From An Email From Me To a Seller Contacted Friday: Buying Assets

[Marvin S.]

Basically this is what I want all wholesaling members of BP to know about my business, and investors as well.... 

So, this was sent over with all the debates etc., on wholesaling thruout the forums foremost in my mind. The property mentioned in the first sentence, we were ready to move on.... Its under $100K no issues down the line.

As far as the thin line between brokering without a license and wholesale/investing goes, I have no fear. If the numbers make sense, a done deal means all things are covered with investors. I don't deal with retail buyers or sellers, nor individual owner financiers, RTO, lease options etc. At the end of the day, I have to deliever and so I expect the same from any party, hands down. Its expected of me however a deal is structured.

Email to seller:

We spoke about the above property Friday sent my way. I think you have it at $xx,xxx which is agreeable.  As discussed, you have'nt received the deed yet. When you do please notify me. Will still be interested once you have the deed.

During our talk you mentioned that you had 500 or so properties which is good news to me. Why? Well, unlike many I have a buyers list that I am absolutely direct to looking for off market SFR either individual properties or stabilzed portfolios. I also have a few that are interested in multi-families 50 or more units, either value add or stabilized. Further, because I am absolutely direct to end buyers, rarely does an asset in front of me get blasted all over the internet. Its simple for me, if my personal network is not interested, its probabaly time lost looking elsewhere. I can wholesale or invest in all that is of interest. And yes I will close if the numbers make sense. I wholesale and invest.

You suggested that I email you the markets. They appear below.

If a state is listed without any specific cities, it indicates all the major markets in that state are of interest. Otherwise I will identify specific cities and the interests includes the surrounding markets, technically, the Metropolitan Statistic Area (MSA)

The basic criteria is as follows:

3/ 1.5 or better;

1000 sf, preferably 1100 sf or better;

1960 builds or better;

low crime areas ( I use crime mapping to determine which buyer may be interested);

$850 median rent areas or better

min to med rehab, buyer do their own rehab, and generally will go to contract when the PP and rehab estimate meets all in purchase price;

free and clear title, but can go to contract if any issues exist that can be worked out, may delay the closing period beyond the 30 days preferred to close;

PP-$40K-$200K, varies by market, buyers, exit strategy, etc.

Primarilly I source to buy n hold investors, but also have a few fix n flip investors on board whose basic criteria is diffferent, so I could easily say I'd like to see all that you have available for disposition.

Markets:

GA- Atlanta, Augusta, Aiken

South Carolina

North Carolina- Triangle and Triad and 45 miles out of the major city

Ohio- Columbus, Dayton, Cincinnati

Missouri- Kansas City, Saint Louis (KC KC too)

Indiana- Indianapolis

Alabama- Birmingham, Huntsville

Texas- Dallas, Fort Worth,(DFW MSA), Houston, San Antonio

Florida

Arizona- Phoenix, Tuscon

Nevada

California- Bay Area, LA, San Diego, Sacramento, San Berndino, San Joaquin Valley

Tennessee- Nashville, Memphis

Minnesota- Minneapolis

Oklahoma- Oklahoma City

Washington- Seattle

Colorado- Denver

New York- Rochester

Utah

Oregon

Conneticut

New Jersey

Illinois- Chicago

Phildelphia

Manhattan

Boston

Washinton DC

Northern Virgina

New York City

Some of these may appear repeats, but I went thru my entire investors list. Interest varies in several cross market interests. Probably will bring 3-4 on board in June

There ya go. Didn't realize how busy I've been till now.

Looking forward to hearing from you.