All Forum Posts by: Thomas I.

@Dennis Williams Jr. 

 Good luck and good to meet you.  I am wholesaling in the Metro-Detroit market as well.  Hopefully we can help each other out one day. 

Day to day, lately, i've been working on my business more than in my business.  I am creating systems and processes to make sure the business hums with or without me.  Building my marketing machine, daily lead generation processes, lots of tweaking etc. 

Lead generate, make offers, and work ON your business. Top 3 things for me. 

Good luck out there.  

Hi Guys!

So I am mostly focused on wholesaling these days, but figured if I'm sending out a lot of direct mail and constantly talking to sellers, why not go for high value expired listings/fsbo's?

What are your methods for landing these listings?

Hi guys, 

So this is what I have bouncing around in my head. Finally putting it to paper.  Hopefully some of the more experienced investors can offer up some sage advice. Rough plan.  Here goes. 

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Create a page on my website with a Podio form that prospective BD's can fill out. 

(Name, contact info, access to transportation, camera, understanding of what I'm looking for, 18 and above, ? not entirely sure what else to ask/prescreen)

I will put an ad up on CL with a link to the form at my site to try and gain prospects.  

Once this information comes in, and is qualified, VA will send an email with a bird dog agreement to show I am serious, and so everyone is on the same page.

VA will grant them access to the bird dog app in Podio to submit leads and follow the progress (mailed to, spoke to owner, submitted offer, under contract etc.)of the lead should it have legs.

I'm going to have them submit:

1. Property address,

2. Owner name and mailing address (if accessible through county tax assessor websites),

3. Pictures of the house

4. ??????? (any more ideas on what they can submit/find out for me?)

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Hopefully that made sense. 

Once I get the hang of it I would like to add in some auto-responders to instantly send the bird dog agreement as well as some emails explaining some best practices for bird dogs, and how to be successful while bird dogging. 

Anyone have a acquisition/management method for bird dogs?  Any advice you can offer?

@Stewart Olney  I am a wholesaler.  Those HW houses east of 94, west of Mack are definitely good rentals.  Be sure to screen well, however. My buddy has had a hell of time with bad tenants in that area. 

Try Aaron Yates.  He will be able to add you to the email list I think. 

There's a pretty good crew from MI here on BP.  Get at Tom Auterman to get added to the Metro Detroit investor meet up.  It's in different areas every month.  Great for meeting and networking with likeminded people. 

Haven't done any deals in those cities yet, but working on my first deal in St. Clair Shores and currently marketing for good deals in all those areas. 

PM me if you want to be added to my buyers list.  I come across some decent deals in Harper Woods and Roseville a lot.  

Good luck! 

That's unfortunate that wholesalers have that reputation.  I can definitely see how it happens though.  The problem is that some people don't understand the life time value of a customer.  

Customer service is #1 in a business like this.  Pigs get fat and hogs get slaughtered.  Some people just can't help but run their business like a hog. 

I'm in Metro-Detroit and currently have seller leads coming in.  Yet to do my first deal, but you better believe the end buyer is getting a solid deal when I finally get a contract. My aim is to create a long term sustainable business.  This can only be done by providing value time and time again.  

I hope I can change the perception of Metro-Detroit wholesalers, even if it's one deal at a time. 

@James De Silva PM me to let me know what you're looking for.  Happy to add you as a buyer.  Can also give you a referral to another high quality wholesaler in the area. 

Do you guys get a house under contract if there is even the slightest possibility of a deal?

What are your stats on deals under contract that don't result in closings? What should your close rate be? 

Just now saw another wholesaler marketing a property that I dragged my feet on because I didn't really think there was much of a deal. Curious to see if he sells it. 

Also curious to see how you ended up. 

What worked and what gave you issues? What are you doing now?

Cheers, 

Thomas

I have leads coming in but waiting on my first deal as well. 

Here's what I would do (please critique!)

Ask him how much the repair costs are (ballpark) and then how much he thinks it worth as-is, then ask how much he wants for it.  In that order. 

His answer(s) will go a LONG way in determining motivation. 

I would then go back and get newer comps. 9 months is a long time out. 90 days is ideal. 

But using the information provided, I would go off that last comp at $240k and assume I may be able to get that as an ARV (would like to see pics obv). However, I would want to get the best deal for my end buyer and myself, and would conservatively figure the ARV to be around $230k.

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Standard wholesale MAO formula is :

ARV x %70 - repair costs - your fee = MAO.

Assuming $30k in repairs/updates we get $230k x .7 - 30,000 - 10,000 = $121k  

I would then call back and tell them I could offer anywhere from $100-120k depending on the actual repairs needed.  If they agree to that ball park, I would set the appointment. 

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What do guys think?