All Forum Posts by: Christopher W.

That is an interesting service to offer BPO agents. I have heard of BPO agents getting someone else to go to the house, like other agents or friends/family members. I guess that is not too common though.

Originally posted by P NW:

The exception would be if you really really know what you are doing and can talk the agent into cutting his commission because he is getting paid from both sides.

I thought most agents did this anyway when they acted as double agents?

Thanks for that link Chris!

I'm still new at this, but from what I've seen, initial offer price is generally 50-60% of ARV minus repairs.

So using your example, if you think ARV is 345K, then:

345K * .6 = 207K

You didn't mention any repair estimates, so I'll assume say 20K.

207K - 20K = 187K

So 187K should have been your initial offer price. Obviously the bank will almost always reject this offer but at least it gives you some negotiating room.

I'm sure that someone with more experience can expand on this more.

I know not to buy in my own name (I've heard it a million times) But just curious as to why YOU don't buy in your own names? Is it just personal and asset protection or is there more? Just wondering.

I guess the quick answer is you only need one. In reality though, you should have more than that. Stephani Davis in Fl. has a great blog on building your buyers list.

http://www.biggerpockets.com/renewsblog/2009/08/06/easy-ways-build-wholesale-buyers-list/

Start talking to buyers and see what areas they prefer to invest in and start looking for deals around there. Of course, if you have a deal then just present it. if the deal is good enough, someone will be interested.

Originally posted by Joe Salimao:

Justin,

Someone told me there are companies out there where you can just upload a list and they send them for you.

I thought about this, too. But every place that I have seen that mails the postcard for you takes a few days to create and process.By then, the list is already several days old. Add that to the time it takes to get your list and you are sending to people that have already received plenty of mail.

Originally posted by IDEALProperty:

Nothing worse than a BPO coming in at $200K on a property that NOBODY will purchase for more than $180K, especially if you are buying as an investor.

What do you do in this situation? I have heard that when nobody meets the BPO agent or doesn't know what the BPO package should include, the BPO ends up coming back too high. Do you request another BPO? I would guess that providing comps showing that the price is too high should work.

I also agree with the no upsells (I think almost everyone else would too). A webinar is certainly a start in the right direction, but what about an actual mentoring program? I know several of the people on here already do something similar.

I'm not sure exactly how it would come to pass, but something along the lines of a student actually goes out with the mentor to talk to people, research deals, talks on the phone, etc. Something like on the job training. When I'm training someone at my job, I show them once or twice and then monitor them doing it a few times. A service like that would be invaluable.

Of course finding people willing to mentor and finding students that are not time wasters is another story...

Also keep in mind that you will have to pay subsequent taxes as well. I didn't know this when I started buying them and had one bought out from under me at the next year's sale. Oh well, at least I got my 16% for the year on that one. Not too bad.