Specialist · Sarasota/Bradenton, FL · Member since 2018 · 14 posts · 9 votes
What’s up BP!
Recently, I came across a wholesale strategy called Astro Flipping, which seems to be a way to get multiple deals out of one property. This seems to be the new craze.
Have you done these kinds of deals before? What’s the process for successfully completing deals like these? And Is it worth it?
Developer · Charlottesville, VA · Member since 2018 · 4k+ posts · 4k+ votes
7y
Astro flipping is a sales gimmick they are using to sell coaching. Instead of just telling you straight out they hint around and fluff it up. Astro Flipping is simply selling multiple properties to 1 investor. That’s all it is. it’s not 1 property turning into several deals its a relationship with 1 investor that you do multiple deals with.
Roanoke Rapids, NC · Member since 2019 · 31 posts · 16 votes
6y
@Caleb Heimsoth
Hello Caleb, how are you. I have a question since u live in N.C , an so do I live in N.C. Actually I live like 2 hrs from your area. But where I live there are so many vacant house, homes, trailers etc. I mean a lot of them are vacant, since I been looking into wholesale real estate. I’m just starting getting my feet wet. I was wondering can u help me out with a couple of question if it’s ok with u. Like 3-4 questions. If not I understand an thank u for your time.
Real Estate Consultant · Bloomfield, NJ · Member since 2010 · 2k+ posts · 1k+ votes
6y
@Jonah Peralta
With the ultra distressed sellers that I deal with, I don't see it. I'd have to first run into a bunch of rehabbers who are actually good at dealing with distressed sellers for me to believe this. Once I find a rehabber or two who can patiently deal with a distressed seller effectively and not like he deals with his contractors, then I'll believe that wholesaling will become extinct.
I think who will be extinct are those wholesalers who rely strictly on technology to try and get deals.
Investor · Fort Myers, FL · Member since 2017 · 40 posts · 65 votes
6y
@Eric Jones
I just talked to one of the team members and the term Astro flipping is more of a brand name for their coaching program but the company is KeyGlee. They’re disposition specialists and help tons of wholesalers in their markets get their deals sold. The coaching program will allow you to duplicate their process while they hold your hand. I’m on the fence about it but Jamil one of the owners of KeyGlee does some big deals with big names in the wholesale world so I might make the jump. If I do I’ll keep you guys updated.
With the ultra distressed sellers that I deal with, I don't see it. I'd have to first run into a bunch of rehabbers who are actually good at dealing with distressed sellers for me to believe this. Once I find a rehabber or two who can patiently deal with a distressed seller effectively and not like he deals with his contractors, then I'll believe that wholesaling will become extinct.
I think who will be extinct are those wholesalers who rely strictly on technology to try and get deals.
sounds squirrelly to me... The more complex and complicated you make something, the more moving parts you put into it, the better the likelyhood that something isn't going to work the way it should making the whole thing a mess.
Real Estate Broker · Yorba Linda, CA · Member since 2017 · 154 posts · 114 votes
6y
Exactly what @Greg Dickerson said. Astroflipping is a "BRAND" for their coaching business around wholesaling. I can't speak to their program because I don't purchase "GURU" programs that constantly UPSALE you into the "next" stage of their program, purchasing their back-end platform, etc.. I wouldn't get sucked into the HYPE of the name...it's just a BRAND name...In my opinion.
Investor · Corpus Christi, TX · Member since 2012 · 2k+ posts · 1k+ votes
6y
Old concept wrapped up in a new clothes and given a new title in order to be branded as "new". It can then be sold as a new strategy by gurus. Look at the basics...there ain't nothing new about it...just rebranding the old.
Investor · Dallas/Ft Worth · Member since 2018 · 51 posts · 13 votes
6y
My wife and I just had a call yesterday with someone from KeyGlee Investments. We were not totally convinced on the program. It sounds to us more like a coaching program packaged around other stuff. If any one is using the program and is having success, we're open to hearing more. Thanks for all the feed back.
I am considering getting into wholesale. I saw the Webinar from Josiah. Then I called the number. They told me about the whole program and then they said $7800. Im like WHAT?! Told them i didnt have it.
Rental Property Investor · oakville, ontario · Member since 2019 · 25 posts · 21 votes
6y
To Me, Astro is just a new term on existing processes or strategies. All the gurus making up new buzz words to sell their coaching, courses and such. Like the new term house hacking, which is simply owner occupied.
Has anyone actually joined the program and have any feedback on it's value? Obviously it's a coaching program that leans heavily on the strategy they have developed their business around & teaching others best practices - just like any real estate investing program, minus the actual education on the entire scope of real estate. I'm curious to know if anyone has actually tested the program and what value they have derived from their experience.
Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
6y
@Erin Lachance to be honest with you, I have become disillusioned with Josiah and KeyGlee Homes or KeyGlee Investments. Josiah and his partners have a big wholesaling presence in Arizona and I have bought several properties from them in the past. In fact, I had Josiah come out and speak to my investor meetup group and he did a great job explaining their wholesaling model. However, since they got bigger, they have really lost touch with some of their investor base and have stopped treating their investors as they used to.
