All Forum Posts by: Adam Amero
Adam Amero has started 9 posts and replied 22 times.
Post: I'm trying to get my Dad into real estate but he only likes stocks
- Niantic, CT
- Posts 22
- Votes 3
I'm pretty confident in my numbers being over estimated rather than under estimated. Im more worried about losing deals from being too safe due to lack of experience.
This offer is just an estimate of what I'll be looking to pay for the property, and if the seller thinks it's reasonable then I'll view the property and give an exact offer.
I haven't calculated insurance or closing costs yet, Im going to do a little more research on those. I just want to make sure I don't forget a cost before I give my offer.
I got my first call back from direct mail. I'm hoping to wholesale this property to one of our few cash buyers(flippers).
I want to make sure I am not forgetting anything important in my calculations. I currently have the ARV
Rehab costs
Holding costs- taxes and insurance
And closing costs(maybe a realtor involved)
Is there any other important aspect I am forgetting for a flip?
Thanks for some positivity. I enjoyed that article, I've been using different strategies to find motivated sellers and it struck me that the properties on MlS are motivated. I never payed much attention because of all the negativity towards the subject, but I'm now adding it to my marketing. I hate all the negativity on wholesalers, we don't all come from gurus, some are just using it as the first step in our REI career!
Originally posted by @Andrew S.:
I'm not a wholesaler myself, so feel free to ignore this, but from a conceptual angle, wholesaling MLS properties seems like an extremely tough proposition to me. There are a couple of BP podcasts where people talk about doing it successfully, but I think you have to really know what you are doing to pull it off. You'll somehow have to succeed in talking the seller/agent into a VERY large discount in order to create room for your own cut in the deal. Since the property is out there for everyone to see, you'll basically compete with your own customers.
Again, apparently, it can be done, but I would probably focus on wholesaling unlisted properties if I were in that line of work.
Andrew, I would love to check out the podcasts that discuss this topic. If you remember any of the numbers please let me know, I haven't heard anything of these ones yet.
Okay, so it seems the best way is to get your license, or to be an agents assistant. So what exactly does an assistant do? Do they even have to be involved or is it just the title of being an assistant that matters, even if you do nothing?
I have someone who works for a real estate agency and has access to MLS, is it illegal for them to give me their login? I could have this person look things up for me, but having it in my hands would be the most beneficial. I'm in CT by the way
I was planning to write in it that I am buying properties in the area, and I'm interested in theirs. Does that lower the chances of getting responses, or increase the chances that the calls I do get will be motivated sellers?
I know it's a numbers game, but for now I only have these 20 absentees so instead of waiting im going to send these out while I keep looking for more. If they don't respond they will get another letter in a few months.
@AK Fowler did you have the same problem with having with having a full sheet of blank paper and only a few lines, or did you write it in more of a template form?
I'm just using regular plain white paper, but at some point I will use the yellow letters. I would love to have someone write them for me and copy but each mail will be specific to the home owner, and states the address of their vacant property. Worst case scenario I think I just have to print them out with only a few lines and have most of the paper blank. Although I think I'll have my mom hand write a few on yellow paper and keep tabs on which ones get responses and which ones don't.