All Forum Posts by: Boone Tyson

@Dmitriy Fomichenko Thanks man! I checked out your profile by the way. Cool Video! Are you still based out of Anaheim or are you services nationwide?

@John C. hey John, great question. And everyone else, great dialogue. It's pretty understandable why everyone is saying what they are saying. Some have had great experiences with wholesalers and some haven't. So I'm a realtor and investor. I do about 75 MLS deals per year and about 20 off market deals. I also buy a number of deals from wholesalers each year and can provide you with their information to connect.
None of that is to brag but merely to give context and a foundation for some of this advice. 
#1 - find 3 wholesalers on BP that run high level businesses with high level integrity that are recommended by others on the forums or website and ask them for their advice on how to run a wholesale company. don’t just look at their volume but look at their team and culture. If you had a family member who needed this type of service and you wouldn’t recommend them, then it isn’t worth mimicking their business
#2 - ask some realtors what they don’t like about wholesalers. It will give you a good idea of how to not be a crappy wholesaler. I have no issue with wholesaling, but I do have an issue with people not being honest about what their business model actually is. If you can’t look a seller in the eye and tell them exactly what you are doing, then don’t freaking do it. You’ll be out of business before you do well usually because reputation can’t be replaced. 
#3 - shadow someone on the phone and on appointments. Selling is a learned skill and the learning curve will be way shorter if you can find someone to help you. 
#4 - network with cash buyers. Have people ready to go before you get a property under contract. That will keep the gap between contract and as assignment shorter. 
#5 - practice building rapport. Most wholesalers, like agents, last less than 1 year in the business. The primary reason is that they are both in the business of lead generation. LG is a lead measure, meaning you don’t see the results until later. Many sellers can take anywhere from weeks to months to convert so if you can’t sustain without a paycheck for a while, you will be a statistic. Building rapport will cause your business to grow much quicker, convert faster, and eliminate any need for dishonesty. If people trust you, they will give you preference over the next guy. 

To be a great wholesaler or agent, it’s still customer first, honesty and integrity, high level communication, and high level service.

Most agents and most wholesalers end up doing something else, so whichever you choose, simply do it at the highest level and go all in. 

Investment Info:

Single-family residence fix & flip investment in Mcallen.

Purchase price: $90,000
Sale price: $105,000

There wasn't much to this deal. We saw value when we purchased and immediately sold it to another investor for a small spread.

What made you interested in investing in this type of deal?

The location is stellar. We knew we could find an investor to offload to.

How did you find this deal and how did you negotiate it?

Another agent brought it to us and we offered a solid brice with a leaseback addendum the sellers needed.

How did you finance this deal?

LOC

How did you add value to the deal?

We didn't do anything

What was the outcome?

Sold immediately to another investor

Lessons learned? Challenges?

Be ready and be in the right place at the right time by being in the game all the time

@Mike Martinez and @Wenylyn Catiloc Looking forward to seeing you guys!

@Jake F. That was the greatest! I doubt we will ever top that for a success story. 

Congratulations again @Robert Johnson on getting a good deal. There are a lot of people looking for identical multi deals and not having in luck, so well done! Ya the remote HUD rep would be huge. That would give you more autonomy on the construction potentially. Might be able to save a lot of cash overseeing as your own GC and then just have someone licensed sign off.

@Rodolfo Pace That sounds great. Let's plan on it. If you come next week, you can join our investor meetup Tuesday night. Looking forward to connecting. Feel free to DM me.

Thanks @Dmitriy Fomichenko. How have you been?

Come one! Come all! Looking forward to seeing everyone at this months Mcallen, Edinburg, Mission, Harlingen, Padre Island, South Texas, RGV BiggerPockets Investor Meet Up.

This months meeting will feature some recent local investor success stories, a hard money lender teaching us about their product and services, and an investor utilizing solar panels and green incentives to boost their investments' bottom lines to unprecedented levels. 

We will also have time for networking and getting to know one another. We are expecting a great turnout and we fully expect that this month's meet up will inspire us to continue to take action and enjoy all the opportunities afforded to us through investing in real estate. You do not want to miss out.

Come out and feel free to invite anyone else! See you next week!

@Mike Martinez Welcome man! Great to see you here. Let us know if you ever need anything. Hope to see you at our next meetup