All Forum Posts by: Chris Piper

@Lip Weiss At the top of the screen on BP, click on tools>fileplace>contracts and I uploaded a purchase agreement and an assignment contract there a month ago.

@Brandon Brown I agree with @Joseph Caracappa. If you can answer your phone when someone calls, then your already ahead of the other guys in town who don't answer. As far as a phone number on your bandit signs for motivated sellers, I use a Google voice number or you could get a burner number. As Joseph said, just match it to your marketing. My message says "Hi this is Chris. If you have a property for sale, please leave your name/number/address of property/beds/baths/square footage and someone will get back to you as soon as possible."

@Lip Weiss I agree with @Account Closed. Although in my opinion, bandit signs are a much faster approach in regards to finding motivated sellers and/or cash buyers. Plus, it's a lot less time consuming. But if you are literally trying to start out with as little money out of pocket as possible, mailing could be cheaper. If you choose to go with the bandit signs, I use Dirt Cheap Signs. You get like 25 signs and stakes for about $65 plus shipping.

@Kendall Morgan The typical bandit signs you've probably seen work very well. Just make sure they are hand written on both sides with the biggest black Sharpie you can find. And they don't have to be perfect either. A lot of times the less professional they look, the better they work. Corrugated yellow signs 18"X24" with H-stakes, and you're good to go. I get mine from Dirt Cheap Signs out of Texas. Best prices I've found anywhere. Just got a new batch the other day from them.

I also don't like the yellow letters/post cards either, but it does work. The downside is it takes time and a lot of money for it to produce results. Once you get going and start making some money, it's a good way to find even more motivated sellers, but you should get a lot of calls just from the signs.

@Rick Pozos The book is just a primer. Obviously the goal is to get you to think like a banker and get you to understand arbitrage in lending is how you make good money. He doesn't go into a ton of detail, and I'm pretty sure the bulk of the info is in the course. I was on a webinar when the course first came out(before the book sold by itself), and he gave some good examples about leveraging and arbitrage which I'm sure were from the course. Those are not really things he goes into in depth in the book. It's more of the RDPD approach with stories and conversations with the Dr. More info and less fluff would have been nice to have in the book. No one wants a long drawn out story with some knowledge in their they have to scrape through to find. Just give us the meat and potatoes so we can get going.

@John Thedford Clearly you're not selling properties because you spend all your time on BP talking trash about me. Why? You aren't even a wholesaler. and yet you comment on wholesaling posts non-stop. No one cares what you have to say. Probabably because they want to hear from people who are actually doing wholesaling, not from an agent who has nothing good to say about any wholesaler ever.

And as for @Matt Boyle, when someone first starts out in wholesaling, they don't have cash buyers or a stack of properties, or a huge budget to get going. They have to "fake it till they make it" basically. No one is getting hurt with a ghost ad. I haven't gotten a lot of calls from cash buyers from ghost ads. It's all part of the game.

@Benjamin Barredo As far as the awkward phone call, don't worry about it. You gotta crawl before you can walk. The more times you do it, the better you'll get. As far as the stuffing letters in mail boxes, I would not do that. Opening someone elses mail box is a federal offense. In my opinion as I stated before, skip the mailings for now, and go with the bandit signs. You will get plenty of motivated sellers calling you from those bandit signs. If you're ever short on inventory of properties, call other wholesalers in your area. See what they have and how much they want. If you have cash buyers and can make a deal work, then you just saved yourself the hassle of looking for sellers. Or you can try to do a JV deal with them and split 50/50 if they need a cash buyer and you have one.

@Brian Rudderow The easiest way to figure out how much to pay and sell for is as follows:

MAX ALLOWABLE OFFER

ARV-30%-Repair costs-Your Profit= MAO

I usually offer 15% less than my MAO to leave some room to counter if needed.

SELL PRICE

ARV-30%-Repair costs= SELL PRICE TO CASH BUYER

Make sure your comps are accurate and current, and make sure your repair costs are accurate.

@Leonard Smith It depends on what marketing you will be doing. If you're buying lists and mailing yellow post cards, that can get pretty expensive. Here is what I recommend to save yourself a ton of money.

Buy 25 blank yellow bandit signs and 30" H-stakes. You can use Dirt cheap Signs out of Texas. 25 of them with stakes are $65+shipping. Hand write them with a big Sharpie something similar to the "WE BUY HOUSES" signs you've probably seen before. Put them out at major intersections in your area. Your phone will start ringing.......a LOT.

You could also do the same thing to find cash buyers, just with different writing on the signs geared towards cash buyers. You can put up a ghost ad on Craigslist to get cash buyers. Grab pics of a house for sale on Zillow or wherever from a different state than yours. Post it for sale on CL at a steal of a price. When cash buyers call, tell them it's been sold, but you always get new deals on a regular basis, and you can add them to your cash buyer's list. Find out what their buying criteria is, and start a cash buyers list and put them on it.

You can also have an agent pull up properties recently(3-6 months) sold and paid for with all cash. Then get the cash buyer's contact info, sign up at been verified or somewhere, and plug in the info you got on them and it will give you a phone number and email address. Call them up when you have a deal under contract, or call them up before you have one and find out what they like to buy and where, add them to your list. Hope this helps.

@Bradley Bladon You will always have to put earnest money down on an REO. In my area, it's $500 earnest if the property is under $50K, and $1,000 if the property is under $100K. They will most likely ask for a POF letter as well. I would use transactional funding(aka double close), and you get the POF letter from your transactional funding company.