Here are a couple of recent examples: 1) they sent out a deal in Mesa, AZ and I looked at it and called and talked with them about it and then I drove by the property to look at it closer. I told them that I wanted it, I signed the purchase agreement and I deposited the earnest money with the title company. I then called them and asked if we could close it with my title company who is able to close in such a way where she includes rehab costs into the closing and it helps me be able to get a cash out refi quicker. Kevin at KeyGlee told me “no” that they weren’t going to change the title company or close it how I wanted to. I said that I didn’t know if I’d be able to do the deal the way they had it set up and that I needed a coupe of days to think about it. I tried talking to Josiah but I never got him to return my calls or texts. Then when I called to verify the closing date, because I was going to go ahead and close on it anyway, they had sold it to someone else. So I had the purchase agreement signed and I had my earnest money deposited and they sold it to a different investor without following up or talking with me about it.
Example 2) I had a problem property in Phoenix that I decided that I wanted to sell. They had just sent out a property on their email list 3 doors down from the one I decided that I wanted to sell. I called and talked with Kevin to ask him who the investor was who bought the other property to see if they would be interested in buying my property which was right by the property they wholesaled. Kevin said that they don’t give out their investor list and that was it. I told him I did’t want their list I just wanted to speak with the investor who bought that specific property to see if he wanted to buy mine as well. He said he wasn’t going to tell me and then offered to wholesale the property for me if I wanted him to. I reached out to Josiah to find out what was going on with the people in his company now and he never returned my calls or my texts.
So whereas Josiah Grimes and KeyGlee used to be a one of the wholesaler groups I liked working with in Arizona, now I don’t really care to work with them anymore.
With the ultra distressed sellers that I deal with, I don't see it. I'd have to first run into a bunch of rehabbers who are actually good at dealing with distressed sellers for me to believe this. Once I find a rehabber or two who can patiently deal with a distressed seller effectively and not like he deals with his contractors, then I'll believe that wholesaling will become extinct.
I think who will be extinct are those wholesalers who rely strictly on technology to try and get deals.
Yeah. The cash buyers I know all tell me they'd rather buy from small wholesalers than the bigger companies because they know the "wholesale" companies have taken a huge slice of the pie and the prices they are selling at don't give them much wiggle room for rehab. When I do my comps on the properties these "wholesale" companies sell at, I am usually left with $30 to $40k for rehab, anything more and it is not gonna be worth it for flipping.
Yeah. The cash buyers I know all tell me they'd rather buy from small wholesalers than the bigger companies because they know the "wholesale" companies have taken a huge slice of the pie and the prices they are selling at don't give them much wiggle room for rehab. When I do my comps on the properties these "wholesale" companies sell at, I am usually left with $30 to $40k for rehab, anything more and it is not gonna be worth it for flipping.
Yes as with a lot of industries, the smaller more nimble and flexible outfits will always have a niche in which to operate.
Naples, FL · Member since 2017 · 30 posts · 6 votes
6y
I wasted time watching AstroFlipping. Same ol pitch that they have a new and better way of doing things. But really they target a RE niche like defaults, probates, etc and then do the same buy with a assignment clause and sell to a buyer/investor. They might even go to wholesalers and pick up their property/deal and simply mark it up say $10K and move it to a buyer/investor....that is super easy and can get you a deal a day if you focus on that and follow the 70% rule right.
So it is nothing new...nothin great...and their phone call is a salesperson who asks what is your goal...how much would you like to make a month etc....then they say ...hey why not partner with us...we will teach you what to do and what not to do and all you have to do is pay a HUGE upfront fee and then you are toast.... they get your money and run.
Don't fall for this BS ...... do NOT pay big sums for info that can be had for under $100 ...tons of info...
The process is so easy....find a distress owner and hope they will take 50 - 60% of the value perhaps ARV After repair value...which is the After repair value minus fix up, your commish and minus closing costs and then get a offer signed with a tiny earnest money and close in about 2 weeks...just have a real buyer lined up to pass it onto....there it is.....saved you thousands of dollars.
Anyone is welcomed to comment and add if you like. Bigger Pockets have systems you can get for a small amount.
But wholesaling is the same as RE retailing but buying from a distress seller for a lesser amount cause they want out for one of many reasons. There are tons of distress sellers out there...mostly off market is the place to look like probate, preforeclosurers and vacants.
Not to hard to figure out....just takes some effort each day...the big pricey guys will not do your work...they just take your money....if those sales people were so smart why wouldnt they just do the deals themselves instead of pitching you....cause they don't know sh t thats why.
Get some business cards go to local REI meetings and talk to investor/buyers. Use vacanthousedatafeed.com PH
Astro flipping is a sales gimmick they are using to sell coaching. Instead of just telling you straight out they hint around and fluff it up. Astro Flipping is simply selling multiple properties to 1 investor. That’s all it is. it’s not 1 property turning into several deals its a relationship with 1 investor that you do multiple deals with.