All Forum Posts by: Patrick Johnson

All,

       I have ramped up my wholesaling efforts in distant markets and have began to have decent success. As this is the case I have the need for boots on the ground in these areas. I have been paying a wide range for the services of these individuals, from $100 to $300, from fellow investors with not much experience to experienced contractors and contracting consultants. My question is for the more experienced investors who have been doing this far longer than I have. How much on average do you pay for boots on the ground when you're doing deals virtually? I have no complaints regardless, as these are minor numbers vs. the outcome of the closings that come behind them. I would just like to have a standard model to stick to.

Thanks in advance

Hey Josh,

Believe it or not most of us have been there, and its OK. For information regarding wholesaling I would recommend the Flip Man (Based in BHam, I see you're in AL). Max Maxwell is also a great source of information on getting started from scratch and just getting after it. They both provide 80-90% of the necessary content to get yourself started feeling informed enough to do the business properly. I haven't had a mentor to date so that's why I haven't recommended that route, but others have told me that's the best way to get started if you have the means.

I would also recommend the Wholesaling Blueprint by Luke Weber. Its on Amazon Prime and its like $7, and basically fills in most of the blanks. I operate in the GA & AL markets so feel free to reach out to me with questions.

Congrats on entering the world of REI!

I would definitely recommend wholesaling as a good way to further integrate yourself into the way things work. It helps to see the other side of things if your goal is to eventually buy & hold and flip. Luckily here on BP there are tons of resources for information regarding the various financing options which should help to bolster what you already know coming in

@George Edwards Hey,

Are you still looking to connect with Atlanta based investors? I use wholesaling as an exit strategy both locally and virtually and I am always open to working with other like-minded individuals. Feel free to reach out! 

@T M.

Hey,

Congrats on taking action and being in position to bring this one home. For lots, I've been told to find the ARV of the homes in the immediate vicinity (<1 mile), and to take about 15-20% of that number and that's round about what your max offer to the seller should be. That's if you can't find similar lots nearby that have been selling. So, $100k ARV average on recently sold homes in the area, I would approach the sellers with a MAO of $20k in mind for the lot. and work your way down from there. You got to leave room for your investor on the back end to come in, build anew, and profit as well.

Hope this helps, Good luck!

@Deangelo Mack You mentioned he already has the repair costs. Did he pass that number along to you? How much did he say the repairs were? And even if he didn't you can use the sq. ft to try to get a good estimation of the repair cost to use the MAO formula for either 65% or 70% category buyers.

The numbers look good for my markets, if the home just needs cosmetic updates

Hello everyone!

I currently operate in both the GA and AL markets and have had success in both. I work full time still as an engineer and travel for work so it always seems when I'm hitting a good stride with my REI activities (Wholesaling only currently) I get disrupted by having to take off for a few weeks and sometimes months. My goal is to leave my W2 job in 3-5 years time.

Are there other Investors here who have had or experiencing similar troubles?

I feel my issue could also be that as an engineer I tend to be overly analytical and I feel that could also be hindering my success. If I've closed 5 deals I've had the opportunity to do atleast 30. Just trying to work my way out of this rut it would seem I'm in.

Thanks all in advance!

( I'm based in ATL by the way)

Hey Anthony!

      I would highly recommend watching content from the Flipman on Youtube particulary for getting up to speed on all things wholesale. It helped me tons and he really doesn't hold back whatsoever on content. He also does a live Q%A show every Thursday around 7 PM. Hope this helps!

Cheers,

Patrick J.

IG: @SupremeSouthernREI

 A couple of months now. I believe its an issue of just now contacting enough people daily. Now I do about 100-200 calls/texts daily and I know that number needs to be a lot higher!

Originally posted by @Jerryll Noorden:

Originally posted by @Patrick Johnson:

 Hey Phantazia!

         I'm also in the Atlanta market as well, primarily using wholesaling as my exit strategy. Feel free to reach out if you have questions or want to network. With Propstream, you just have to select whatever list it is you want to pull from the map view, check all of them on the right ( or all of them ) and then add them to your properties. Once you do that you can go to the Properties tab on the left hand toolbar and export the list or choose to skiptrace them. I hope this helps! 

Cheers,

Patrick J.

IG: @SupremeSouthernREI

 Hey man,

How many deals have you made last month using propstream? very curious!

 Hey!

    I personally haven't closed my first wholesale deal yet. That's what I'm currently working towards. I get my stacked lists from Propstream and have them skiptraced externally and add them back into my calling/texting/outreach platform.  I was using REIPro before I made the jump to Propstream, which I also liked but for similar prices Propstream just offered a lot more, such as their list automator tool and their landing sites.