All Forum Posts by: Tyler Bemesderfer

@Connor Cushman I haven’t been to blue ridge much but I’m familiar with Ellijay. Hard to believe there’s much up in blue ridge to deal with. The neighborhood in question is in Canton

So I'm starting out. In the education phase and I'm kind of just poking my head into places to ask questions and look at things that pique my interest.

Anyway, I've got a friend of mine that lives with his aunt. The aunt owns the property and owes I think he said $115k on the mortgage. The house is in rough shape. Years of cats and dogs tearing the place up, it's got mice, it's got bugs, wouldn't be surprised if it's got mold too. It's got foundatuon issues, the roof is probably shot, the electrical was ran by Edison himself, and the Greeks did the plumbing. First glance the house doesn't look half bad and If Armando Montelongo could make money off his cat house in the middle of the 08 crash. Someone could do something with this house I'm sure of it.

So a wholesaler contacted them and forgive me, I only got bits and pieces of what actually happened so I may have some details wrong. She got an email from some we buy ugly houses company and she called him. Some guy came out to look at the place and told them he could get them $150. Next thing I know the house was inspected the offer changed to $75k and my buddy's aunt told them to shove it.

The house just may be too far gone, but here's what's got me curious, with the way the market has been and what I've seen in some of these neighborhoods I've been in lately I've seen smaller and older houses sell for much more than what the suggested ARVs are. So I poked around on Zillow on the map just looking to see when the last time a house sold and the most recent comp I could find was a mile away from 7 years ago for a house with 1 less bed and bath for 100k.

How can you tell the value of a property that's in a neighborhood where nobody is selling? How do we get that to change because I imagine once a few houses sell in that neighborhood and catch up with this decade my buddy's aunt's house will be worth fixing.

Let's connect. Follow me, send me a message, let me pick your brain and I'll tell you about the neighborhood in northwest Georgia that hasn't been touched in the better half of a decade. I've driven through that neighborhood too, it's a nice quiet location, most of the houses are really pretty with lots of land and forestry.

I think I’m at a point in my research I need to quit googling and start having conversations with people. I’m a cable technician by trade but I’ve been talking about and researching real estate on and off for arguably my entire life, so I believe it's time I start making some moves forward. Growing up my parents flipped houses, rather, they house hacked primarily. My stepdad owned a few rental properties when he and my mother first met, so I was exposed to some variety. So as a kid I got dragged around to all the apartments, the open houses, the nasty, run-down, should’ve been condemned 30 years ago houses. My stepdad would give me $20 to go replace all the outlet covers and switch plates. In that time I learned how to do some DIY work, learned laying tile, drywalling, painting, some landscaping, etc. I’m not a pro by any means but I can find my way around Home Depot. After the 08 crash, my parents had found other avenues of income, and the days of changing switch plates were over. After high school, I enlisted in the Air Force and once I separated I’ve worked various manual labor and entry-level jobs up until now.

I want to get into wholesaling, it's realistically my best option. My credit is crap, and my job covers my monthly expenses and that’s about it. I’m comfortable with cold calling. It’s a lot of what I do now, in fact, it seems I’m the only one at my job that is willing to make phone calls and write emails. I’m comfortable evaluating properties. I grew up looking for signs of damage on homes specifically, my social groups come from a lot of construction backgrounds, I make a living getting intimately close with the insides of walls, crawl spaces, and attics.

Here are my questions:

-Who is responsible for getting the closing agent? Seller, myself, or the buyer?

-What is the going rule of thumb for evaluating rehab costs for properties in 2021 with how much lumber prices have risen?

-How do I explain what I’m doing to the seller without sounding like a con artist? Do I even tell the seller or does the buyer just handle it from that point? I don’t imagine buyers fall through the ceiling with a superhero pose saying “I’ll take it from here”

-When do you make your offer and get the purchase agreement signed? Say you make the offer for 200k but after due diligence, it needs to be 180k, can you renegotiate?

