​How Might We Approach a Mentorship with this Wholesaler?

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​How Might We Approach a Mentorship with this Wholesaler?

Greg Mayer
New to Real Estate · Lakeland, FL · Member since 2017 · 14 posts · 3 votes

My wife and I are new to real estate investing. She lives in central Florida, I live in Atlanta. We have the same goals, like: use RE investing to fund our retirement and help us one day live together. We're getting ready to purchase a small multifamily in the next few months to house-hack, in Atlanta or Florida, probably Atlanta. 

Neither of us have had a mentor.

My wife met an experienced wholesaler at a local REIA in FL a few months ago. We know very little about wholesaling, beyond what we've heard on the BP podcasts.

My wife drove by a vacant, boarded up house today in central FL that had a big illegal drug activity abatement notice. She forwarded the details to her wholesaler friend, who replied with 1) an offer to help us go through the process of purchasing the house, or if we weren't interested in that, 2) to please send her the address.

My wife and I aren't ready to dive into wholesaling in central FL without some more RE experience, but maybe one day we will be, and it sounds like her friend from the FL REIA is interested in working with her.

So if my wife were to explore the possibility of working with this wholesaler to learn about that process, and to see if there were ways we could learn from her, what sort of things might a wholesaler need help with? 

What general advice might you offer to get that sort of mentoring process off the ground? 

What sort of things do you think we should consider? 

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Walter Roby jr
Rental Property Investor · Encino, CA · Member since 2016 · 324 posts · 178 votes
8y

Glad your taking action. If you haven't given the address yet I would try and get in touch with the seller ASAP and ask if they would consider an offer or see what their plans are with the property. Tell them you are looking to buy ASAP ALL CASH (all loans are all cash). If they say yes ask more details about the property, condition, history, how it became like that, get to know the seller, their pains, why they cant upkeep the property, what happens if they dont sell etc etc.

If they would consider an offer NEVER give your number first ( I currently struggle with this). Ask 5 times 5 different ways to get it out of them to see if you both are close and not wasting any of their time. If its around 70% ARV, schedule an appointment ask where to send the offer/meet. In the mean time have your partner (wife) call every investor who they would recommend for an attorney and have them pump out a contract for you.

But of course you could continue to add value to the Wholesaler by bringing them deals and watching it work in action.

Good Luck

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  • Walter Roby jr
    Rental Property Investor · Encino, CA · Member since 2016 · 324 posts · 178 votes
    8y

    Glad your taking action. If you haven't given the address yet I would try and get in touch with the seller ASAP and ask if they would consider an offer or see what their plans are with the property. Tell them you are looking to buy ASAP ALL CASH (all loans are all cash). If they say yes ask more details about the property, condition, history, how it became like that, get to know the seller, their pains, why they cant upkeep the property, what happens if they dont sell etc etc.

    If they would consider an offer NEVER give your number first ( I currently struggle with this). Ask 5 times 5 different ways to get it out of them to see if you both are close and not wasting any of their time. If its around 70% ARV, schedule an appointment ask where to send the offer/meet. In the mean time have your partner (wife) call every investor who they would recommend for an attorney and have them pump out a contract for you.

    But of course you could continue to add value to the Wholesaler by bringing them deals and watching it work in action.

    Good Luck

    1Reply
  • John Kent
    Real Estate Agent · Orlando, FL · Member since 2008 · 551 posts · 159 votes
    8y

    @Greg Mayer first think you should do is contact the owner of the property and find out if they are interested in selling. Then make sure you find out about the notice. If the property was used to make meth remediation can be costly and complicated.

    If the owner is willing to deal, you can then ask the investor if they would like to JV the deal with you for a split of the profits so you can learn. I would also consider buying an e-book or dead tree book on wholesaling which would make learning a lot faster and more indepth than online videos.

    1Reply
  • Greg Mayer
    OP
    New to Real Estate · Lakeland, FL · Member since 2017 · 14 posts · 3 votes
    8y

    Thank you @John Kent and @Walter Roby jr for the excellent advice! 

    0Reply
  • Cody Evans
    Wholesaler · Fairfield, CA · Member since 2017 · 472 posts · 145 votes
    8y

    Don't let the wholesaling thing get you all worried. No deals closed yet but the process isn't that intimidating, it's just difficult to find deals(at least for me). I find that my biggest issue now is estimating repair costs. You are going to need to talk to many sellers to get a deal so I wouldn't put this one property on a pedestal. Try and find the property owners info in the county public records. If the property owner lives nearby you and  you want to get real tactical try putting a sign near their street saying you "buy houses as is all cash fast". You can also skip trace their number and alert them to the tenants causing the place to go to hell.

    No deals closed yet so take it with a grain of salt; just my $.02 after doing this for about 2 months.

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