All Forum Posts by: Ryan Johnston

@Justin Reed Yes, but how do you go about getting your leads? Drive for dollars? Pay for absentee owner’s list?

For those of you that are Flipping/BRRRR, and that are NOT using a wholesaler, how have you been successful finding your deals? I have nothing against Wholesaling, but in my limited experience, the Rehab and ARV estimates have been way off. Please note that I have 2 properties now (bought off MLS), but I would love to find off-market deals going forward.

@Wayne Brooks OK, I see.  That certainly makes sense.  Thanks for the insight.  That's why I am asking these questions.  Admittedly, I know very little about wholesaling.  I would like the option to do it though, in the event I find a property that I do not want to purchase for whatever reason, and also as an additional way of raising capital.  Appreciate everyone's input.

@Jason Dougher From what I have read, the double close mentioned by @Ian Gorman above takes care of this concern.  Essentially doing a double close gives you equitable interest in the property.  It may be possible that most real estate agents/brokers advise against wholesaling because it is of no value to them?  i.e. No commision, etc.

For those that are Wholesaling real estate, are you doing it to fund your buy and hold properties?  I see the value in it for this reason, but have questions.  

• - How are you finding deals?
• - Once you have a contract in place with the seller, what happens if you don't find an investor?
• - Are you doing a double closing?

@Vishal Tarate

Hi Vishal,

No not doing full time. Listed our first property last year, and closing on the 2nd this week. The majority of the work is done up front. Furnishing the home, optimizing your listing, and setting up the systems I listed above (or others if you choose).

Once you have everything in place, the actual time spent is pretty minimal.

P.s. Make sure to have clear house rules, so that your guests are fully aware of your expectations (I.e. No parties, extra guests, etc.). If you happen to get a bad guest that mistreats your property, that could take some time to address depending on severity. We try to screen our guests as good as possible, and prohibit parties. Do all you can to stop the issues before they happen.

All in all, it’s been a great thing for us so far. Happy to help with any other questions you may have.

For those who have used/using the BRRR method, are you buying from Wholesalers?

Would like to utilize the BRRR method for future properties, but would like to get a better understating.

If I do buy from a Wholesaler, I would have to buy in cash, correct?

@Robert Tinker

King in one room, and 2 Full beds in the other?

Most people aren’t actively searching for properties with Queen size beds, but they are for King. The 2 full beds just give you an opportunity to sleep more guests (charge more). Just a thought.

@B.J. Lange

@Robert Gunn

Hey guys. Here are the main automations I am using. I’ve included a couple features and prices. I would encourage you to look at them further, but I’ve found them to be very helpful.

Your Porter- Automated messaging, property management tools.

($7/month per listing)

Price labs- Dynamic Pricing. Will generate/recommend pricing for your short term rental, based on other STR in your area, events, etc

(1% monthly revenue)

TurnoverBnB- Automates cleaning process. Notifies cleaner as soon as reservation is booked. Will send payment to cleaner automatically, once cleaning is finished.

(3% of cleaning fee)

We bought a home this past year specifically to rent as a short term rental.  It's been great for us so far, so much so that we are now buying another.  I did a lot of research on the market, and systems to help automate the business.  At the end of the day, it's just that, a business.  Anyone can throw a listing up on Air Bnb, Home Away, etc., but you can usually tell which one's are just there for extra money, and which one's are treating it as a business.  My advice would be, if you're going to do it, do it right.