All Forum Posts by: Alex Harris

What types of campaigns are you doing? direct mail, websites, bandit signs, etc?

I try to create win win solutions like mentioned above for everyone. Bad wholesalers bring deals that don't leave profit for end buyers. Just focus on the numbers of the deal. Once completed, think about how the end buyer is looking at the deal and place yourself in his shoes. Is he getting the property at 70% of ARV and are your repair estimates valid/correct? If so, figuring out your wholesale assignment fee should be easy.

(ARV * .7) - Repair costs - Assignment Fee = Max Offer

Or

(ARV * .7) - Repair Costs - (Your contract price) = Assignment fee

In saying that, you should ALWAYS know your repairs and ARV BEFORE making offers and getting deals under contract. If the deal works and you can squeeze $40k in as an assignment fee, you should (and maybe do a double closing). Either way, there is no set amount for an assignment fee as all properties and deals are different. A serious investor won't be angry with you as long as its a good investment for him and numbers work.

Yep thats what I was thinking (field inspectors) just wanted to confirm I was thinking correctly. Glad we are on the same page :)

The $500 a year in taxes very well could be true. I believe your state taxes are a lot higher.

I find deals like these all the time and really don't do too much with them. That is partially because just like you said, you basically have no buyers list since its an outside area, market isn't good, hard to find comps, and you are located in NY. I put a post out with a similiar situation since I get alot of rural deals and HATE wasting leads. Somebody did mention that she made a lot of deals from these types of leads but didn't give details on how. So I guess its possible, just a little bit more difficult and involved. Let me know how everything goes if you can make it work.

Its not offensive to anyone (I know sometimes comments on here sound negative) but respectfully its not as simple as you think to generate rehab estimates (even rough ones) the way you described.

Its not offensive to anyone (I know sometimes comments are here sound negative) but respectfully its not as simple as you think to generate something rehab estimates (even rough ones). I say that because not all areas of the country can be put in a simple equation like you mentioned (and thats just one aspect) . If you spent the time to work on a project that really did what you are saying and was able to produce even partially accurate results then I would be interested in following your progess.

BEFORE I would start on a project like that, I would research other areas of the country and how repairs are estimated differently as well as WHICH sites work in which areas. Calculations and functions would need to change based on regions/states. Certain valuation sites work better in CERTAIN AREAS. I know I primarily use different sites when pulling comps in Florida as opposed to Ohio or New Mexico. For the most part I use the same ones but I've seen things would make you want to "delete" those sites off of the internet. Thats IF you made it national. Just my 2 cents.

Hi Harry,

Welcome to BP and welcome again to the Richmond area. I'm a wholesaler/agent in Richmond. Let me know if I can assist you at all or if you just want to discuss the local market. Thanks!

Hi BP, Just wondering what others have been doing who are wholesaling outside of their local areas when they can't physically be there to take interior pics, basic inspection, put lockbox on property. I come across this primarily when I'm dealing with an out of state owner. Are you hiring somebody locally and paying them a couple bucks to assist or what? I have been figuring out a solution on an individual basis for each property so far but just wanted some input.

Those only for Iphone or for Android as well? I'd be interested in the wholesaling one

Wow..lol @ Joe

This actually isn't that crazy however IMHO it would be an EXPENSIVE project and not as easy or simple as you think. I think outside the box too but it would be too expensive to make even partially accurate nationally. I know your a developer but keep in mind your time is valuable..do you want to spend a year developing software or start working on deals? You could try both but with the magnitude of your software, I feel like you would end up choosing 1 or the other.