- Last question, until I’ve built myself a reliable buyers list ill likely have to rely on posting in Facebook groups, craigslist, and here. How do I vet the buyer? It seems like properties are sold these days as fast as they’re posted so when I accept an offer how do I know that buyer is capable of covering his end of the deal?

Like I said I’ve been doing my research. I’ve watched 100 YouTube videos that explain the process, find distressed properties, people search and skip trace for property owners, ask them if they’d like to sell, assign the contract, buyer and seller close, “GET PAID!!!”. I have dug through the forums, gone down my rabbit holes, figured out (for the most part) what’s good information and what’s bogus. I’ve got templates written up, I know which lead strategy I want to tackle first, but I have some smaller detail questions and I can’t find an answer without spending a few hundred on someone’s “close your first deal in 30 days” package. To be clear, I am not opposed to paying for education. I am, however, very skeptical of seeing no tangible evidence that they know what they’re talking about before the transaction.

Important note: Right now, I just want to replace my income and maybe live a little more comfortably. If I can pull off one I know I'm going in the right direction and I will go from there. I'm not trying to make a million dollars by the end of the year, ill be ecstatic if I made an extra 5 grand by the end of the year. Eventually, I'd like to use the money I make from wholesaling to get into some BRRRR deals, and multi-family properties, and then maybe for nostalgia ill try my hand at straight flipping as an adult. But until I have something to bring to the table other than just finding the deal I'm eating this elephant one bite at a time.

@Mitchell Johnson are there any ongoing meetings coming up for August?

My apologies for missing the meeting in May. Please let me know if you will be doing another one in June, I have a friend who is interested in learning.

@Lynne Bowers I'm game for the 30th. I'm from the Rome area. I'm in the research and learning stage. Tired trying to figure out what information I find online is legitimate or a scan. It's time to meet some people face to face and has some real conversations

Considering how old this forum is when it started who knows how relevant my response will be. I'm a newbie as well and still researching to see how I want to begin. I've been hardcore looking at wholesale as a way to get my foot in the door. I've read, watched, and heard from so many why you should start with wholesaling and why you shouldn't touch it with a 60 foot pole. If you're looking to do wholesale primarily then taking a course would be wise. But if you're like me and just looking to use it as an "in" then I think self directed learning from legitimate resources like this one is probably your best bet. If you're going to do wholesale at all make sure you know exactly what you're doing before you start so that what you do is kosher. I've found in my research that it is easy fall into some practices of questionable legality. Once you're sure you're doing the right thing I think wholesaling can serve as a good "boot camp" so to speak for getting into investing in real estate since you're mostly just finding and analyzing deals to present to the right investor depending on what kind of property it is. It's a way to dip your toe in the water on all sides of the game without jumping in yet.

It doesn't particularly scare me much either but it's a little rich for my blood just starting out. once i get a few notches in my belt I would be more comfortable with it. If I went for that house now I would probably be setting myself up for failure rather than success right off the bat. You are right though there are things to look at that look worse than they really are and its going to take some practice recognizing that.

I'm pretty much open to suggestion. I grew up flipping houses with my parents, so thats what I'm most familiar with, however, this was 10 years ago and I was a kid. My stepdad taught me how to do the work so DIY projects are not an issue for me, but im certainly no licensed contractor by any means. I never learned much on the actual business side of it so I'm a clean slate in regards to actually buying and selling, or renting. From my research I understand all of the differences between each method and how the profit is made. ultimately i want to do it all, rentals, flips, buy and hold, the whole 9 yards, but right this moment....I just want to get my foot in the door, i've heard wholesale is kind of the best place to start for someone like me.

That's definitely reassuring. my hope at least for this first meeting is to be a sponge for what you guys have learned. Right now im more or less stabbing in the dark at topics on here trying to figure out what the best path is for me to take. If its an idea presented to me instead it will be easier for me to follow.