All Forum Posts by: Francisco J Delgado

Hey everyone, update on the deal. Seller and I could not reach a price that I felt I would be comfortable wholesaling the property at for now but he told me to keep in touch in case he wants to sell later down the line. He is slowly getting tired of being a landlord so i'll touch base with him once or twice a month and keep the lead warm.

Thanks for all the help with the deal analysis, it definitely helped being able to negotiate in person as well. I'm looking forward to getting that first deal locked in soon hopefully.

Hey Tom,  the weather gotten pretty bad that day,  I made it to the house but the seller was stuck in traffic.  We rescheduled for early Saturday.  Since then I've been doing more research and feel better about making the offer and getting it under contract.  I'll update after the appointment tomorrow and let you all know.  Wish me luck! 

Woops, just noticed I pout the property is 2 bed 1.5 bath, its actually a 3 bed 1.5 bath which is what made me more confident about the ARV

Hello guys, I'd like some analysis on this wholesale property I have an appointment scheduled for tomorrow to see what I could offer.

Property info:

2 bed 1.5 bath

1311 Sq Feet

estimated ARV $75k-80K(based on a 2 bed 1 bath selling at 75.9K in december and a 3 bed 2 1 1458sq feet selling for 84.5K last september. Those were the only comps I could find within half a mile.

Estimated repair costs 10-12K based on what seller mentioned over phone, would have to recalculate after seeing property

rents currently for $750/mo

Has had long term tenants in the property for a while. 

Seller info:

Is asking $45k, havent been out to see the property yet so I'm hoping to be able to negotiate him down to maybe 30-40K tops. I'd like to make at least $2k on this property for my first wholesale fee. I think I'd be able to get him down in that range and still make a profit on this. What do you guys think? I can provide some more info if needed.

Thanks!

Thanks Jerry! I just listened to episode 21 of the BP podcast yesterday and it motivated me to start taking action.  Should I start the process via your website to get the marketing going? 

Good morning Everyone. I've been listening to a lot of the podcasts about wholesaling and I think I'd like to start doing some investing with this avenue. I was hoping you guys might be able to add to my checklist for some essential knowledge I'll need to learn before I can start going at it full force.

So far I have :

Marketing budget of around $3-4K. Thinking of doing some direct mail marketing via @Jerry Puckett

Find the right list of people to mail to. Hoping that hiring @Jerry Puckett will help with that.

Finding a title company that will work with wholesalers and knows the process.

Learn to rough estimate repair costs

Learn to find comps to get an acurate ARV

Learn to talk to people on phone about selling their house via scripts I've seen posted on the site.

Learn which documents I'll need for the process. I've heard that I need at least a purchase agreement between me and the seller, and an assignment contract to assign said purchase agreement to the end buyer.

Learn how to calculate if the seller has equity in their home and how to pre-qualify them when they contact me.

Getting a google voice phone number to take all the calls and track them via a google docs spreadsheet so I can continue to follow up and close leads in a timely manner.

Does anyone know of some more essentials I need before I get started or should I just start taking action on these and head into it full force?

@Chris Colvard 

Thanks for the documents. This will be  great help when I start trying out wholesaling.

Hey Jake,

What sort of risk are you willing to accept on this deal? I'm new myself and I'm considering trying my hand at wholesaling. The idea of flipping is nice if you can provide the funds for the repair and are in a good market where it will sell quickly so you don't have the holding costs associated with the house. If you have a buyer lined up for the wholesale deal it might be a good idea to unload it and let someone else worry about the repairs and selling. Just my 2 cents, good luck on the deal. Sounds like it could be good either route you choose, just have to manage the risks you are willing to take

Hello all. I heard about this site when I was reading a reddit thread about financial independence. I bought my first house last year and currently live in it and rent out the extra rooms to pay for mortgage. I'm interested in learning about buying more rental properties or maybe trying my hand at wholesaling to earn some capital. I work in the medical industry at the moment and I like having the secure job. I'm currently reading the ultimate beginners guide and it's helped a ton. Listened to 3 episodes of the podcast during work today and it's inspired me to do research and start drafting a business plan. I look forward to getting to know many of you!