All Forum Posts by: Braden C.

We do 5-10 wholesale deals per month and don't use anything other than excel. Honestly, it's not worth the cost if you are in the least bit organized yourself.

I've never seen realeflow but I've watched the videos of the guy who does freedomsoft and it makes me embarrassed to call myself a wholesaler. I am pretty active in the market that he claims to be from and I've never met anyone who knows who he is, other than wannabes who have purchased his products but yet have never done a deal...

Judy Rahbar You're located pretty close to me and over the past two years there is no doubt, prices have gone up. If you read any newspaper article or watch the news you see that everything is going great and we're only looking up!

However, if you dig a little deeper you will see that we've got a long way to go in this recovery and in my opinion, we're in for another wave of foreclosures. I am primarily based out of Manatee county, in February of 2012 there were 194 foreclosure auctions at the court house, in 2013 there were 257. This has been a trend for the past 6-8 months, every month has been a consistent increase over the previous year.

I don't know how it is across the country but I strongly feel like we've got another 2-3 years of foreclosures and short sales making up a great deal of our market. However, now is the time to start planning what your business will look like after that.

You learned a very good lesson, don't market properties before you have them under contract. Don't feel bad, a lot of people have done the same thing. It stinks and feels terrible but just take it as a learning experience and move to the next deal.

A wholesaler could actually NEVER have a loss, so this shouldn't be a concern at all. You can fill a contract with contingencies (which is ethically a different discussion) to make it so you will never have a bad deal.

I also wouldn't be concerned about asking for buyers. If the deal is good enough you should have numerous buyers.

I will caution you though, if some new wholesaler in my area wanted to learn the business I wouldn't ever give them good information. Why would I want to create competition for myself?

Our definition of a wholesale deal is probably much different. Anyone can sell a 2 bedroom house with ease if the price is right. It's finding the deals that's difficult, selling wholesale deals should take virtually no effort, no matter what type of property it is.

I wholesaled 10 deals last month, 1 vacant lot, 4 condos, 1 duplex, and 4 SFR. Each property ranged in condition and bedrooms/bathrooms. If I had focused on the most common aspects to a house that the average buyer wants then I would have done 1 maybe 2 deals.

He's right, MLS is very hard to compete for any good deals and there are lots of bidders at tax deed and foreclosure sales.

Problems like these create incredible opportunities for those creative enough to think outside the norm. There are lots and lots of other rocks to look under.

Joel asked the question I would have which would be, are you putting signs on the property? If so, then I can see the listing agent being upset.

Unless HUD has recently changed their policy then there is no reason why you can't market the property and perform a simultaneous closing.

The fact that you actually took the time to make a plan puts you miles ahead of most who get started in wholesaling. Often the reason for failure is lack of a through business plan, market knowledge, and capital. You have realistic goals and expectations for someone just getting started, I think you can probably do much better.

I would include in your planning stages everything you will need to get the deals completed as well. This means having your contracts, title companies, attorneys, ect. already lined up. I often see people saying things like, "I found a deal, now what???".

Last point, I would never only look for properties that your specific buyers want. Cast a wider net, if it's a TRUE wholesale deal, you can find a buyer for anything. I'll look at mobile homes, vacant lots, multi-family, single family, houses that are in perfect condition, houses that are condemned, it really doesn't matter to me what it is as long as I can get a great deal on it.

What is your model for agents? Are you doing commission splits or 100% with a transaction fee? How many agents are you expecting to join you in your first year? Do you already have your brokers license?

I personally don't think location of an office is very important at all. Most agents I know work from home and never go to an office. The same goes for potential buyers and sellers, they're doing their research online prior to going to an office.

The only thing I would recommend is INCLUDING trusts and corporate owned properties. Some of my best deals have come from these type owners.

I wholesaled two properties last month that were in corporate names, both had larger than normal profits for me.