All Forum Posts by: Account Closed

Hi, I wanted to know if anyone has ever done a wholesale deal and put a property under contract with a realtor involved. I am working with a realtor but I want the relationship to be beneficial both ways. She sends me emails with properties from the MLS that are discounted. Do I try to get the property under the contract or do I market the property to my cash buyers without putting the property under contract. Any help would be appreciated.

Be careful,

Many Realtors don't really know what wholesaling means, they are use to finding properties for end buyers. In my market there are not many properties that are good deals on the MLS. Your best deals are going to come from working direct with the seller.

1 Vote

Originally posted by @Lynn Bown:

That is the million dollar question and you will get a lot of different answers. The truth is there is no de facto answer. In my market I have some areas where you can go 5 blocks and the strategy changes dramatically. It really about very specific criteria and developing niche patterns, not broad areas. I would start out in your own area within 15 miles of your location and get stats on Sales, average days on market, average appreciation yearly recent, rental rates compared to sold prices, vacancy rates, move in or move out trends. then break it down by zip code and sections and you will find local patterns to target for your target areas. The other problem is the stats change, I do new soil farming every 6 months to determine changes and recognize changes in my research.
1. reasearch, research, Research your area
2. set your criteria, ROI limits, and geo specific areas
3. setup auto search systems or notifications
4. rinse and repeat : Goto to step one

I totally agree,

You can make money in ANY market you just have to work with the right strategy. Rentals, Wholesaling, Subject 2 and Lease options are good avenues to start with.

0 Votes

Originally posted by @Sean McKiernan:

My name is Sean. I have been in sales my whole life as a stockbroker and now insurance but my heart is now on real estate. I have so much I need to learn but I have a big vision in real estate so I am eager to make the first steps. I am only interested in buying homes/condos/apartments to rent. I make all of my money in insurance in New York and Connecticut but I live in Delray Beach right now. I hope to buy a small place up North and a small place in South Florida possibly in 2016. I never want to rent again. All the money I have thrown away renting over the years makes me sick if I think too much about it. I should already own a few places but unfortunately that's not the case. I am excited to meet with others who have similar interests in buying homes for rent and learning whatever I can from those with some experience. Kind regards, Sean.

I can totally relate,

As a fellow Northerner with Mortgage and property taxes it's a pretty steep price to pay. I'm a firm believer that everything happens for a reason and you found this site. So if you put it to good use you can make up for lost time. The past you can never change but the present and the future....well that is up to you!

0 Votes

Originally posted by @James Charles:

Hello BP. I started out my direct mail campaign and I received a couple of calls so for. One of the calls I received came from a woman about her property that she rents out. She said she had no intentions to sell but my letter intrigued her. Its a 3/2 with a converted garage so its a 4/2 but with no permits. Basically its still a 3/2. She owned it for 20 Yrs and owe $140k and she wouldn't mind a extra 10-20k if she sell. Yeah, I know that sounds crazy. So thats like no less then $150k for a property in a "C" area in North Miami. So l told her I'll contact her within 24 hrs to do my research on the property. So come to find out on zillow the zestimate is $105k. Its listed as a 2/1, properties in that area haven't even sold for more then $135k. I'm thinking about not wasting any time on this and move on. Since shes not motivated. So BP what should do?

James,

Don't stop with the direct mail, make sure you are consistent with it. Also follow up on all of the people that call you, situations change all of the time. You might not have a deal with this person but if you are on their good side they can possibly refer you to a person that would have a deal. I learned that Real Estate is a Relationship business.

Consider other avenues, for example Subject 2 and Lease options.

0 Votes

Originally posted by @Frank Sanchez:

HI,

I am an investor from NY and looking for opportunities for buy and holds in south florida. West palm beach down to North Miami. Single families 3+ beds. please contact me

Would you consider Tampa/Saint Petersburg?

1 Vote

Hello,

I'm an Investor/Agent and I just recently got my Florida Real Estate license. Let me see if I can answer some of the questions posted:

#1. If you are out of state I would recommend purchasing the Book Real Estate Practices and Principles by Linda Crawford. (I would get it used in good condition) most of the topics are on the classroom test and state test. Study the book and answer the questions at the end of the chapters and you will be ready for the online class. You WILL pass with flying colors.

#2. I second to Bob Hogue good program.

#3. Once you are licensed you have to work under a licensed Broker in order to have your license "active" in DBPR. DBPR is a division that keeps track of licenses.

#4. Being active is valuable in order to have MLS access which you would have to join an association. I'm in Pinellas County which I had to pay about $845.00 to join the association.

#5. Find an investor friendly Brokerage there are quite a few of them but you get what you pay for. For example most Keller Williams organizations provide leads for the Agent. Marketing costs so the expense will be filtered to the Agents.

1 Vote

Originally posted by @Heath Thomas Jr:

Has anyone in the DC area found craigslist an effective source of finding motivated sellers? I did it for 3x a day for 2 months, a few months ago. I didn't really get many results, a couple of people visited to my website, but it led to nothing.

I see many other investors do it in the area. I'd like to give it another try but wondering if it's worth it ( either the time to post, or the money to hire a VA longterm to do it)

I know you mentioned you are looking for someone in the DC area but I just wanted to comment on the subject. In order to be a successful investor you need more than one lead source. Go with the least expensive when just starting out. Pick a location, and start driving around the area. Get to know the people in the area if you do then you will have the inside track. Yes, it takes work but you will be steps ahead of people who just mail letters and find sellers on Craigslist.

Just my thoughts!

0 Votes

Originally posted by @Luke McCann:

BP Wholesalers and Property Scouts,

I am an aspiring property scout in the greater Jacksonville, FL area. A few questions about the tricks of the trade: Where do you find most of your deals? What type of lists lead to most of your closed deals?

Any advice related or unrelated to my questions will help!

I agree with all,

When just starting out go with driving for dollars because marketing to a list, everyone is doing that here in Florida and you will blow through your marketing dollars without a deal in most cases....there are exceptions of course.

0 Votes

All Forum Posts by: Account Closed

Account Closed has started 2 posts and replied 95 times.

Post: Wholesaler looking for cash buyers in Central Florida

Post: online real estate schools in florida

Post: Wholesaling a property with a realtor

Post: Texas vs Florida. Which is a better market?

Post: Only Buying Homes For Rental Purposes

Post: Possible Deal or No Deal

Post: Looking for a wholesaler for buy and holds in southern Florida.

Post: Florida Pre-Licensing Coursework

Post: Using Craigslist to find motivated sellers

Post: Finding Leads