All Forum Posts by: Peter Mckernan

Wholesaling is something that you need to be in alignment with when doing the work. You need to make sure that the deals are solid for the people that are buying them, and you need to realize what some people call a deal is not a deal to some and a deal to others. You need to be transparent and honest, and sounds like you were/are doing that which is great you did the move. I had an issue with this earlier in my career when I was getting some wholesale deals from off market sellers, and I realized if I was honest about what their house was worth to them and then to the person buying it then I was doing my job. 

This is something that a lot of wholesalers get wrong, and then get a bad reputation. You need to make sure the deal is actually a good deal or the numbers/terms are explained to both sides to make sure everything is within alignment. 

Thanks for the post!! 

The protocol for our company is 500.00 but we give every own the option. Some have home warranties they want us to use every time, or they want to be hit up when the fix is $200.00. We change what is needed if it is needed when they sign the contract. 

I would read the contract, and for the tenant losing their job and needing to bounce. There are times where they can cover the rent till the new tenant is found, and possible security deposit is released to the owner too for breaking the lease early. To be honest, the contract and state/local laws will outline this for you in detail. And once you agree to what is going to happen get it in writing. 

Nice!! Keep going, roll it into the next and keep moving the ball down the field! You roll this into the next and the next and keep going! 

I would buy from the store, have them haul away and then have a handyman put it in you trust. And tip: the store (big box or little box store) do not always tell the crews there is a haul away on the old item. I even had the crew that delivered my last dishwasher delivery not know it was haul away and had to tell them to take the old one. 

Most wholesalers are just trying to get a deal done and out so that they can sell the property. Beware of the numbers of the comps they give you, always do you numbers yourself. I have a guy that reaches out to me when he is buying a wholesale deal, he actually reached out to me yesterday to send him comps to run numbers instead of taking what the wholesaler sent him on comps. The wholesaler was off on their numbers showing $680K plus when the comps where mid 600K. That is not far off, but some comps wholesalers will send are ones that are completely off and will get you into a place of losing all your money and walking away from real estate for good. Do your own due diligence. 

As Jay said, you need some seasoning as a person in the industry or partner with one to make that happen for 100% fin. I would partner with someone to show that lender the track record if you want 100% fin. on the deal. 

I personally think you should take this gap year and work for a real estate flipper. You will gain a lot of knowledge and even if you find a deal for that flipper you might be have to get an equity position in the deal depending on the deal you bring to that person. This will provide a lot of info, knowledge, and overall experience for when you leave college to use for your own business success. $13,000 even in smaller markets is a small amount of money to use for flipping. 

Yeah crazy things like this happen.. Just got to pad the reserves lol... 

I would drive around see some landscapers doing weekly clean up and ask them to come quote your place.. The other option is typically you get cards dropped at the door when your place is overgrown, call them and have them come out and give you a quote too to compare.