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All Forum Posts by: Patrick Philip

Patrick Philip has started 262 posts and replied 908 times.

Post: How do I learn how to estimate repair cost?

Patrick PhilipPosted
  • Florida
  • Posts 912
  • Votes 107

@Delmar Bennett thanks. I bought it.

Post: How do I learn how to estimate repair cost?

Patrick PhilipPosted
  • Florida
  • Posts 912
  • Votes 107

I have the money to start another mass mailing campaign, but my sticking point is that I don't know how to accurately estimate repair cost. Where do I get started in learning how to do this?

At this point, I'm not even sure I can look at a house and tell what it needs. I have never rehabbed a house so I don't necessarily know what a contractor would want to do to it, other than obvious stuff like a new roof and paint or replacing old cabinets.

Post: Is patching drywall really worth that much?

Patrick PhilipPosted
  • Florida
  • Posts 912
  • Votes 107

@Jerry Miller I'm into wholesaling now. It's a lot more potential than rehabbing. Is patching drywall really worth that much? I still don't know because I never did a rehab project.

Post: The basics of co-wholesaling

Patrick PhilipPosted
  • Florida
  • Posts 912
  • Votes 107

@John Thedford unfortunately I just found out it takes 5 years to get licensed as a broker because you have to be a sales associate first. This is according to the FREC website.

@Account Closed I don't want to be a real estate agent. I know for a fact that wholesaling does not require a license. (co-wholesaling may, but not straight wholesaling)

Post: The basics of co-wholesaling

Patrick PhilipPosted
  • Florida
  • Posts 912
  • Votes 107
Originally posted by @Chris Policicchio:
Originally posted by @Patrick Philip:
Originally posted by @Chris Policicchio:
Originally posted by @Patrick Philip:
Originally posted by @Chris Policicchio:

I'm not exactly sure what you mean by "co-wholesale", but if you are ready to go, but just don't have some cash, have you considered writing your own letters?  How many letters or post-cards are you looking to send?  Do you have a list of addresses?  You might be better off getting your list now, cleaning the data and starting to send some letters out on your own.  March is right around the corner.  Good luck!

Have you ever successfully wholesaled a house?

 Yes, I have.  

How many? Were they all through direct mail? I've done 2 mailers with no results except callers wanting FMV. Do you use ListSource for your leads?

 All are through direct mail.  I have used Listability for my leads.

How many have you done total? And how many mailers did you have to send out to get them?

Post: The basics of co-wholesaling

Patrick PhilipPosted
  • Florida
  • Posts 912
  • Votes 107
Originally posted by @John Thedford:

Unlicensed co-brokering is NOT legal in FL if you don't own the contract. 
I never could understand what makes most of these frauds feel ENTITLED to broker without a license. I turn at least one or two in each week to the state.

BTW--here is bad news for a lot of the unlicensed broker frauds. This is Florida statute.

475.43 Presumptions.—In all criminal cases, contempt cases, and other cases filed pursuant to this chapter, if a party has sold, leased, or let real estate, the title to which was not in the party when it was offered for sale, lease, or letting, or such party has maintained an office bearing signs that real estate is for sale, lease, or rental thereat, or has advertised real estate for sale, lease, or rental, generally, or describing property, the title to which was not in such party at the time, it shall be a presumption that such party was acting or attempting to act as a real estate broker, and the burden of proof shall be upon him or her to show that he or she was not acting or attempting to act as a broker or sales associate. All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.

Okay so I'll get my license.

Post: The basics of co-wholesaling

Patrick PhilipPosted
  • Florida
  • Posts 912
  • Votes 107
Originally posted by @Andrew David Evans:

How long did it take you to gather a list of 500 buyers? Also what kind of direct mail methods do you plan on using come March?

Not long. I got most of them through the 2 local REI associations, and paid a website for the majority of the rest.

Post: The basics of co-wholesaling

Patrick PhilipPosted
  • Florida
  • Posts 912
  • Votes 107
Originally posted by @Chris Policicchio:
Originally posted by @Patrick Philip:
Originally posted by @Chris Policicchio:

I'm not exactly sure what you mean by "co-wholesale", but if you are ready to go, but just don't have some cash, have you considered writing your own letters?  How many letters or post-cards are you looking to send?  Do you have a list of addresses?  You might be better off getting your list now, cleaning the data and starting to send some letters out on your own.  March is right around the corner.  Good luck!

Have you ever successfully wholesaled a house?

 Yes, I have.  

How many? Were they all through direct mail? I've done 2 mailers with no results except callers wanting FMV. Do you use ListSource for your leads?

Post: The basics of co-wholesaling

Patrick PhilipPosted
  • Florida
  • Posts 912
  • Votes 107
Originally posted by @Chris Policicchio:

I'm not exactly sure what you mean by "co-wholesale", but if you are ready to go, but just don't have some cash, have you considered writing your own letters?  How many letters or post-cards are you looking to send?  Do you have a list of addresses?  You might be better off getting your list now, cleaning the data and starting to send some letters out on your own.  March is right around the corner.  Good luck!

Have you ever successfully wholesaled a house?

Post: The basics of co-wholesaling

Patrick PhilipPosted
  • Florida
  • Posts 912
  • Votes 107

I am new to wholesaling. I have a list of about 500 cash buyers from the local REI clubs, Craigslist, and various websites.

I don't have enough money for a direct mail campaign until March, so I am trying to co-wholesale. How exactly do I get started in this? Can I co-wholesale Craigslist properties? Which ones? Do I need to contact other wholesalers in my area and get on their investor list?