All Forum Posts by: Bryan Blankenship

Nice!  Love when that happens.  

We do a testing phase on many of our homes to wholetail it in a similar fashion.  We'll do some demo, cleanup, patch, prep, landscape, etc and then give it a 10 day test on the market where we often sell quickly.  If not, we go right back to our full retail rehab and sell it for full price once completed.  Either way works for us!

We've sold dozens via wholetail this year and listed 4 this week alone.  

Sent you a message @Nahid Alipour!

Welcome to BP!

I can't speak to PA law, but in Ohio, you'd have a fully legal entity ready to use.  I have entities in Ohio I leave sitting until I am ready to move property holdings into them in the future, some up to 5-7yrs old.  

There are FAR easier deals to be found out there.  

When I first started I was willing to take on the toughest rehabs just to eliminate more competition. And I made plenty of money from those deals.

But instead of sharpening my toolbelt acumen, I sharpened my deal sourcing ability and today I don't take on a difficult rehab over $35K unless the rewards are 40% ROI net on invested dollars.

Our bare minimum for even an easy rehab is 35% but we'll occasionally dip to 30%, so a major rehab has to be worth it in a MAJOR way ROI wise.  

Typically every time I see a tough deal I pass on it now (or offer it to my network) and the next day 3 easier ones come my way!

Join some of the FB Groups more specific to this.  If it's a deal, there will be buyers for sure.  You may not be buying cheap enough or a buyer will be easy to find.  We buy in 12 states and 95%+ of what wholesalers bring to us is overpriced junk when we can find very high profit margins ourselves, so that may be an issue.

But check out FB Groups such as Wholesaling Houses Full Time and you'll find plenty of JV partners for any deal that has great numbers. Or we'd even personally buy it, so feel free to shoot me a PM anytime. One of my partners is looking in NC right now as well.

Turnkey is much less about the state, and FAR more about the team on the ground.  Without an amazing team on the ground, TK is difficult from a distance.  

When we sell, we ensure equity is left on the table for the buyer so that there's an easier sale if they choose a future liquidation event.  Many TK providers do not, however.  So the investor goes to sell and finds out they've overpaid by $20K and have no exit strategy now.  

Your best scenario would be finding a company that operates in a way that will let you pay 10-15% less than appraisal so you at least have some equity built in.  

Not sure if you can achieve that in AZ, much easier to achieve in OH, IN, KY, MO, etc.  

@Nicholas Armstrong Congratulations on the fast progress and rapid success!  Love seeing someone able to make it happen even with a full time job.  Keep it up!

Definitely @John Troise!  "Seasoned" folks have a ton of advantages so use them all to your favor!

Welcome @Eric Espindola!

Great insurance will be your first line of defense, obviously behind great management practices of course.

Your second and equally important line of defense will be the LLC itself, and how strong they are in your state. In Ohio, they are excellent.

State law will dictate, but most likely no state would allow you to write in a clause about who is liable for incidents.  You can't really disclaim liability for things such as this.  

For which state to use for taxation, definitely speak to an accountant.  Many variables will come in to play there and often you can't just choose and circumvent as it will depend on where rent is actually collected or where you operate/reside, not just where your LLC is based.  

Good luck and feel free to message if you ever have questions!