All Forum Posts by: William Roberts

Welcome Chris, I just left my full time job on March 1. One suggestion is to write out your goals and plan to complete them. Laser focus Chris. Good Luck!

Shadrach,
One option would be to wholesale the property to a local rehabber. This will build capital quickly. Design a plan and execute.

Javon, The $10,000 numbers is an example. In other words using the MAO formula minus your wholesale fee. That number will be determined by the ARV, repairs and purchase price.

Be open and honest, let them know your just starting out, it's ok we all started at some point in our careers. You'll find everyone super helpful I'm sure. I bet when you leave there you'll be even more stoked to find that first deal. Good luck.

Hi Javon, Great question. Determining the Median household income would be a great place to start. What can people afford, what types of houses are selling and where. Check with your local RE agent(s) and ask what they've been selling. Ask local rehabbers what there buying and in what areas. Attend local REIAs and Network. Once you know your range you could use the MAO formula (Maximum Allowable Offer.) We use the 70% formula. example: A Property's ARV (after repair value) is 200K x 70% =140K minus 35K in repairs Minus 10K wholesale fee = 95K That would be the most you pay for that property, I would offer less than the 95K to leave room for negotiations. I hopes this helps.

Hello Everett,
Fist off let me congratulate you for "getting back on the horse". Perseverance is what will move you forward. Keep at it, Edison failed over 10,000 times before inventing the incandescent light bulb. Imagine where we would be without his Perseverance. Wholesaling is a great way to get started again. Determine your market and how you will get your message out to them then execute. Good luck!

Hi Victor, Another approach to getting contractors is going down to your local Home Depot or Lowe's at 6 am and talk with the guys that are buying stock for their jobs, You could also go to their help desk and inquire about contractors. This would be a quick way to obtain someone. I would be sure they have a GC license. Good luck.

Hello Mason, You will need a team of professionals as you mentioned. I would concentrate on realtors to bring you in leads. You mentioned your just starting out and may not really get active for several more months. You're doing it now. You are educating and that is the first step. Just go to the event with an open mind talk with everyone and be open and honest, you will get a lot from this. Speak with as many realtors from your area as you can and see how you can help them by giving them the leads that may come from your direct mail or other marketing campaigns as a referral. Remember it's what you can do for them. Keep in mind that nobody is born with this knowledge it is learned! Go get em and have fun! Good Luck!
Bill

Doug, You will need an assignment contract. That's a contract between you and the buyer. The P&S is the contract between you and the seller. Just make sure your P&S is assignable. I have wholesaled a few deals on a handshake. That comes from networking and knowing who your buyers are. Checkout this link for wholesaling tips. http://houseflippingschool.com/?s=wholesale+contracts

Hello Doug,
Welcome to BP and congratulations on your new venture. I would find your local REIA real estate investment associations in your area and start networking. As far as the contract goes, You'll need to check with your state but here in MA all contracts are assignable unless otherwise stated. We use a standard Ma. realtor offer sheet and P&S to get the property under contract then assign that contract to your buyer. Start to build your buyer list as well. If I can be of any help please reach out and we'll connect. Always glad to help. Best of luck.