All Forum Posts by: Nicole Williams

K. Marie Poe,
Great perspective! I will keep that in mind while determining my next assignment fee.

Thank you so much Kevin. That truly helps.

I really need your help BP, I am fairly new at wholesaling properties even though I quite a few under my belt. Recently another wholesaler told me I was selling myself short on assignment fees. He (the other wholesaler) said you can assignment however much you want. Just for reference, he has wholesaled over 80 properties. I use the formulas of 10-15% of the contract price or a standard 5k assignment fee. I feel assignment 10k on a 20k contract is just greedy in that case I would use the 10-15% route. Keep in mind I'm trying to build a successful real estate investing career, not just grab some quick cash. I feel like at the end of the contract when people are feeling the 'Did I just get robbed" feeling, they less likely to refer me to someone else or come back and have me find another property for them but if I give them a fair deal, then referrals and repeat business will come naturally. On the same note, I don't want to sell myself short.

So my question is how are the more seasoned wholesalers determining their assignment fees?

Silver A.
I agree with K Marie. Start with a letter first. What has worked best for me is sending out a letter letting the owner know that you seen that his/her house is and has been vacant for some time now and that you (or your company) can help him/her sell it. Avoid sending the letter in a regular white envelope. Try printing the letter on just a color piece of paper then make sure you physically sign the bottom, and tape it and send it off. I have a great letter template you can use. Just email me. Secondly, wait about about a week, week and a half and follow up with a phone call. Introduce yourself let them know your following up on letter that was sent on on (blank date). Hopefully you have caught your attention and let your experience take you from there. Best of luck to you!

Jay,
I would focus investing more in cities similar Romulus, Taylor, Westland, and Dearborn. These cities are pretty nice, have good school districts (I may be a little bias because I graduated from one), and you can purchase many homes there of pennies on the dollar. We just processed a deal in Romulus where the home was built in 2002 and was initially sold for $230,000 and sold last year for $82k just to give you an idea of the market. Then get your property listed on Section 8 to guarantee rent. Best of luck to you!

Welcome to Bigger Pockets Jay. You will find this site unbelievably helpful. I know I have and Ive been on here less than a month. Good luck in your future investings. Not too be too forward but please take a minute to write down my contact information. The Metro Detroit area is by backyard (I'm also a Michigan native)and we may cross path. Again, best of luck too you.

Joseph,
No problem. I looked at your profile and it doesn't allow me to look at your profile. What type of real estate are you in? We are wholesalers. Also could you shoot me an email with your contact information? I also try to keep local contacts on hand.

Thank you all. Ive already put some of these techniques to use from the thread Steve posted (thanks Steve!)Please keep the ideas rolling

Sophie,
You hit it right on! There are some great things happening to Detroit, with the renovation of downtown Detroit and various projects in the surrounding areas of Detroit. Detroit gets a bad name sometimes especially from people who arent familar with the city. Detroit had fallen on some hard times but it is on the up and up. Smart move purchasing there. I can help put you in place with a management company if you like and/or get you photos of the property. Contact me if your interested.

I have a decent buyers list now but looking for suggestions on how to build a large buyers list. I know there is a huge difference between quality over quanity so maybe I should be asking two questions how to build a larger buyers list with active buyers?