New week and 1st month for me. Excited and searching on how and where to start. I am attending the Montgomery County (Conroe TX) RE auction tomorrow so as to experience, learn and hopefully network. Meeting my Realtor and Financial contact this week. Will be digging deeper into the County Foreclosure website. Looking forward to the recommendations / suggestions/ feedback / leads 馃槉.
Investor 路 Houston, TX 路 Member since 2017 路 1k+ posts 路 871 votes
6y
Yeah, we'll talk more about this in person. This does harm sellers.
What you describe works in theory, but a lot of things have to go right and these people are new.
Investor 路 Cypress, TX 路 Member since 2015 路 143 posts 路 144 votes
6y
What are your plans for getting a deal? Looks like you have meetings setup and going to the auction, but none of that will get you a deal. How is that helping you? Not bashing you, I'm trying to understand. This seems to be a big problem for many beginners - they want to try and meet everyone, "build a team", network, etc. 100% focus should be on HOW TO GET A DEAL. Once you get a deal, everything else will fall in place. But all the meetings and learning experiences aren't going to put $$$ in your pocket.
So you've went to the auction, met some great people who buy houses. Met with you realtor and financial contact (not sure what this even is if you're going to be wholesaling). You dug deep into foreclosure website. NOW WHAT? What did you get from the auction that will help you get deal tomorrow? What is a realtor going to do for you (Granted, some can bring deals, but those are few and far between). What do you need a financial contact for if you're wholesaling and how do you plan to utilize them? What did you have to dig into on the foreclosure website? It's a list of foreclosures, you knew that. Just reviewing all these questions I don't see anything at all that will get you a deal. What I can see, is a whole week wasted with zero effort put towards securing a deal you can sell.
Refocus, do some mailers, put up bandit signs, knock on doors, find some property locators, D4D, etc. All these would be examples of things you could do this week that WOULD get you closer to securing a deal.
Investor 路 Houston, TX 路 Member since 2017 路 1k+ posts 路 871 votes
6y
I am going to offer a slightly different opinion, on one point. I'm not going to put offers on houses, if I don't have the capital or don't have access to it. So definately get that part sorted out.
People will tell wholesalers to 'just get it under contract' and IF it is a deal, you'll move it quick to a cash buyer - like that is a given. Well, that completely ignores the fact that you are potentially harming sellers when you put a house under contract and nobody wants it. And this happens. That is YOUR NAME on that TREC contract, and either you care about that or you don't.
Get the money part figured out, and then go make offers with confidence.
Investor 路 Cypress, TX 路 Member since 2015 路 143 posts 路 144 votes
6y
@Mark Sewell I disagree to a point. If the goal is wholesaling, you don't need financing. I know plenty of wholesalers who can't qualify for a loan due to credit or reserves. To your point about if nobody wants it, I'm quite sure the wholesaler will figure it out and not close on it themselves in that case knowing it's not a deal. Nor would a lender lend on it if it's not a deal (without a large down payment). So having financing worked out is a moot point. I think the more important part is knowing your numbers such as ARV's and a general ballpark rehab number. Like you said, if it's a deal, finding a buyer is a piece of cake. A post on FB will get a buyer asap if the numbers are legit.
Investor 路 Houston, TX 路 Member since 2017 路 1k+ posts 路 871 votes
6y
Yeah, we'll talk more about this in person. This does harm sellers.
What you describe works in theory, but a lot of things have to go right and these people are new.