All Forum Posts by: Braden C.

I always encourage people to put an address on their list that they only know and see when/if it gets delivered. Example, mail to a relatives house and ask them to call you when the mail arrives. If your call volume is low, and they didn't receive the letter then you know you have a problem. Sorry this has happened to you, hopefully your post will help to get it straightened out. 

@David Reo Sorry for the delayed response. You're already on the right path and setting up your systems before you dive in is going to make your life a lot easier and a lot more likely that you'll get a deal faster. Wholesaling to me is simply turning over lots and lots of rocks and then finding something good. You want to look for properties that have problems and then offer the owners a solution. Don't pigeon hole yourself to a certain property criteria or a specific marketing funnel. I see new wholesalers all the time who say they only want to look for 3/2 houses in a certain zip code. It makes no sense to limit yourself. We've done vacant land, multi family, condos, trailers, single family homes and even co-ops. If you have a good enough deal, it doesn't matter what type of property it is, you can sell it. Same thing with marketing, don't listen to anyone who says you should only send direct mail, or only do SEO, or only do bandit signs, etc. They're just trying to sell their product(s) and don't have your best interest in mind. We have several different lead funnels and they all make us money, the ones that lose us money get thrown out if we can't fix it. Feel free to DM me and we can chat on the phone if you'd like. 

I've been in real estate for over ten years now and part of our business is wholesaling. Based on personal experience, I would start local before doing anything virtual. Once you learn the business and have more experience, you could then grow into other markets. Again, this is just my personal opinion based on my time in the business. 

I do want to say that it's pretty awesome you spent that much time doing your research, good for you.  

Like others have said, *proving* that the sellers knew about the issue is going to be difficult. Even if you can prove it, you're going to spend WAY more than a few thousand dollars on attorneys if they decide to defend themselves. If it was me, I would send a letter explaining the situation and ask them to help cover the costs, let them know you don't want to get attorneys involved. If they ignore or say no, an attorney would probably send a demand letter for a couple hundred dollars. If you still don't get anywhere, give up on getting anything from them and just eat the cost of the repair. 

Good decision to deny, you would be setting yourself up for problems. At this point, I wouldn't respond to her any longer, just completely ignore her. I HIGHLY doubt she spoke with a real estate attorney, she is just trying to scare you. The more you respond the more it's just going to fan her flames. 

@Marcus Franklin We haven't stopped marketing, but we have slowed down while people are kind of waiting for the dust to settle. We did add a paragraph about covid to our letter and it has had a positive response. It basically just says we're taking every precaution possible to protect sellers and tenants and we're still actively buying. I think there's going to be a lot of opportunities coming soon so now is a good time to put your systems in place so you're ready. Good luck! 

You can of course ask the tenant if they would be interested and offer them cash for keys or a reduced rent if they would be willing to move to side B. 

I could be misinterpreting what @Ryan Hill is suggesting, but the seller can't sign an addendum agreeing to have tenant A move out. If tenant A has a lease, it can't be broken just because the property is being sold or because the current owner (seller) wants to make you happy. Again, I could be reading this wrong from Ryan.  

@Brandon Dorsey Cold calling is going to be very effective since you'll know whether or not you actually made contact with the seller. Direct mail is going to give you a 1-5% response rate, cold calling will be much higher. With that said, I firmly believe that any type of marketing that gives you a positive ROI is worth doing.

For example, we currently earn about $7 for every $1 we spend on direct mail, so if we spend $1,000 on mail we will make $7,000ish in revenue. We also have a good carrot website with strong SEO, my cost on those deals is zero but there's no reason for me to stop sending mail because I get such a great return. There are lots and lots of way to find deals, if someone tells you there's only one way or that other ways are bad then they're likely just trying to sell you on their product or service.

One of my best deals ever came from me visiting the owner while they were in jail. I had to call the jail ahead of time and make an appointment, she had no clue who I was or why I was there. It was all done through video and not through glass like you see in the movies. I was pretty nervous going into it but she turned out to be friendly to me. She didn't want to do anything until she was released so we waited a few months and bought it about two weeks after she was released. Murder and drug possession are two very different charges though, and I doubt it would be that easy for you. 

Bottom line, I wouldn't let the fact that someone is in jail stop you from pursuing a good opportunity. 

No, hard no... I can’t even begin to imagine the number of angry calls they received.