All Forum Posts by: William Plymouth

Hello everyone.  I've been acting as a wholesaler in Philly, but in about 6 months i am relocating to tulsa OK.  I want to be able to maintain my business in both markets.  With that being said, where should I be looking?  I've been considering operating in tulsa, broken arrow, and OKC.  Am i missing a market?  Are these areas profitable?

Hey all.  I'm looking to find large portfolios (20+ units) and apartment complexes for an investor I'm working with.  Any ideas how I could market directly to people who hold this kind of volume?  I'm used to focusing on smaller portfolios.

Hey all.  I'm working with an investor who is interested in large MF properties or large portfolios of SF properties (15+).  Any ideas on how to find or directly market to investors who hold these kinds of portfolios?  They have to be off market.

@Will Clark keep in mind, finding these buyers will be tough, but that's why you are finding them first.  You also really have to show your value to earn that equity percentage.  I'd also find a few solid contractors that you can recommend in the event that your buyers don't have any on hand.  You can also skip out on the auto dialer to save money, but it definitely does help make a lot of calls at once.  

@Will Clark These other answers are definitely correct, but I have an alternative.  First, find a way to meet hard money lenders, investors, and cash buyers in your area.  Second, Sit down with the investors and cash buyers to see exactly what criteria they look for in a deal.  Make a finders fee or an equity deal with those investors.  For equity, I shoot for 5-10% depending on price.  Give them the option to refi you out after 6 months so you can collect cash.  Third, use that $500 to FIND THOSE DEALS.  A subscription to white pages (about $20/month), an auto dialer (mojo is about $90/month), and enough stamps to send 100 letters to areas that fit your investors' criteria.  I'd send the letters monthly to different areas.  A singular hand written letter that you can photocopy should do the trick.  Fourth, use white pages to find the phone numbers of all the letters you mailed out.  Be aware, some numbers will be inaccurate.  Create a spreadsheet and upload them into the autodialer.  Fifth, call the houses that you mailed to as a follow up.  Rinse and repeat until you find a deal.  Once you find a deal that matches an investors' criteria, call them and tell them about it.  Partner up for that equity or finder's fee deal then do it all over again! 

@Colton Hahn Thank you!  I can't change what happened so I just have to learn and move forward.  

Sometimes you are going to put in MULTIPLE offers before you see anything come to fruition.  In this currently inflated market, that is the norm.  Keep at it.  I'd start a mailing campaign as well.  Send 100 handwritten letters out to an area, then follow up with them about a week after.  Here's a tip: handwrite 1 letter, then photo copy it.  It has the same effect.  The pros of a mailing campaign are that you can hit a large area in a very short amount of time.  This is a numbers game.  

I second the previous comments as well.  Don't rush.  Not every deal will be the right deal for you.  I'd build a network of investors that you can refer those deals out to in exchange for a finders fee or a small portion of equity.  Just because its a bad deal for you, doesn't mean it's bad for someone else!

@Jerica S Buchanan First, analyze the property.  Find out its potential worth after rehab, how much a full gut rehab would cost in your area, and what the flip/rental prices would be.  This is how to tell if its even worth dealing with.  Secondly, I would use public records to find the owner.  You can use a site called white pages to find his phone number.  Be warned, sometimes the numbers are duds.  If they have their actual mailing address on public records, then you could also write them a letter.  Learn about their intentions for the property.  Third, if you decide this property is worth it, find someone who is more experienced to bring the deal to.  Negotiate yourself some equity in the deal as compensation.  Shoot for 5-10% equity.  Worst case scenario is they won't sell, and you're stuck next to that property.  The silver lining is you learned how to find and analyze a deal.  You can use that knowledge to bring value to other investors in exchange for equity in the deal.  Good luck!     

Well, we can't answer if you are financially burdening yourself.  You need to look at your budget and see if this is something you can take on.  I noticed you said "as per your father".  Is your father a real estate professional?  I understand he may have lived in the area for the last few decades, but definitely verify his analysis with yours and a real estate pros (maybe a good realtor or another local investor).  Definitely bring a reliable contractor out to price out the rehab.  If it's as bad as you say, then definitely plan for overage.

Hello Philadelphia!  I'm looking to expand my network of real estate professionals.  I'm looking for contractors, hard money lenders, RE attorneys, title companies, wholesalers, and other investors!  Let's connect and make things happen.