All Forum Posts by: Aroldo Villarreal

@Jay Hinrichs - No, he bought six homes through the same HML in December and says he has money for at least 15 more. I spoke to the HML and they vouched for him. It's the fact that I didn't know all the moving parts were going to take so long. It is my fault and should have been pushing the process along. I thought it was just a matter of turning in all the contracts, deposits, and assignments and the title company would do the rest.

@Guy Gimenez - Yes, you're exactly right. Would you be able to point me in the right direction to finding this kind of checklist?

Back in December I was driving down a street and saw a FSBO sign. I decided to call it and made an appointment with the seller. Apparently the sign had been up for about two months now and I never saw it even though I pass by there about 10 times a week or more. Anyway, long story short, he wanted $80k, I offered $35k, signed the contract for $41k. I found a buyer and submitted all the paperwork to the title company.

Keep in mind, this is my first deal EVER in wholesaling. I thought that was it, I thought all I had to do was wait for my check. I was so wrong! So, I'm a week away from the agreed date I signed my original contract with the seller and we haven't closed. I learned not to count your money so fast, not until you are actually holding the cash. I'm starting to sweat it but according to the HML, everything should be good to go by Monday or Tuesday of this coming week.

I bought Than Merrill's book "The Real Estate Wholesaling Bible" and have learned a lot, especially about the closing process. What I found HERE was something called a "Take Sheet" that he recommends we use for the closing process and getting everything finished on time. 

My question is, how do you keep track of all the moving parts to make sure you can sleep at night and not worry that everything might fall through and that everything is running according to schedule? Do you use a "Take Sheet" like Than Merrill recommends? Any recommendations will help!

I as well am trying to go completely paperless but I have some questions. Do I need to keep hard copies of Lease Contracts and other addendums signed by tenants? What else is a MUST to keep hard copies of? Any advice will help!

Hello all,

I have  a lot next to a major highway and was interested in installing a giant (14' x 48') metal billboard on there. My plan was to install it, rent it out until I get my initial investment, and then throw my own sign of "We Buy Houses" up there. Anyone have any idea of how much it costs to actually buy and install on your own lot? I know Lamar does it for "free", but you don't get control and get only a monthly rent. It is technically your own. 

@Victoria Winters Thanks for your motivating message!

@Steve Vaughan I want to increase my portfolio in regards to my long-term cashflow properties, but I just ran out of cash. Now I'm looking of ways to make money to add to my portfolio and enjoy all the tax benefits of it!

@Christian Marin Great Info! Now off to research hedge funds.

@Ned Carey Wise words! My goal is to have enough passive income to feed the wholesale aspect of my (future) business during the times when it is hard to find deals or to add properties to my portfolio when it is hard to find buyers. 

I hope I can be as successful as both of you in the near future. Thank you for sharing your knowledge!

@Christian Marin I never thought about it like that. So we just have to adjust to the times. You mentioned your business was best 2010-2013, does that mean you were wholesaling over 300 properties per year? As of right now, are you focusing more on flips rather than rentals since the times are pretty good or how has your focus changed from 2010-2013?

I appreciate your reply, it helped me see that this is a viable and sustainable business. 

I just finished wholesaling my first home without cost whatsoever other than $45. I just called a FSBO sign and the roller coaster of emotions started with excitement, fear, sleepless nights, and huge learning curve. Out of this deal I started building my buyer's list, learned more about rehab costs from contractor's themselves and from referring to @J Scott 's books almost every minute I got for help on rehab costs, learned how to secure a deal and assign a contract. All in all, I made $8,500 off of assigning. Which is awesome

BUT, my question that I can't seem to find an answer to here is, how sustainable is wholesaling as a business? I got into REI a year ago and now own three cash-flowing rental homes. In my research, it seems like there was a huge emergence of wholesalers in the last 5-8 years. On youtube, I can't find any wholesaling videos that are dated pre-2008. Is wholesaling only good after bursting of housing bubbles like in 2007?

The reason I ask is, if I decide to get into this full time, with good marketing, systems, and buyers in place, will a wholesaling business work through good and bad times? Or will all these wholesalers disappear once another bubble starts forming?

@Eric Y. Thank you for the very detailed explanation. Since my last comment, I have scheduled another person to go finish the job and he is going tomorrow. I'm not going to make a claim because I don't have the time to go to court or wherever I need to go since I'm a teacher. I trust this other guy since he's done several small jobs for me. He is a handyman, not a big GC kind of guy, but the jobs are something he can handle. 

Thanks again for your feedback!

@Eric Y. Great info, thank you for your feedback! The way payment worked was as follows:

Total: $17, 500 of which $6k was to start foundation, $6k when done with foundation, $5.5k at completion. Does that seem like a reasonable schedule? I've heard to only pay once a certain mile stone is completed, not BEFORE it is completed. 

Also, he gave me a verbal of the job going to be completed in two weeks. It took five weeks and still didn't finish everything. You're saying I should get a certain completion date under contract right? If I don't change anything and there's no surprises, should I have a penalty for them on the contract if not finished on time?

@Account Closed Thank you, I will look into that.