All Forum Posts by: Pratik P.

If I can get a property at 70%ARV - repairs - holding cost - agent fees, I would consider that a great deal to wholesale or flip. The challenge is to make sure those numbers are accurate. I'd recommend you do your own research and confirm the numbers the wholesaler is giving you. You will also want to check for any loans, liens, etc that can cloud the title.

Try to build a solid relationship with a good wholesaler.  Once you have one,  they will bring you their best deals first and you know their numbers are usually accurate! 

 Gerald, 

I'm saying that if you were to broadcast a property in craigslist,  etc,  that looks more like an agent.  

If I have a purchase agreement and decide not to flip it myself,  I can assign it to someone else without needing a license.  This someone else can be just one buyer or a few that I've built a relationship with. 

Hope I was a bit more clear :)  

Hi Victoria,  your question could be answered in a 500 page book,  lol!  Fortunately,  there are extremely helpful articles all over BP regarding the basics of wholesaling and investing.  My suggestion is that you read as much as you can about the basics of wholesaling and marketing.  Then,  start 'doing'.  

It's easy to fall into a mindset where you think you need to know everything to do your first deal.  Learn the basics and start acting. When you come upon a problem,  then read into it to figure it out.  Goodluck! 

If you do it correctly,  you won't need a license to wholesale.  Create a buyers list with a profile on each buyer.  This should include all of their criteria for properties they will purchase.  When you have a property under contract,  look at your buyers list and approach them individually.  They will most likely buy it if it's what they're looking for.  This is better for creating relationships with buyers instead of shotgunning properties to a list of 100 buyer emails AND you're not acting like an agent "marketing"  properties.  :) 

Hey James!  Go into your local tax assessors office.  They should have computers there for you to use to look up ownership info.  Let me know if they works.  There's gotta be a way!  Let me know if you need a buyer BTW! 

Good luck 

Yep I have!  You just have to adjust the value based on comps, interior condition,  year built,  square footage,  etc.  Give it your best guess and go from there.  Your end buyer will take a look and come up with their guess too.  

Definitely sounds like a deal you should pursue. However the tax value isn't worth anything. You have to base your ARV on recent comps. Get working and find that owner! :)

Al,  I just signed up.  Will see you all in the future! 

That may be a good idea! 

I don't put a number in my letters but I quickly screen for motivation when the person calls. Usually the very first thing they ask is "what can you offer?". I'll take a moment to look up what redfin says the value is (I know it can be in accurate but I don't need exact comps yet), and say "well I can't give you an exact number without knowing all the repairs it needs but it would be somewhere near (50-60%ARV)". Then I shut up and let them speak next. I get mostly "are you serious, it's worth 60k more than your offer!!" which is where I thank them for their time and hang up. When I hear "okay I understand, do you want to come see it then?" I know that they are motivated because they are actually considering my low number.

Since you are handwriting your letters,  you could put this number in before hand. I'd say do it.  

@Chris Mason

I actually didn't know Fannie, freddie wouldn't do assignments! Thanks for letting me know. 

The fact that I would have to use transactional financing and wouldn't actually make money on the deal till later makes wholesaling to non-cash buyer a bit more unfavorable.