Feedback on Las Vegas Wholesaling Strategy

[Justin Ignacio]

Hey Everyone,

I'm looking to get started with wholesaling and I've learned from previous businesses that getting input from more experienced folks saves time, frustration and $$$.

My goals are two-fold; 1. Find a deal for myself to owner occupy/live-in-flip, 2. Set up systems to generate cash flow from wholesaling to eventually transition to buy & hold investing.

Here's my plan so far:

Target Properties:

• - SFR
• - 3 or 4 br
• - 1200-3000 sq ft
• - built after 1990
• - $350k ARV or less
• - A-/B Neighborhoods (Northwest, West, Southwest, Henderson)

I realize that there are probably more deals in C/D class neighborhoods but with COVID-19, I anticipate an increase in opportunities to help distressed property owners in A-/B areas.  My hypothesis is that cash buyers/flippers will be more willing to take a risk on a deal in these areas than with a deal in a C/D area especially with the uncertainty of COVID.  Additionally I see more potential in the long term if I can figure out how to generate leads and establish deal flow in these areas rather than in C/D areas.

Speaking of leads, here's how I'm planning to generate them:

• - MLS - Already set up an automated email filter for the MLS with a RE agent
• - Craigs List - reach out to landlords posting on craigslist and see if they'd be interested in selling instead
• - STR Listings - reach out to STR owners and see if there's a deal to be made
• - Facebook/instagram marketing - I've seen good results with my other business using digital ads, I'm going to set up a fairly small budget and tinker around with ad copy to see if this is worth it.
  - Driving For Dollars/Handwritten direct mail - not scale-able but I've got time and hustle
  
• - Networking - if you're reading this, it's already working!

I'm also interested in learning about probate and tax sales.  If you're knowledgeable and have a way that I can bring you value, please reach out.  I'm willing to hustle to help you if I can also learn in the process.

All the gurus say to build the cash buyers list; my hypothesis is that if I can get a good deal, finding a buyer will be easier.  

I've got a lot to learn (negotiating skills, estimating repair costs, how to assign a contract, etc.) but for now I'm just looking for feedback on my plan at the big picture level.  I know there is a lot of uncertainty with COVID but I might as well start learning now.  

I welcome constructive input and local insights.  Thanks in advance.

[Justin Ignacio]

@Mark Freeman

Thanks for the insight! I've picked up a theme from all the podcasts/books I've read so far. It doesn't matter what your business model is (wholesaling, flip, buy and hold, BRRR etc.), EVERYTHING depends on getting or creating a deal. I'm working to figure out that problem set in a repeatable manner and I appreciate help/encouragement.