All Forum Posts by: Seth Kodner

I am a full time property and construction manager but I've done some side experimentation with wholesaling for the past almost 4 years.

I've tried contacting off market owners via cold call, email, text and some in person referrals. Some of these have been successful in negotiating a price and could/would have gotten under contract BUT

I have literally not had one single interested buyer in the hundreds of properties I've tried to market, that came from either other wholesalers or direct from the owner.

I market to:

- 100s of the top investors in my area (Philadelphia)

- 10s of the top wholesalers in my area

Via text, email, Facebook and Google groups, in person REIA deal nights

The prices seem like reasonable starting points and they match similarly marketed properties.

I have tried a good mix of land, single family and multifamily

And not one single showing or even a lowball offer, ever, in all these years.

Is it really THIS hard?

Are my prices so God awful that no one dares try to negotiate?

Are these methods the wrong way to get the attention of owners and buyers?

I am under contract for a property near Temple University campus in Philadelphia. It is zoned as a multifamily but not built with separate units.

Can we rent this out with two separate leases or does there have to be a physical barrier between units?

Likewise, if we bought a property zoned single family, but it was separated into different units, could we rent it out with multiple leases or should we go through the tedious rezoning process?

@Curt Davis I could flip that question back at you: Why not leverage the time, resources and knowledge of another investor to more than double our number of deals?

I and a fellow investor plan to start wholesaling in order to generate leads for our own respective real estate businesses as well as wholesale to make extra capital for investment.

We are wondering how to set up the entity. Should we:

Use our own respective single member LLCs?

Or

Create a partnership LLC?

The dilemma arises from the difficulty in splitting up the workload. If we form a partnership, we are bound to those terms and must split each commission in half or decide how to allocate the assignment fee based on the workload each person put in for that particular deal.

Thoughts?

@John Oh

Hi John,

I am looking to do the same. My goal is to be full time 6/15/2020. I am investing in Philadelphia and surrounding looking to scale my business as fast as possible, while setting up systems to make being full time as painless as possible. Please send a message and we can share our resources since we share goals!

If you are available, I will be attending this REIA meeting tonight:

https://www.meetup.com/Philadelphia-Real-Estate-Investors-Association/events/265284147/

@Chandra Reid Just contractors and a real estate agent. I'm using my own savings and 203k loan to fund the work.

@Chandra Reid

I have been to a meetup put on by this group, very valuable information. 

I am in NW Philly myself, currently closing on my first deal.

Best of luck!