All Forum Posts by: Eric Kennedy

Excellent insight @. Thank you.

Are there any folks on here that buy at trustee sales (auctions) in Santa Cruz or Santa Clara County? Have you had success with this strategy? What are the major drawbacks? Would love to hear your thoughts. Thanks.

Lamar Cannon That's great advice. Thank you.

@ Thanks for that tip. That is one avenue I have not used. Does your contact in Fresno invest in the South Bay Area market? I will keep you posted on deals as they pop up. Thanks much.

I am building my wholesaling business out of California, the Bay Area to be precise. I know that investor's typically state that they need to buy houses at 60-70% to be able to turn a profit worth their time.

However, I question whether or not this applies in California markets such as San Jose, San Francisco or the Silicon Valley.

Quick example:If the market value of the house is $520K (low end for this area).

60% = $312k

70% = $364K

80% = $416K

That's a $104k range. Also, even at 80% the investor still has over $100k on the bone.

What percentages are all you wholesalers buying at? Does this depend on how badly you need the deal (how robust you lead generation is)?

Thanks,

Eric

@ You bring up a very interesting point. Thanks for sharing. I've lost deals holding out of 70%. Good to know that people are taking them off your hands at 82%. Where do you operate?

@ I understand your thinking on this. In the Bay Area I definitely shoot for 60% but 1 percentage point is often $5-7k to the homeowners so 70% is more common around here. Out of curiosity, are seeing wholesalers offering deals much below 60 cents in your area?

@ and @ that's some great advice. Thanks. I've been hesitant to use CL in the past, but maybe I just need to buck up and get my hands dirty.

Much appreciated.

@

You can just show up. I meet people at the SJREI meetings all the time that say they are not members and just checking it out as a guest or visitor etc. They don't expect you to pay without knowing what you're getting. That being said, I think I would still be a member even if it costed $500/year. It's worth every cent. Best of luck.

Eric

I'm working in the Bay Area, specifically San Jose California, building a wholesaling business. My current challenge is developing my cash buyers list. In order to be able to offer my clients who are selling their homes expedient close, I need to expand my list of cash buyers, waiting by to take deals as they crop up (this is assuming I do my part by locking up those deals at .70 on the dollar).

In the past it's been a shame to find a killer deal and realize that my investors have their hands full. Does anyone have any suggestions on how to take your buyers list from roughly 10 to roughly 100 in a short period of time. I'm not really concerned whether the buyers are flipping, buy and hold or wholesaling themselves. All tips/tricks are welcome.

Thanks in advance.

Eric

Minh,

That's a heck of a story. So in the last 4 years you've really made it happen. Amazing. Congratulations. That's really inspiring. May I ask how you were able to finance so many purchases in such a short amount of time (I'm assuming you weren't a multimillionaire to begin with)?

Hey just because the numbers don't look great in the Bay Area doesn't mean there aren't deals in California.

What exactly are you looking for in terms of your next acquisition? Maybe I can help find it for you.

I'm currently working in Finance for Stanford University during the day and creating my wholesaling business at night and weekends.

All the best,

Eric