All Forum Posts by: Jose Flores

Hey  @Tre Coleman if you can see it you can achieve it and it sounds like you are on your way. Congratulations. Now for some advice. In his book Financial IQ Robert Kiyosaki said "When people ask me if real estate is a good investment, I tell them I don't know, are you a good investor?" He is highlighting the importance of developing your real estate IQ. My advice is to learn has much as possible about the 5 skills needed to be a pro at real estate investing. They are marketing; estimating repairs; contracting; appraisals; and negotiating. Then, spend 80% of your time marketing.

Hope this helps. Good luck. 

Hey @Jakob Savage it’s all a numbers game.  Understanding that should help you from becoming discouraged.  You are on the right track.  I own 25 houses and 90% of them came from driving for dollars and skip tracing them.  Continue marketing, then market some more, then spend more time marketing. Until it hurts.  Also, get yourself a score card to measure your market efforts and set goal.  For example on my score card I set a goal for the week to find 25 houses driving for dollars. Over time your score card will tell you how many houses turns up one motivated seller.  After that it’s a numbers game.  Last, set up a CRM system to track your leads and follow up with them.   Hope this helps. Good luck!

Hey @Dave S. here are a couple of different ways I have used Facebook and Craigslist.  I would video a walk through of the house showing the 20 major components of a rehab and place that video link on Craigslist. Second, I would call other wholesalers on Craigslist or We Buy Houses signs and tell them that you would pay them $500 if they bring you a cash buyer. Many time they would love to put it out to their buyers list. Last, idea is to call for rent ads on Craigslist and ask those landlords if they are interested in buying more properties and that you have a smoking deal. Hope this helps. Good luck!

Hey @Toney Osborne Here are a few suggestions to get you thinking. First, learn the process which could be explained in these simple steps:

Step 1: Market to motivated sellers

Step 2: Sign purchase contract with the seller

Step 3: Find cash buyer

Step 4: Sign contract with cash buyer for a higher price and collect 2k deposit

Step5: Close Transaction via Assignment or Double Closing and Collect your check

Second, learn has much as possible about the 5 skills needed to be a Pro at wholesaling. They are marketing; estimating repairs; contracting; appraisals; and negotiating.

Last, spend 80% of your time marketing.

Hope this helps. Good luck. 

Hey @Alexander Forrester Auctions are by far my favorite way of finding high quality cash buyers. There are two types of auctions that you want to attend. First, are on-site house auctions. Heres how is works. Sellers often hire a auction company, which advertises the property for sale and typically hosts maybe one open house to show off the home. Then the property goes up for sale on auction day. On auction day investors gather at the house, walk through it one more time and then the house is auctioned off to the highest bidder. Now the terms at these auctions are usually $5,000 Deposit in Cash or Certified Funds due the day of auction; balance to 10% due within 5 business days, and Close in 30 days. Everything sold “As Is, Where Is.” No warranty or guarantee is expressed or implied. All sales are final. The reason I want to go over these terms with you is because they give us insight into who the buyers are. One thing we know is that they are cash buyers because that need to have a 5k deposit, the balance or 10% within 5 business days and be able to close within 30 days. In addition to them having money they purchase property “AS IS”. This means that they have the resources and means to complete the repairs and they are experienced enough to determine rehab cost without hundreds other people being involved. The less people you need to take to your wholesale deals the better. This is your ideal buyer. The second type of auctions I want you to attend are building material auctions. These auctions sell everything you can think of related to houses. Doors, hardwood floors, titles, tools, windows, appliances, kitchen cabinets, counter tops, and much more. These auctions are filled with landlords and rehabbers. They are there purchasing materials at wholesale prices so why won’t they want to buy houses at wholesale prices. Hope this helps.

Hey @John Loscalzo there is a concept called virtual wholesaling but I haven’t done it.  If you are able to implement the skills needed to be a Pro at wholesaling virtually. You maybe able to make it work.   They are marketing; estimating repairs; contracting; appraisals; and negotiating.  Can you complete all of these skills virtually?  If so you may want to explore virtual wholesaling.  

