All Forum Posts by: Uyenchi Ho

I will be there!  Thank you for organizing, and I'm looking forward to meeting everyone there.  Take care.

The Wholesaling Calculator doesn't work most of the time. Entered all the requested information in Step 1 - Great. Moving on the Step 2 - Exciting. Step 3 - Entering the sales price ARV - I'm ready to go! Calculate Flip Results - doesn't work. Calculate Flip Results - still not working. Calculate Flip Results - nothing. Argh!

That's my only gripe.

@Jeff Pollack  Thank you for posting about this meetup.  I've RSVP'ed and I am very excited about tonight.  Looking forward to meeting you.

Hello!

Any words yet when the next SJ meetup will be?  I'd like to make it out this time.  Thanks for planning and looking forward to meeting everyone.

Take care,

Uyenchi

@Sheryl Gurvey I don't sleep :-) I return calls during my lunch hour while at work, and I work on my REI business after the kids have gone to sleep. I try to accomplish at least one thing related to REI a day - no matter how small or big. I think as a mother, we've learned how to juggle multiple things at once, so I'm used to multitasking. Also, as a paralegal, it is our job to find the answers and be really good a sleuthing for information using whatever resources we have. So I've used this skill to find buyers, sellers, properties, etc. When my boss gives me a research project, I have to find all the answers and organize them in a manner that makes sense. I find this skill to be helpful so far. The better you are at organizing, the better you can manage your time.

I know that if I was working on my REI exclusively, I would accomplish A LOT more than I am now, but my pay as a paralegal (not sure how it is nationwide, but here in the Bay Area it's pretty good), so until this REI thing 100% replaces my income, I have to strive to do it all. I also take on all the help that is offered to me. My husband designs my website, my brother-in-law (who is a graphic designer) designs my logo and business card and is working on my credibility packages. Wherever I go, I would ask the local business owners if I could leave my business cards at their shop, and often they say yes.

My husband wants a third child, but I told him that this is my third baby for now because it literally takes up as much time as a newborn.  

Hello Sheryl - my fellow paralegal / investor-wholesaler / mother of multiple kids (I only have 2)!

I've only been in BP for about a month now, and I've had many local investors who have connected with me and asked me to put them on my buyer list for when I find good deals to bring to them.  I also have experienced BP investors who have generously offered to help me analyze deals and walk me through the process.  That's gold. 

So you've come to the right place. 

Hope to connect with you!

@Bing Lee 

 I purchased a software that supposedly gives me a list of vacant properties.  These were the people I have marketed to.  I sent out over 1800 letters to these "vacant" property owners, and my phone has been ringing off the hook.  The bad news is so far none of these properties are actually vacant.  Except for 2 which are owned by out-of-town owners (one has tenant and one he only uses when he's in town visiting family), all properties are actually newly-renovated by other investors who fixed and flipped these properties.  This is disappointing.  The potential good news is while these properties wouldn't make good deals, some of these investors told me that they have other properties that have not been fixed up that I can buy.  None of these sellers are distressed sellers (bummer!), but I'm hoping that because they own so many that they want to get rid off, maybe I can still get a good deal on one or two.  Anyway, the one I'm most hopeful about - the one that originated this post - is one that is owned by an out-of-towner who has owned this property for 30 years and the property hasn't been renovated since the 50's.  Hopefully, I can get a great deal and sell it to one of my fix-and-flipper investors.

Will let you know how it goes.

I have a 2-fold question:

Currently I have a seller (also an investor, I'm sure) who wants to sell to me about 50 of his properties.  I asked if any of his properties are listed and he said no. This is true, I looked it up. I looked up his profile and this guy owns like half of Northern California.  So my question is how do I approach this? Do I go through one property by one property (will be extremely time consuming to physically inspect all the properties since they spread all over the Bay Area - and that I'm still working full-time at my current job - and make each offer one by one?  This seller doesn't seem like a distressed seller (and I admit this is an extremely important factor in making wholesaling work), but I'm hoping that because he's selling in bulk, I can still get a great deal - or 50 great deals - for my cash buyers.  First question: should I even waste my time on this since he's not a distressed seller? 

 Question 2: Let's say I pursue these properties, I have a list of about 15 cash buyers who are waiting for me to bring them deals (I have one who owns 500 plus properties and said he's waiting for me to bring him more.  He said he can buy a lot of properties with all cash, so I would bring these deals to him first.)  Based on what I've read on BP, I've learned that I shouldn't bring any properties to my cash buyers unless I actually have them under contract.  My fear of getting these 50 (or even 20) properties under contract and my cash buyers don't want them.   I don't want to be stuck with 20 contracts/properties. How do you recommend I approach this situation? Any thoughts would be greatly appreciated.  

Thank you.

As a wholesaler myself, not wanting to ever be the target of a frustrated investor's rant, I always love reading about what cash buyers have to say about their experiences dealing with wholesalers.  I have a question (and I will also post this question on the forum) regarding a situation I am currently in right now.  I've only started this investing venture less than a month ago and have not done one deal so I'm terrified that my first deal will go terribly wrong.  I have a question for the end buyers on this thread: currently I have a seller (also an investor, I'm sure) who wants to sell to me about 50 of his properties.  I asked if any of his properties are listed and he said no.  This is true, I looked it up.  I looked up his profile and this guy owns like half of Northern California.  So my question is how do I approach this?  Do I go through one property by one property (will be extremely time consuming to physically inspect all the properties since they spread all over the Bay Area - and that I'm still working full-time at my current job - and make each offer one by one?  I have a list of about 15 cash buyers who are waiting for me to bring them deals (I have one who owns 500 plus properties and said he's waiting for me to bring him more.)  Based on the comments on this thread, I shouldn't bring these properties to my cash buyers unless I actually have them under contract.  My fear of getting these 50 (or even 20) properties under contract and my cash buyers don't want them.  I don't want to be stuck with 20 contracts/properties.  How do you recommend I approach this situation?  Any thoughts would be greatly appreciated. 

Thank you.

Thank you everyone for your suggestions and advice.  @Amid A., my exit strategy is to put in a low offer to start the negotiation, and then market the property to my list of buyers.  I'm not sure if this will work out realistically, but I'm hoping to simultaneously negotiate all my deals from both end (try to purchase for cheap from seller and sell it for a bit higher to end buyer.)

My fear is that I would get stuck with a property, so I hope that if I find a buyer for the property the same time I negotiate to purchase, I can assign the contract without fear of being stuck with it.