Specialist · Honolulu, HI · Member since 2014 · 1k+ posts · 1k+ votes
Hello all, I have been pondering something regarding wholesaling in HI. Has anyone on here done a wholesale deal on a SFH/condo in Hawaii ( Oahu preferrably ) in the last 12 months? Would love to hear your thoughts and details on it. Given the large exposure BP now has, this will influence whether I would continue to pursue wholesaling in this market or look to use my time/efforts elsewhere.
Rehabber · San Diego, CA · Member since 2010 · 500 posts · 208 votes
11y
Basic direct mail guidelines are to hit a list 3 to 5 times, about 3-4 weeks between each touch. If by then you still don't have any bites, then by all means retire it (although still mail about 6 months later) and start a new list.
For stuffing, do it once so you realize how miserable it is, then hire a local college student to do it for a cheap rate. You can get your supplies at Fisher on Cooke St. Think like a businessman -- yes, you may save some money doing it yourself, but that's time you could spend driving for dollars, online marketing, door knocking, networking with others, etc.
I highly suggest reading "The E-Myth Revisited" by Michael Gerber. Be the entrepreneur or at least the manager -- NOT the technician.
@Michael Borger I’m trying to understand. Give me and example please. I’m putting an offer in on a house I’m planning to wholesale. House is on market. Everything is going smooth but agent said I gotta put emd within 72 hours but I was trying to get it down after the j1 period.
Rehabber · San Diego, CA · Member since 2010 · 500 posts · 208 votes
6y
@Sione Vave Firstly, trying to wholesale a listed house is difficult. You have to get it a discount low enough to still leave you room for a profit when selling to a buyer.....who has just as much access to the property as you do since it's on the public MLS. So you either need to be a master negotiator or very quick to lock it up. For example, if an investor would interested at 450k and you want to make 10k assigning it, then you need to get it in contract for 440k. The problem is that the buyer can just offer 450k without your assistance since it's open to the public. If the seller is looking at offers of 440k and 450k, of course they'll take the latter, all things being equal. Looking for off-market properties is definitely the way to go when wholesaling so you're the only person the seller is speaking with.
It's also usually a problem for agents who don't like to work with anyone but the intended buyer. Some agents might be ok with it, but they have resources invested in each listing and don't want to see it get tied up only to be conditional on your flipping the contract to someone else. That wastes their resources as well as their buyer's time.
Regarding the EMD, yes you generally need to put it in escrow first. Sometimes another deposit will be required or requested after the inspection period, but that would be an additional one to the first EMD you put dow.