All Forum Posts by: Walter Roby jr

Always have an attorney review your contracts

Glad your taking action. If you haven't given the address yet I would try and get in touch with the seller ASAP and ask if they would consider an offer or see what their plans are with the property. Tell them you are looking to buy ASAP ALL CASH (all loans are all cash). If they say yes ask more details about the property, condition, history, how it became like that, get to know the seller, their pains, why they cant upkeep the property, what happens if they dont sell etc etc.

If they would consider an offer NEVER give your number first ( I currently struggle with this). Ask 5 times 5 different ways to get it out of them to see if you both are close and not wasting any of their time. If its around 70% ARV, schedule an appointment ask where to send the offer/meet. In the mean time have your partner (wife) call every investor who they would recommend for an attorney and have them pump out a contract for you.

But of course you could continue to add value to the Wholesaler by bringing them deals and watching it work in action.

Good Luck

I would do a rough estimate and get the deal under contract contingent upon inspection. At that time, then you bring in your contractor/inspector/buyer and let them give a better estimate. If you need to revise your offer just be up front and honest and let the sellers know as soon as possible so they can make adjustments or decisions for themselves. Don't assume they will be mad.

If your revised price does not work out for them then both parties know it before getting further invested in money and time.

Good luck

Welcome to BP. Getting started in Southern California is not easy/cheap but is worth it when you get the first deal. There are 10k deals to be made in your area as well you just have to find the truly motivated sellers (as with wholesale deals). Get on the phone with at least 20 new people a day and ask if they would consider an offer now or in the future. Plant the seeds, take action, read books, network, and start the snowball.

Welcome to BP. We have a meet up every 3rd Thursday of the month in Norhtridge. 

@CJ Berina

I like the LeadPropeller and OnCarrot websites a lot. They kept me from getting lost for hours creating every little detail and stick to the plan of wholesaling.

Also you could put the property under contract to purchase as principle, write a joint-venture agreement with wholesaler that discloses the split (reviewed by an attorney), then assign your interest in the contract to the buyer for the assignment fee.

I agree 100% with what everyone said above. I would add to consider finding mentors or others who are crushing it in your market to really scale up your business as fast as possible.

Pick one marketing strategy and go crush it. Also, I would learn how to skip trace all the leads that don't call you.

The cheapest form of mail I think are postcards EDD (Every Door Direct Mail) at $.17/each supplied by USPS. But you have to target entire zip codes.

When i work with agents who have buyers, I tell them to total price to them (my fee included) and add their fee on top (doesn't have to be % based) and just have your buyer agree to pay you for bringing the deal together. Just make sure whatever fee agreements you use clear with your broker and attorneys.