All Forum Posts by: Walter Roby jr

Why not try taking a stab at making offers yourself?

Get with a local attorney that can write up the contracts once you find some real interest or success. Some general tips in the thread below.

https://www.biggerpockets.com/forums/93/topics/522...

Read the book Sell or Be Sold. Grant puts in what a good day looks like for a Salesman who would crush it. The same could apply to wholesaling.

Basically I have a VA that scrubs lists daily from 5am to 11am because I work a 9-5. On lunch I return calls from my mailers. When I get home I call the new lists from the VA and schedule direct mail to go out weekly. Repeat.

Has anyone had success getting in touch with a homeowner who has moved into a retirement home? Called the front desk and they said they do not give out information of how to get a hold of tenants unless you are a family member.

@Nick Rudolph What loan is that?

I would get a 4-plex. There are current ones on the market that would barely cashflow in C neighborhoods if you're ok with that with 3 of 4 units occupied at full market rents.

$10k Minimum to cover your marketing, fees, overhead, etc. If you are only looking at a fee of $3k and there is a dispute with who pays closing costs or additional holdings costs because one person can't close in time, there will be a very heated discussion when your fee is cut 30%+. (Currently dealing with this)

If your fee of $10k wipes out the profit then maybe its not a deal for that buyer anyways.

@Sean OToole Thanks for making such an awesome tool! Just upgraded to the Premium version and I almost don't even need a CRM anymore.

It costs nothing to open up and all their fees are paid out at the end. I once went with a buyer's closing recommendation. Won't do that again because they did not know what the heck an assignment was and I had to chase down my fee.

From what I have seen it is really hard in our markets to find a 70% ARV deal. If network at all the REIAs and get to know buyers and their formulas, that would be the best way to find out what to pay. For example I went to a REIA in Los Angeles and came across some investors looking to purchase a sub $500k property and rehab it to $630k ARV for only a $40k profit. Their approach is to leverage every aspect and make $40k with 0% of their own money.

In that scenario I think it was 85% ARV less repairs 30k.

It is best to open up escrow so they can get started with their work as early as possible. Although I have waited to find a buyer before.

I second everything @Ryan Dossey said. Congrats on getting it under contract for $10 if it truly is 65% ARV less repairs.

1. (Depending on State) Find Escrow/Title Company that handles Assignments and/or Double Closings.

2. Give them new $10 EMD so it is valid in their eyes. Forfeit the original $10 to the seller.

3. Market Contract to investors on BP, REIAs, local Landlords on GoSection8 or For Rent websites.

4. Schedule Inspection with interested parties.

5. Collect Non-Refundable EMD from winning investor along with Assignment contract or new Purchase Agreement with you as seller.

6. Submit new contracts to escrow.

7. Close.