Last, the best advice I can give you is to spend 80% of your time marketing for deals.  Good luck!!

Hey @Johnathon Sesi I started with Wholesaling and think it’s hard work.  Most people are attracted to wholesaling because it’s a business model that provides high rewards with low risk.  But wholesalers are some of the hardest working people in real estate investing.  

Given that here are a few skills you need to master.  Remember, you are a Marketer NOT a Real Estate Investor when you are a Wholesaler.   First, learn the process which could be explained in these simple steps:

Step 1: Market to motivated sellers

Step 2: Sign purchase contract with the seller

Step 3: Find cash buyer

Step 4: Sign contract with cash buyer for a higher price and collect 2k deposit

Step5: Close Transaction via Assignment or

Double Closing and Collect your check

Second, learn has much as possible about the 5 skills needed to be a Pro at wholesaling. They are marketing; estimating repairs; contracting; appraisals; and negotiating.

Last, spend 80% of your time marketing.

Hope this helps. Good luck. 

Hey @Nicholas Borda you have to market the property. I would video a walk through of the house showing the 20 major components of a rehab and place that video link on Craigslist. Second, I would call other wholesalers on Craigslist or We Buy Houses signs and tell them that you would pay them $500 if they bring you a cash buyer. Many times they would love to put it out to their buyers list. Last, is to call for rent ads on Craigslist and ask those landlords if they are interested in buying more properties and that you have a smoking deal. Hope this helps. Good luck!

Hey @Patrick Green First, the process could be explained in these simple steps:

Step 1: Market to motivated sellers

Step 2: Sign purchase contract with the seller

Step 3: Find cash buyer

Step 4: Sign contract with cash buyer for a higher price and collect 2k deposit

Step5: Close Transaction via Assignment or Double Closing and Collect your check

For a wholesaler the contract is an extreme important instrument to structure a wholesale deal. It is where you control the deposit you put up; communicates your “out clauses” to protect yourself (here is my out clauses “ This contract is subject to partner approval”) in the evident you can’t find an end buyer. It is where you communicate your need for access to the property. This is just to name a few. The point I want to drill home here is that it is all about control. My rule of thumb is that if I am making 5k or less on the deal I will use an assignment. If I am making over 5k I will use a simultaneous closing. Here are the benefits and drawbacks of each wholesale deal closing. If you are closing using an assignment the benefit is that there are no closing costs. The drawback is that the buyer knows exactly what you paid for the property and the seller know how much you are selling the property for. This may be a problem if the seller or buyer thinks you are making too much money on the deal. If you are closing using a simultaneous closing the benefit is the privacy that seller does not know what you are selling the house for and the buyer does not know what you bought the house for. The drawback of a simultaneous closing is that you will have to pay closing costs when you buy the house and closing costs when you sell the property. Hope this helps. 

Hey @Stephanie Banno Some people have gone further than they thought they could because someone else thought they could.  Mentoring is an incredibly important process for growth.  Here are a couple ideas on mentoring that may help you.  First I have friends who swear by mentors and that one person who you can learn from.  But for me I never felt that way. I like learning from a lot of different people without the expectation that one person is going to take me under their wing. But no matter what your perspective is there are many ways to get that support and guidance you seek. Here are a couple of ways:

1. You don't need to meet someone to be mentored by them. When I was getting started and still to this day I am mentored by people I have never meet. Through books, memberships, and podcasts I gotten peoples' best thoughts and ideas. The best part is that they are there for you to review and revisit as much as you want.

2. Don't look for one look for many. Don't put so much pressure on one relationship. If you're only getting advice from person you're missing out on different points of view.

3. Be specific not vague. Ask very specific questions here on bigger pockets or else where and you will shorten your learning curve.

4. Earn respect and trust through action. If there is someone out there that you really want to learn from you have to be a devoted fan. So buy their books, join their programs, engage in their community.

5. Work your butt off. Hustle, problem solve, be resourceful, and be consistent.  

Hope this helps.