All Forum Posts by: Samantha VanNorman

Thank you everyone for the advice! I completely agree that it is important to get involved with all kinds of motivated sellers. I was just looking to create more of a strategy. As much as I wish I could call every single lead type in the Orlando, area, we have to narrow our focus somehow. Any thoughts?

As a new investor, I am looking to find my niche and decide which lead would be the right fit for my business. I have heard that absentee, though you can find success, is the most popular therefore the most competitive. It may also be difficult to get the seller on the phone. I am using a software that I purchase, Property Farm, to generate leads. The software often provides contact information, so I am wondering what the best lead to call on would be. I have thought about divorce and estate sales. Any thoughts???

I think it is also good to mention that though I plan on doing a direct mail campaign soon, my strategy right now is to make call sheets based on my findings on property farm. 

Thank you @Andrew Davis! My partner, @David Pupo and I officially became CFRI members over the weekend, and are really looking forward to attending the more specialized meeting groups. Thanks for the referral, as well. Would love to connect with you further and see if we could work together in the future! 

Wholesale investor looking to network in Orlando, FL. Will be signing up for the CFRI this week and will hopefully get more exposure to potential buyers. Anyone who would like to meet please let me know.

My partner and I are doing research on yellowletters.com as we decide what our best strategy will be for marketing. Has anyone experimented with series postcards or door hangers? Would love to hear any feedback or successes!

Originally posted by @Andrew Davis:

Good question on the wholesale side, short answer: I don't know, I've never done a wholesale deal.

What I would suggest is to pay your contractor a flat fee (say $300) at close for the first few deals you do.  I would shadow him while he's walking them and learn what he's looking at and how he's coming up with his numbers.  After a few deals you should be able to estimate the costs yourself.  If you still want to have him write up the bid, you can tell him what needs to be done and pay him a few bucks for writing it up.  

If you haven't already, read @J Scott's book:  http://get.biggerpockets.com/flippingbook/ on flipping and estimating rehab costs.

I learned a ton the first time I read it, and continue to use it as a reference when I'm evaluating properties.  

 I will definitely take this advice! Thank you for the insight 

Originally posted by @Andrew Davis:

Hey @Samantha VanNorman you are not alone in feeling frustrated with finding a great GC.  Good tradespeople are not always easy to find, but the search is well worth it.  On this flip:

http://www.biggerpockets.com/forums/517/topics/176...

I decided to make my contractor a part of the deal, and that worked out pretty well.  I actually just listed it:

http://www.realtor.com/realestateandhomes-detail/1...

 He was incentivized to keep costs low and complete the job quickly.  I'd be happy to answer any questions you have about the details.

 That is a great idea in order to keep your rehab costs low! As we start moving into flips I will definitely keep that in mind. However, how do you make it worth your contractor's time if it is simply providing estimates for a wholesale? Do you give them a percentage of the wholesale profit or is it just a flat fee? At the end of the day, they don't need to actually perform the rehab, just tell us how much it would cost. 

Originally posted by @Dan Oliver:

We have a few GCs that we recommend to our investors.  These contractors understand the investor side of rehab and how to make the most without spending the most.  They understand that if they treat the investor right, they will be working on their next investment.  The GC's we work with always come out and provide free estimates for the investors.  Let me know if I can help you any more

 Thank you! Would these GCs be willing to work with wholesalers? We are not quite ready to do rehabs, but still need GCs in order to provide rehab estimates in our wholesales.

Another question- How do other wholesale investors handle situations with GCs? Of course, we need them to provide rehab estimates in order to determine ARV, but how do we determine what's in it for the GC? Do you typically pay them, or what are the options you provide to them? What is the best way to discuss this with the General Contractor once you have them on the phone?

If you do pay them, do you provide them a flat fee for the estimate, or is it a percentage of the wholesale profit? 

As a new investor in Orlando, I am having a really hard time getting in contact with general contractors. I called about 10 from Angie's list and left voicemails, and only got a call back from one, who ended up not being the right fit. I also used HomeAdvisor as a resource and got in touch with one contractor, but he has been pretty lackadaisical and is not always timely when getting back to me. Can anyone give some tips or recommendations? Or, even better, does anyone know a GC in the Orlando area?