All Forum Posts by: Trey Watson

Wow Tony thats great to hear. Thank you for the supportive comments. Your first few deals are always going to be the most difficult. Once you have those under your belt, your preparedness level and efficiency on the next ones will be 50x times what they were.

@Charles Fletcher @James Nguyen Working for a major wholesaler, I repeatedly tell my buyers that if they disagree with the ARV we provide, show me better comps. Funny thing is, very few ever do it. That's a buyer's chance to show they're serious. It means they're willing to have a conversation about it. If an investor doesn't take me seriously enough to do that simple thing, I cant afford to give them much of my time and I'm certainly not going to be calling them first when I get a pocket listing that we're not going to release to our investor list.

@Chris Bounds is exactly right, we all have our A List of investors who we are going to call first, that's business, thats real estate. If you want to be one those people, you can't expect to build a relationship to that point over email. 

Im not sure but I would guess the MLS. Where else could you get that data in Texas? Like you said, we're in a non disclosure state. I cant speak intelligently about the product Andrew is talking about because I've never actually used it myself.. Im sure it has extra features that make the process of doing due diligence easier. But as a licensed agent you'll automatically have to pay to access MLS, which is the most accurate sales data available to my knowledge.

It's around 90 bucks a quarter and then I think 600 per year to be a licensed agent. Something like that. I do auto-pay so...out of sight out of mind. 

Investor friendly broker- The brokerage I work for is not open to freelancers but talk to Sean Andrews. He has a profile on BP (that he never uses) but he's well connected and is a pretty independent agent who works with investors/ has his own investment properties. If you can't figure out how to get a hold of him let me know. 

@Tristan S. MLS is the only database I would recommend you use for comps. Im not sure how any comp program could accurately provide that information without pulling it from the MLS. Once you get licensed, if you dont sign up with HAR and get MLS access, after 6 months or so (When they catch it) they will make you join, or else they deactivate your license until you do.

Disclosure: I was born and raised (for the most part) in The Woodlands. 

My question in regards to your spreadsheet- How do you utilize this to help you?

As far as owning rental property in The Woodlands right now, you may find it difficult to find any buy and holds in there that meet the 1% rule. It really comes down to what your ROI expecations are.

Think about it, if someone can afford to pay rent 2000/month or more, they can more likely afford or qualify to buy a home. In that case, what is stopping them from buying? A common reasonvis being transient, meaning they will not be your tenant for long, because they'll have to move soon for job related reasons. 

On top of that, there are only a handful of pockets in The Woodlands where you can get in the price range that you need to be in, to meet the 1% rule...(think grogans mill village & panther creek village).

@Fred Heller What is the problem with having to disclose your are an agent? We're one of the biggest licensed wholesale brokerages in Texas and Houston by volume and we disclose our brokerage/license status and that we are paying below market value multiple times to every seller for every transaction we do, it hasn't been a bad thing for us. 

@Erik Allahverdian Im no lawyer so this is purely based on experience but as long as you are not lying to anyone (which you shouldnt be with or without a license) and you disclose that you are an agent and that you are potentially paying below market value to the seller in writing and they sign off, from my experience you will have no problems. 

@Bill Gulley Wholesaling with a license is not only entirely possible and legitimate in Texas, it's often frowned upon not to have one. Missouri laws may be a little different..

@Devin Hedgepeth Dont sell yourself short, working for free is garbage, for lack of a better term. 

Opinion: If you have extra $ to spend on real estate, then you shouldn't be wasting your time shadowing an investor for free. Put some money down on the investment, form a partnership with someone whos done this before and learn.

If funds are low, then the best way in is to get a r/e license and then start wholesaling. You dont need the license but it will open up a lot more doors.

I work for a wholesale firm/am a licensed agent. Let me know if I can help. 

Erik I am a licensed agent/ wholesaler. Im not a legal expert but I've never had my license keep me from doing a deal. As long as you conduct yourself ethically (which you should do with or without a license), it wont be an issue. To put it into perspective, our wholesale company is a licensed brokerage. 

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