All Forum Posts by: Chris Yorke

Does anybody know a direct contact with customer service at Investorlion?  Or for anything called the "Real estate  Commando"? It will not accept my login credentials. I am not getting response to the emails I sent.  Corbaley's back office is walled in behind a flaky support ticket system. I am a customer, but currently locked out owing to too may unsuccessful login attempts.

Just as long as you understand the difference between investment and speculation, treat it as a gamble. Bitcoin is all speculation. A Ponzi or pyramid phenomenon . Yes, profits have been made, but it is definitely no investment.  Nobody knows how to value Bitcoin, and I think it is still in   early stages of irrational exuberance so would not be surprised if it reached much higher levels. Do not forget Bitcoin is unregulated. I am unaware any exchange has yet been subject to court action over malpractice or losses. Are you? 

Did you find all sites altered their price? I understand that Trulia and Zillow are owned by the same company so their prices should be consistent, though Realtor is still separate . I never found out how Zillow does its estimates. Does anyone know? I assumed they were based on average sales in the zip code during the past month, but that may be incorrect. If it is based on an average per square foot for all sales, it could bounce about.

Virtual wholesaling is no job for a part-timer. Why is it that so few wholesalers make money? Competition aside, let us look at what is needed to succeed; Look at how hard virtual wholesaling really is.

To see why it is hard going, think about the work statistics.

First of all, you have a power of work to create an effective buyers' list. How long that takes to build is anyone's guess. (I leave that one to the forum)

I estimate I have to sift through 25 properties before I find one that meets my broad criteria. Make it 1 in 50 ( listings get removed, another takes it, etc. ) I might make useful engagement with the owner, but at a success rate of one in four properties. (starting with name and address) Perhaps, I can cut a deal with 1 in 5 of my contacts, to get it under contract.Not so fast.To get one property profitably sold, I may have to try 3 times on different properties, to be realistic. SO if you multiply my numbers through, I must make 4 x 5 x 3 attempts to make profit (i.e.60 contacts). But I need to go though 50 listings first. Conclusion: I may need to sort 3000 properties to get one profitable deal.

But one profitable deal does not make a living. The profit on an assignment is anything between $2000 and 5000. Let us take $4000 average.

So, I may get an income of $4 for every 3 properties I come across. Allow efficient activity average of 5 mins a property (including sourcing data). This means I am lucky to get $4 for 15 minutes of work, $16 an hour, before expenses. If you put in 8 hours a day for 24 days a month, you may pull $3000 a month, less expenses. Is this a good living? I think these are realistic results for a single business operator. It is a lot of tedious work, but never gets much better. Can anyone offer more encouraging figures?

I am over 2 years in wholesaling and still count myself as a newbie. Your question isn't new but pertinent, all the same. Many a wholesaler can sympathize.  I ask myself, as a co-wholesaler: what value can I add to the transaction or to the businesses of those I transact with? If you deal directly with domiciled owners, you will need a different set of skills from dealing with real estate pro's. When you are trying to get someone's own residence under contract, you are not necessarily dealing with a calm person. Can you quickly relate to  a stranger ? It is a talent not so quickly learned. When dealing with businesses, you will need to know your professional stuff - especially legalities and financial practices.  Telemarketing experience woudl be quite useful, but never enough. I must say this: had I known wholesaling was going to be this hard, I would never have bought into it.

what is the purpose of a 'proof of funds' letter, when is it asked for and under what conditions is it issued?

A colleague has suggested getting a fico score that qualifies for roof-top solar panel incentive grants. He claims this can add 20% to the ARV of a property because it confers public subsidies and benefits to the owner over time. I am skeptical about the 20% figure, but can someone offer an informed opinion?

Reward for a good job.

In this case, purchase price was well under half ARV, so it had fair flip potential even before rehab.

Rehab means value added. Is there a way to do rehab remotely, with a degree of confidence? i.e. without being on hand  to supervise the job? or does the true flipper just look for someone who can it take it off his hands for a modest profit? 

I am an Australian investor taking an interest in Central Florida real estate. I would like to develop a network of contacts, around Orlando and Tampa, initially.

One aim would be to partner with you on deals, or obtain your (paid) help in managing properties, rehab work, site visits, bird-dogs, and so forth.

If you are starting out in real estate wholesaling, I have a variety of resources I can share.

Meanwhile, I am still trying to determine how to make contact with some Orlando investors who posted on this site.

Inquiries welcome