All Forum Posts by: Benjamin Shaw

I've heard many times that you start seeing better results after repeated mailings. I think it starts to really pick up at 5-8. I would not be discouraged at one call on the first mailing. It does seem you are being a bit general in your targeting. Would probably see more results from pulling a list.

 Keep it up!

Hi @Debra N. Sounds like you have put the work in. Are you sure that your ARV is not too high? Is your presentation to your buyers laid out in a very clear manner?

On BP podcast #009 Anne Bellamy talked about how to present yourself to a hard money lender. I imagine the same techniques could be applied to a buyer.

Hope this helps.

Hi @Jonathan Steele Welcome to BP!

I am just starting out as well. I too had a strong interest in wholesaling, but have now toned it down to being open to it as a possibility if a deal seems to go that way.

I'm sure you have read about how you need to be good at almost everything in order to wholesale, the most important being calculating ARV so you can work backward from there with your numbers. Do you have experience in construction? This would really help.

Have you developed a business plan? I am in the process of doing so, and I find that the more I learn, the more the plan changes. Do you have a team in place? A book that really helped me was The Millionaire Real Estate Investor. It lays out solid detailed instructions on the things you need to do and think about. Also, J Scott's books on estimating rehab costs and flipping are invaluable as well.

I wish you the best with your new business. Keep moving forward!

@Elizabeth Zieman I was born an hour north of Albany, up near Lake George. 

Yes, it does seem like we will have plenty to talk about! If you have a time in the near future that works for you, please PM me. 

Now that's an interesting chart! I be looking into this in the morning. 

Hi @Elizabeth Zieman   I've actually seen you around the forums and had been thinking of introducing myself since you are right next door in Ridgefield! 

Thanks so much for the heads up on New Fairfield. This is invaluable information. I will look into DRG groupings for sure. 

I am extremely honored at your offer to team up on a project. Right now we are in an intensive learning stage, but eager to move forward to a deal.

My Wife and I met for coffee with a couple we met from BP that is moving to Danbury this month. We had an amazing time with them.

If you were interested in doing the same we would love the chance to buy you a coffee and talk RE sometime!

Thanks again,

Ben

@Brian Knowles I am nearly in the same situation. I want to move forward but feel that I do not have enough knowledge and systems in place to support what would happen if I called some of the properties I've seen while driving for dollars. While I do have a private lender lined up, I have no contractor, contracts, lawyer, or experience estimating rehab values.

I think the key is identifying the very next step you need to take to cover your bases and then do it.

So that might be reading the book on estimating rehab costs, or finding a contractor, or figuring out how to get contracts ready.

What step are you on right now? Are you sure you want to do the work yourself? Personally, I'm looking for a good enough deal that will cover the cost of having the work contracted out.

Thanks @Michael Beeman This really clears things up!

 I was curious as to how the note could be bought and sold since you described it as being a promise to make payments. 

 Why does the seller end up with the second position? Why are they responsible to pay off the first position if you stop paying them?

How does this tie into the concept of buying and selling notes?