All Forum Posts by: Timothy Douglas

What's up guys! I'm having a meetup at the Hurt Hub in Davidson NC and would love to see some local investors come out to impart their knowledge in students. We consistently have three students show up and I am expecting one other BiggerPockets member to come through. It will be an intimate networking session, but me and another student are wholesaling and would love to talk about our experience, find some cash buyers, or off-market properties that people need help closing!

Going down to the county courthouse and getting the list of properties that are in the first stage of preforeclosure is good. Also DFD, skiptracing, and getting a website with google ADWords helps leads. Direct mail isn't great too, build a deal funnel! MLS works too, but not for the really good deals mostly.

1. You can definitely get away with a smaller EMD or you could wrap it into the assignment fee. You'll also know what type of deal she will sell as you get more experienced I'm sure.

2. You should get to the point where where you have cash buyers lined up and the option period won’t take long. Also something you can wrap into your profit from the assignment fee.

3. Ask a cash buyer for their proof of funds doc. Or get one from a loan company. Maybe transitional funding can get POF for the double close side of wholesaling.

4. Definitely ask them for their equation. Also ask them for their property criteria etc... you want to serve them! The best way to serve somebody and create win-win-win situations is knowing what they want and executing accordingly. Get a decent list with variety and close on a lot of deals quickly.

5. Not familiar with this honestly. I don’t plan on wholesaling a buy and hold. 

Lastly, get a team and a mentor! Videos are great, but not better than a successful wholesaler!

Let me know when you figure out about number five!

Hey man, this is the process I’m giving my two brothers and mom. Basically, your team will make your life so easy and build a deal funnel. Don’t try and do everything’s by yourself. For example, one of my biggest Hangups was the contract. I hesitated for two years and then found out a closing attorney had them on their website... If you want to create a scalable business, write down how you do everything and always help people out. Make sure you don’t be have to be there for the business to run! Also, please just pay for marketing, software, and help from other people. 50% of 5000 isn’t better than 100% of zero. Pay wisely, but be willing to put you’re money and time where you’re mouth is. Finally, go to RE meetups and find a mentor and accountability partner! If there aren’t any near you, start one!

1. Identify what Jobs you want to do

a. Find Deal – Deal Funnel

b. Analyze Deal – Wholesale equation

c. Get Deal Under Contract – Negotiation/Problem-solving

d. Due Diligence – Cover your arse (May be quick)

e. Re-negotiate – Create win-win-win

f. Close – Collect the money

2. Build Wholesale Team

a. YOU

b. Mentor

c. Closing agent

d. Potential Partner (MAYBE)

e. Realtor (MAYBE)

f. General Contractor (MAYBE)

g. Inspector (MAYBE)

3. Find Deal

a. Use Real Estate Software and Marketing Companies

i. Lead Propeller – Google Adwords

b. Deal Funnel

i. Drive for Dollars – Absentee Owners and Rough Looking Properties

ii. Website – Have somebody design a professional website and use Google

Adwords pay per click

iii. Direct Mail Campaign – Your DFD List and Delinquent Tax List

iv. Skip-tracing and Cold Calling– Your DFD List and Delinquent Tax List

c. Extra Advice

i. Always tell people you’re investing in Real Estate. Have Business Cards.

ii. Advertise on your car

iii. Always ask people what else they’re offering if they reject your first offer

d. Identify Deal Criteria. Read Bigger Pockets Articles and forums.

4. Quick

a. Run a title search and see if it is worth it

b. Estimate Repairs (Have different thresholds) (MAO if 10,000, if 20,000) (Build in 50%

contingency or something of that nature)

c. estimate on Trulia with comps

5. Offer/Negotiation

a. Have your MAO (Maximum Allowable Offer)

b. Have a contract in hand and ready to sign (Closing Attorney)

c. Understand their problem and how you can help them

d. Have contingencies that you’re ready to offer when negotiation comes to a stand-still

6. Due Diligence/In-depth Analysis

a. Walk the property with Gen. Contractor OR Investor for repair estimate

b. Have Inspector walk property IF you are worried about serious problems

c. Check Zoning with County

d. Run ARV by a RE agent

7. Re-Negotiation
a. Create win-win-win by making sure the price point solves everybody’s problems
b. Maybe get more profit if something crazy comes out during due diligence 
8. Close
a. Attorney – Closing Paperwork (Double Close to hide profits if they are crazy good or assignments are illegal in you’re state without a license)
b. Accountant for tax paperwork and bookkeeping

 Awesome, I will definitely check those out. Thanks Man! Will those cover all of the things I need?

Hey Everybody! I listened to some Biggerpockets Podcasts the other day and realized how much I have been neglecting to pay people to help me with my marketing. I am wondering what software everybody uses to make their life easier? I need software/Companies for the following:

1. Skip-Tracing that will lead to successful cold calls
2. Tracking and maximizing efficiency while DFD
3. Design a Professional RE website
4. Set up Google Adwords ads for specific locations
5. And anything to help with Direct Mail (IDK if that is out there)

So far, I only know of lead propeller for Google Adwords I believe.  Also, the cheapest, and most effective option would be appreciated! I feel like a lot of people can up-charge for unnecessary perks. Thanks for all of your help!

If building your cash buyers list is holding you back, ask a Real Estate agent for the past 6 months of cash solds and track down the names of the people who bought them. Furthermore, start attending a meetup every week with the intention of networking and create your own so that you can bring a property request sheet to it. You can also cold call landlords that own more than one property and see if they're looking to buy! Another thing you could do is team up with a wholesaler that is established to network with them and their contacts, just don't cut their legs from under them. If I had 1500 dollars I would create my own distressed property list by looking at the Delinquent Bill Searches that are provided by a County and start a Direct Mail Marketing Campaign. I would also save some of it for contractors during due diligence because a wrong estimate can make everything else that you do obsolete. If you find a good enough deal, the buyers will come. Also make sure you have a team in place to make the offering, diligence, and closing process run smoothly. If you're double closing, do you have your transactional lenders and closing attorneys in place? Do you have available contractors to make due diligence go smoothly? Do you have a Real Estate Agent to offer on properties for you and do some of the networking? Those types of questions are what I'm asking myself as I am trying to wholesale too!

I'm getting ready to start my wholesaling business and I need a solid contract that protects my interests, the sellers' interests, and the buyer's interest while holding us all accountable at the same time. I am going to meet with a closing attorney on Friday, and I want to know what contingencies people generally have in a wholesale purchase and sale agreement. I know I should have the one about backing out in two weeks if I cannot secure funding. I should have one that clearly states what I'm going to do, even though I will be double closing. Is there any contingency that I am missing or that will stop the buyer from backing out in the 20 minute transaction time where I actually own the property? I will be double closing and the dead period is the only time I could be finessed. 

Thursday the 6th at 7:00 pm! It’s on the events page under the networking tab if you want to rsvp! 

Hey Everybody! I just started a meetup and figured I would post on the local forums to spread the word. It is a meetup designed to connect investors with Davidson students who are interested in Real Estate, but also just to connect local investors with each other as well! It's every other Thursday at 7 pm and I'm excited to see people there!

@Jovan Cine I love what @Jerryll Noorden said about getting a credible website, and am curious as to what makes a website credible because I have a website that I want to generat traffic. Should there be a blog or something?

I also suggest accessing the county clerk website because you can get lists of preforeclosures and properties in foreclosure that are a good source of properties! Also the GIS system for the county for more info on the properties.