering if I was going to get negative feedback on this, and I know I still need to do my due diligence before I make offers on any properties, but I'm getting tiered of having cold feet because I didn't  have the funding in place.  I'm confident that I can make money with my remodeling skills.

30k is a huge deposit and that Is an amount that should be a big concern for both customer and contractor in regards to both loosing your money to a con artist and to a contractor in regards to not winning a 100k project.

@Matt Schelberg Just got that same scenario with the hard money loan company I talked to the other day. You just need a contractor who will except those terms. Also consider many contractor live pay check to pay check for many reasons, just not great at saving money, high overhead, slow seasons, family of five, whatever, it doesn't mean they are a bad contractor or a thief. They may have gotten burned by a customer before, so they don't want to start a job with to little of a deposit. You would be shocked at how fast that first deposit goes when working on a large project. Most of the material costs come from that first deposit, then there are the subcontractors, tools, equipments, insurance, gas, permits. I used to work for companies that paid net 30, then it would go 60, then 90 then I spent all my time and energy chasing money. That can tear down a business very quickly. Thats one of the reasons I went residential.