Wholesaler · Crosby, TX · Member since 2013 · 10 posts · 1 vote
I am very passionate about real estate and have been interested in getting into the business for a good while . I live in the Houston,Tx area and was wondering if there is anybody that could give me any advice about wholesaling in my area. Thanks, Mike.
Thanks Ben. I will let you know when I come across something. As of right now I'm looking for a home to put me and my family in around the Crosby area. After I secure a house for us then I plan on getting into real estate investing full swing. I want to educate myself before I make a deal so any advice I can get on BP would be much appreciated.
Hey Ricky Ostrom, thanks for the quick reply. Yes, if I were to use the site to find properties, I would certainly want to have a premium account. To answer your question, being in Belize does not limit my ability to purchase property in the U.S. Checking your site out now.
Still would love to hear from others if they have had any experience with www.myhousedeals.com.
I'm not a wholesaler, I'm a rehabber. We need somemore honest wholesalers on the site that is for sure. Seems alot of them inflate ARV and low ball repairs. I'm not saying they aren't still deals but it would help if I could trust numbers every once in a while.
Ben Hughes So true about wholesaler ARV's and it shouldn't be that way. You know the square footage comps and assuming that the rehab buyer is going to put at least mid-range quality materials into the house, it's going to be one of the better homes in the neighborhood.
Calculating repairs is the hardest part for a wholesaler. Each rehabber has different ideas about the project, labor and material costs.
One house I contracted had 5 buyers fighting over it. It was a total rehab job and I didn't see much of a spread. My ARV must have been low! From signing the seller to finding and signing a buyer was only a day.
@Ben Hughes, I agree with the honest wholesalers. I have run across some deals that looked to good to be true. That's why I'm trying to get as much education as possible on wholesaling before I do my first deal. I don't want to end up a bad wholesaler cause I can't calculate the right ARV or repair cost. Im a full time electrician and study real estate investing everyday I get off work. It would be easier if I had a mentor to help me get through my first deal. But I will do it on my own eventually.
Mike Jaeger, there are a bunch of great ones on here to help you I'm sure. I think the ARV is the biggest thing for me. They use comparables they should be using, like homes sold a year ago or one that is 1,000 sqft bigger. Repairs most of the time I am forgiving since they aren't rehabbers themselves. Just get accurate on ARV and most will be happy with you.
Hey Mike Jaeger welcome to BiggerPockets! Great to have you here :) I'd recommend reading through these articles when you get some time:
1.) Check out our "[url=http://www.biggerpockets.com/starthere]Start Here[/url]" page 2.) Check out "[url=http://www.biggerpockets.com/real-estate-investing]The Ultimate Beginner's Guide to Real Estate Investing[/url]."
[url=http://www.biggerpockets.com/renewsblog/2013/02/13/find-buyer-wholesale/]9 Reasons You Couldn’t Find A Buyer For Your Wholesale Deal[/url] [url=http://www.biggerpockets.com/renewsblog/2013/01/26/wholesale-advice-fix-flipper/]Don’t Start Wholesaling Until You Read This: Wholesale Advice from a Fix and Flipper[/url] [url=http://www.biggerpockets.com/renewsblog/2013/01/25/how-to-start-wholesaling-getting-past-the-education-and-into-the-field/]How to Start Wholesaling: Getting Past The Education and Into the Field[/url]
(those last three are my favorite wholesaling posts on the site)
Finally - definitely add a photo to your account! You'll find people will engage in more conversation when you have a photo.
Welcome and don't be afraid to ask all the questions you want!
Those last 3 articles make crucial points that all who want to do any sort of wholesaling require. Takes notes!