All Forum Posts by: Shi'Mere Andrus

Thank you all for your comments. I have two follow-up questions.

1. When I find that great deal, where would I advertise it? Is there a particular website that investors use to post deals?

2. What indicator am I looking for in the MLS that will tell me if a recently sold house was a remodel?

Thanks- Shi'Mere

First, I would like to thank all of you for your replies. I have a couple of follow-up questions:

1. I've called a couple of the We Buy Houses ad. I've been hung up on and told "not interested". Here is my sales pitch: Hello, my name is Shi'Mere. I'm a real estate wholesaler in the Los Angeles. I specialize in the South Bay area. I find properties at least 30% under market value in the best locations in the South Bay area. I put these great deals under contract and pass them to investors like yourself. Would you be interested in my services?
So is there something wrong with my pitch?

2. Doug, what do you mean by tapping into other markets? Can you give me some more examples?

Thanks- Shi'Mere

I desepartely need help. I completed one wholesale deal in the past year. It was my first and only. I think I was just lucky to get that deal done.

My problems-

1. I can't find buyers. I've been to my RE club to find buyers. This is a huge club. They usually have about close 200 people there a month. Obviously, I can't talk to everyone. I've left my investor profile forms on the table so people can fill them out and fax or email them back. No luck there.

2. I have no money to advertise.

3. I live in the Los Angeles, CA area. I'm not sure if homes are really selling over here like they did a couple of years ago.

3. Lastly, and think most importantly I feel like I've gotten in this at the wrong time. There's so much inventory out there that an investor may not need a wholesaler. And sellers are just letting the bank have thier home. And can investors and potential homebuyers get credit in this recession?

I'm almost to the point of giving up. I haven't been on this site for a couple of months because I'm not getting the success others here are getting.

Any help would be greatly appreciated.

This is the first time I'm learning that I can actually assign a short sale. How many opportunities did a pass up because I didn't know this....alot. Anyways, here are my questions:

Background: I live in the Los Angeles area and I have realtor that could probably help me out in finding short sales.

1. If I go through my realtor and fill out a purchase contract will the bank accept ShiMere and/or assigns?
1a. If they don't accept that, what do you do?

2. Is there anymore paperwork needed than the normal purchase agreement contract with the seller and the assignment contract with the end buyer?

3. Is it really that simple?

Thanks :D

Hello,

I am a investor in CA. Recently I have received many inquiries from out of state homeowners about purchasing their properties via my website. The question I pose is this, How do I market and find investors for these properties?

Thanks Jon for the information. The next real estate club meeting is tomorrow night. I plan on creating a investor profile sheet tonight and post it out here so I can get some feedback and pass them out at the club meeting.

I'm part of real estate investing club here in Los Angeles. I've been to a few meetings. My problem is I have yet to come across a buyer. I do mingle, but this investment club is huge. They can have 100+ people there per meeting. I've worn my "Wholesaler T-shirt" a couple of times, and a couple of people asked for my card, but they weren't serious buyers.

I'm looking for buyers that will buy from me on a regular basis if I present them what they want.

So my question is (for you serious buyers), how would I pick you out in a crowded room and what would I need to say or do for you to want my services as wholesaler?

Thanks for the help. I need to get some deals done :D

Shi'Mere

Where should the closing happen? At title company or the "out state" title company where the seller and the potential end buyer are at?

Damien, Jon, and Philip thank you for your inputs. It helps me out a lot.

To answer some of your questions, when I looked for a comp I don't go back past three months. So I went further back and found a really good a comparable. However it is 14 months old. But it matches the subject property almost perfectly and it is four houses down from the subject property.

The comparable is sold on 6/27/2007 at 670,000. Now what percentage do I take off to adjust this price to the current market conditions? I heard you can take off 2% per month to adjust for depreciation. This would make it $509,200. Am I on the right track?

The repair estimate is number I came up with based on what the listing agent has told me. The house needs some paint, carpet, and a upgraded kitchen.

Let me know your thoughts.

Shi'Mere

Hello Everyone,

I'm a novice wholesaler in Los Angeles still looking for my first deal after 8 months of trying. I'm just trying to get my first deal under my belt so I can get some confidence in wholesaling. If it wasn't for this site, I would've probably given up a long time ago. Anyways, here is the deal I'm working on now.........

First let me say that I can not find a good ARV for this home. There are no recent sales in area that fits this home.

The home is a 4BD/2BTH, 2066sqft, 8100 lot size, with a pool and jacuzzi.

There is a pending sale in the same area (4BD/2BTH, 1200sqft, 6000 lot size, without a pool). The pending sale is $400,000. This is the closest to a comparable I can find.

Here is how I'm breaking down the numbers-

ARV: 687,978 (I came up with this by dividing 1200 by 400,000. This gave me 333.33 dollar per sq ft. I then multiplied 333 by 2066)

Investor Profit: 35%
Estimated repairs: 16,000
Assignment fee: 8,000
Closing Costs: 31,200

The total price I would advertise to investors would be $398,000.

Everyone, what do you think?????

Thanks,

Shi'Mere
:D