All Forum Posts by: Jacob Dame

I've been a rabid lurker here for the past 4 or 5 months, reading up and watching videos posted on the YouTube channel.  I have it in my head that wholesaling is the only way I can make money in real estate right now as an unemployed college student.

What do you think of wholesaling with a partner?  Perhaps with a fellow student in my real estate club?  I'm not confident since this is my first deal.

So BP, I have the opportunity to meet up and chat with the no. 1 real estate agent in my area.  Apparently he does the more deals than anyone (not sure if just inside whatever company he's in) else if you combine commercial and residential.  Last night I attended a real estate club meeting at my university and applied for an internship at a real estate company that does brokering, property management, etc.  

So my goal is to make money in real estate (duh).  I would love to wholesale, own apartments, and maybe one day develop something.  If you were a 20 year old kid with these ideas and a meeting coming up with a guy like this, what would you ask?  Would you try and get a job as a broker, agent?  I know this is a broad open-ended post.  Just wondering what to do in my situation.  Hopefully stuff will just work out. 

Hmm ok, well I certainly wouldn't want to get into a bad deal and make someone mad!  I just got in contact with an agent who will do comps form e and see if I'm on track or not.  Zillow tells me the property is worth $140k! That's like $40,000 off. 

I hate begging for help, but I need some advice on how to get this deal done, it's my first time wholesaling real estate.  Here's the link:

http://www.zillow.com/homedetails/231-County-Road-...
He can't go past $85,000 and he really needs to get out so he can move out to his job offer out of state.  He would like to get out this week. 

I've done the comps and they are going for around $100,000.  Could I get anyone to check my accuracy?  Would any investor be interested in this, why or why not?  If you were me, what would you do?  Walk away or follow up?

If I can get my first deal done I'll be in a good place to do this myself later. 

Good point, the ARV is $100,000 though, and he's pricing it higher. I'm going to talk to a close friend who's a developer and who recently got his Realtor license. He'll have good advice, and hopefully I can be an unlicensed assistant to get access to the MLS.

Idk what the repairs are, seems I need to get in contact with some people tomorrow.

Yes, that is a part of my due diligence I will need to do, I was just wondering if I could even consider wholesaling a property that's listed on Zillow. I just think it isn't really wholesaling at that point right? Would any investor want to do a deal listed on Zillow? What if this investor realized it's listed on Zillow would they back out? (I would have it under my name at that point I guess since its FSBO). Noob questions! So frustrating I'm ready to get some experience under my belt.

Also the investor I spoke to said he was looking for under $150k but $100k is not a number I hear from wholesalers here on the site seems high. Standard formula would say 70% ARV - repair costs is highest price to offer.

So I have people who look out for properties that I could wholesale.  They get a $500 cut so the incentive is pretty high for them to refer them to me.  They don't understand how wholesaling works so they aren't competition.

Anyway I was recommended this property: http://www.zillow.com/homedetails/231-County-Road-...

It's on Zillow though.. I have an investor who wants properties under $150k that need light repair.  Apparently this person (I have his contacts, have not contacted him) has been trying to sell the property since June this year and is 'really itching to get rid of it'.  How should I approach this?  I have not done any wholesale deals before, this is the first time I've got my feet wet in investing.  Thanks so much!

Yes that would be awesome!  Just PM'd you.

I'm asking my real estate agent friend if he knows of any properties or buyers.  I went 'driving for dollars' once and only got two properties.  I think it's a waste of time, that.  I am going to find out how to direct mail, but it's confusing.  I don't know where to get the list.  

I guess the main ways of generating leads would be Craigslist, word of mouth, direct mail and bandit signs.  I'll focus on getting direct mail and bandit signs set up.  There's also an investment club locally with some members.  But it cost you $100 a year to join.  I have no capital right now.  I'm flipping stuff off craigslist and reselling it.  I can make a few hundred a month that way.

Jon, thank you for the response! Very informative bits of insight.  I would also like to know the answer to Jason's question.  Man this place is amazing! I'm surprised they don't charge just to post here.  It'd be worth it!

I've put a few ads out.  Links provided 

[REMOVED]

Say someone comes to me and says I have a house I want to sell.  I get it under contract, decide how much to put it up for, etc. and finally find an investor.  Can I say that I buy homes with cash?  How do the investors normal finance the home, and how do I get that money to the buyer?  I see over and over guides telling you the gist of wholesaling but the technicalities (what you do when you get people depending on you) is usually left out.

Thanks!