All Forum Posts by: Robert Wilson

@Zachary Fong 

I could be wrong, but if you bought your home here in Pensacola a few years back... it is probably a REALLY good rental. The reason I say that it because prices 3-4 years ago were significantly lower than they are today. That being said, I would think you're mortgage payment isn't too bad. Also, rent has skyrocketed here over the past 2 years. So, low mortgage payment + high rent = great cash flow. If this is the case, I would keep renting that home out. 

Overall the rental market is up. As with most markets, be weary of the areas you buy in. Quality of neighborhoods in Pensacola can change street by street so definitely do some research on the neighborhood you're planning to buy in. But overall, you should be fine. 

What areas have you been looking in so far?

There's a lot of competition in the market right now, and if this is your first deal, then it might not be a bad idea to wait a little longer. As you mentioned in your post, you're not going to stop looking completely and if the right deal comes along then it sounds like you're going to pull the trigger on it. I think that is a great strategy. What you don't want to do, is buy the wrong deal in the wrong location. Wait for the right deal to come along that fits most of your criteria, and I say go for it! 

@Liam Benson

Right. Numbers and culture. In my experience, culture is sorta intangible and hard to manage especially when outsourcing calling responsibilities to VA's overseas. Any quick tips on building/managing team culture?

@Zachary Inman this is good stuff.

If I could add one thing it would be....

#11 Know your numbers and set goals. If you know that it takes x amount of connects to land a deal/make a sale, it definitely helps with the motivation and keeps you moving forward. 

Great list! 

@Liam Benson Yeah man! Those numbers are solid! I totally agree about the systems and was actually telling someone the other day, "talking on the phone isn't the hard part, the hard part is making sure that you're able to run reports, loading campaigns, tracking numbers etc. so that you can call everyday and not spend a bunch of time doing backend system work." 

I would genuinely love to hear more about your experience in cold calling. Were you building teams for real estate? Or was it in a different industry?

@Renee Harris @Patrick Drury Daily dials is a must!! My daily kpi that I track is the amount of actual homeowners that I connect with. My minimum daily connect target is 28 homeowners. Do you guys use dialing platform?

Hey guys! I've been cold calling ever since I got into wholesaling, and I've been pretty satisfied with the leads and deals I've been able to create through this marketing channel. 

Does anyone else here cold call? If so, I would love to swap strategies/tips and learn from your experiences! :)

Hey @Bilal Ahmad just checking in to see how your cold calling campaigns were going?

I would send them the exact same offer. 

Here's why:
1) Your offer of $425,000 is 65% of what the home is currently worth. If it needs 200k of work to be worth 850k, then it is reasonable to assume that the actual value of the home is 650k. Obviously as an investor you want to buy at a price where you can make a profit. (which is reflective of your offer of $425k).

$425k + $200k = 625k

625/850 = .74

Your all in cost 74% of retail value. If you sell with an agent charging 5% commission, you can deduct 42,500 from your sales price. Putting your profit around $182,500 less holding costs. 

Also, the bank has already setup an auction and taken bids etc etc. Costing them more money that they're getting negative returns on.

Finally, with them already having had an auction, and you winning with the bid of $425k.... it would be irrational for them to hold another auction in the hopes that hey get a higher bid. Sure, it could happen, but they have to be thinking, "what if it doesn't? Can we go back to @Sam Mathew and ask if his offer of $425k is still on the table?" Hell no. Now the offer is at 375k. Right?

Too make a long story short, I think your offer of $425k is reasonable, and the bank doesn't have any leverage to negotiate. 

Good luck!! keep us updated :)