All Forum Posts by: Simon Ghandil

If you don't feel comfortable, DONT do it. At least you're smart enough to do your due diligence! You'd be surprised how many people don't put any effort into researching with the person they do business with..

Wow, a one page contract? That's a bit ridiculous to me. The contract I use is six pages long, and they are very detailed. 

Cases like these are reasons why I try to be as open as humanly possibly as a wholesaler. There are so many people that give us a bad name. 

Signing a contract without any buyers, or approaching investors with a house you don't have under contract, just so you can see what your gross profit will be. 

The #1 thing I can't stand is a liar. I've looked at plenty of houses, and the "seller" who was with me, who assured to me numerous times that he/she was the seller, was really a wholesaler when it came down to signing paperwork. Just shameful. 

Sorry you had to go through what you went through, at least it worked out in your favor. It may take years to build a good reputation, but only seconds to destroy it.

I have a single family house that sits on a corner lot on a busy street. I've been trying to sell it for a week now, but none of my buyers are biting. Not good. 

The house sits on 0.57 acres, and it can be re-zoned for commercial usage if I bring a commercial buyer to the table. Now my questions are:

What should I set my price for the house/land at? Do I keep it the same as if I was selling it as a SFR?

WHERE DO I FIND COMMERCIAL BUYERS!?!?

I'm actually closing on a deal right now, where an agent is bringing me a buyer. Agent or not, if you bring me a buyer I will give you a $500 referral fee, and that is what I plan on giving this agent. I am also going to keep a relationship with this said agent. 

Just sent you a PM.

You're not the only one. One of my friends had this incident happen to him a couple of years ago! He cleaned the house up, and got another tenant in it a week or so later.

https://www.youtube.com/watch?v=Zx4Oo-VARH0

I have all of my buyers phone numbers, but I do not have all of their emails. So whenever I want to tell them about the house, I will send a text saying something quick, usually I'll include the bed/bath, sq, and the price, then say if it's something they want more information about, to give me their email address.

Then I will email them a detailed page of the property (bed/bath, sq, rental or rehab, ARV, repair estimates, pictures, video tours, what needs to be repaired, comps, the neighborhood) EVERYTHING. If I already have their email, I will send that email first, then text them to check their email.

Great looking home for that price! Congratulations.

I have never done a JV deal where we didn't split the profits 50/50.

My very first wholesale deal..

I went out and looked at this house, the inside was demolished. The kitchen was destroyed due to a leak in the roof that was above the kitchen that was never fixed, so the ceiling had developed mold. 

This was my second house that I had physically stepped in since I started wholesaling, but I knew I could get a deal on this house. I bought the house for $80,000. Here's where I went wrong.

#1. I did not bring a lockbox. I didn't even know what a lockbox was, and I think that cost me tens of thousands alone, because I was not able to bring in as many buyers. The person who bought this house, never even saw the inside, only pictures. If I was able to show the inside, I'm sure I would've been able to get more money.

#2. My negotiation skills. I don't think I did too bad, but I know I could've dropped to at least $70,000. I wanted that first deal, and thought each house I visited would be this easy.

All in all, I made $10,000 on my second house, which isn't bad for a beginner, but knowing I could've made $30,000-40,000 hurts me now that my mentor tells me haha. Oh well, NEXT!