All Forum Posts by: Brenden Mitchum

Hey @Cyrus Williams, welcome to the BP community!

Wholesaling in Atlanta is TOUGH!

However, we've had a ton of success in a very specific niche here in Atlanta. It's allowed us to go around the competition rather than through it and we plan to close at least 50 of these deals in the new year. I'll shoot you a dm now with some details!

Hey @Jason Kang, welcome to the BP community!

Great question! There really are a ton of resources for this and many different metrics one can look at. At the end of the day, it might be wise to narrow down to a few markets based on metrics but then network with investors in those markets to get the inside scoop on reality. You'll find that most people look at 6-8 factors when analyzing markets. The big 6 I see are:

1. Population over 100k

2. .5% or more year-over-year (YOY) population growth

3. 1% or more YOY median household income

4. 2% or more YOY job growth

5. 2.5% or more YOY median home value

6. Decreasing crime index

Like I said there are a bunch of other criteria you can and should look at depending on your strategy. But these should get you started and there are plenty of good sites to do your research, like data.usa, city-data, area vibes, neighborhood scout, best places, etc. A great paid (but affordable) tool is market nomad. 

Hope this helps a bit! Please, feel free to reach out anytime if you have other questions or just want to chat!

@Rebekah Martin, I totally agree. That's why you might be able to add more value by taking your wisdom and using it to respond directly to questions, especially those in the Starting Out forum. 

Great content, @Rebekah Martin! This would definitely be helpful for anyone new to investing. Unfortunately, I don't think newbies often browse general forums here. You should post more often! Maybe drop in these helpful tidbits here and there to folks posting in the "Starting Out" forum??

Hey @Khari F.

I am not aware of a tool that is this specific, even for REALTORs®...we do have access to comparative market analysis tools but the filters are generally restricted to items that pull from the tax records. Amenities are something that the agent who lists the property enters into the MLS when they list. Since just about anyone can get their license and some agents do not take the time to do this properly, you're probably better off not searching by criteria that is agent-reported.

That being said, a simple sold property search tool should be enough for you to run fairly accurate comp. analyses in your market. Zillow has an easy way to search for recent homes sold and I'm sure some of the other listing sites do as well. 

Hope this helps a bit! Please, feel free to reach out anytime if you have other questions or just want to chat!

Hey @Allen L.

Your first step would be to speak with city/county planning and zoning. They will be able to help you determine if this would be feasible. There's a chance it won't be, due to setback requirements, so make sure you get information from them on what those are for the property. If they give you the green light, they'll then help you with next steps.

Hope this helps a bit. Please, feel free to reach out anytime if you have other questions or just want to chat!

Hey @Brandon I Garcia

Nice sleuthing thus far, my friend! Next step would be to skip trace their contact info. You can do this through various sites but a simple google search of their full name and zip code should work. Here's a couple other sites to check: white pages, fast people

Hope this helps a bit..please, feel free to reach out anytime if you have other questions or just want to chat!

Hey @Jeff He

Although I'm a REALTOR® and not a wholesaler, I imagine the process for finding buyers is pretty similar. It all rides on networking and adding value to your community. You can do this here on BP or at local meet-ups - maybe even host one! 

You should definitely reach out to any REALTORs here on BP that are in your area. Chances are they work with investors and are struggling to find good deals. 

Maybe even start locking up deals with the option to finance? This will open up your buyer pool to folks who don't have enough cash or don't want to go with hard money.

Another thought would be to pull tax records on folks who are buying up a bunch of stuff in your area and cold call them. If you have good deals, I'm sure they would be more than happy to hear you out. 

Hope this helps a bit..please, feel free to reach out anytime if you have other questions or just want to chat!

Hey @William Miller, welcome to the BP community!

My first bit of advice would be to read Brandon Turner's Book on Investing with Low & No Money Down. It gives a great introduction to methods of creative financing. Remember these are just options and won't necessarily work for you. It will be up to you to decide which fits your situation, risk-tolerance & market best. 

On the encouragement side, it sounds like you just need to keep on trucking, maybe with some added fire..is it really perfectly fine that you haven't gotten any offers accepted? Do you think you lost a great deal because you didn't do everything you could to lock it up? If you're submitting through an agent, have you sat down with them and discussed how to make your offers more competitive? 

Right now, when financing is abundant and deals are rare, how can you make your offers most competitive? Essentially, how can you get as close to cash as possible? Now, go find the financing to make that happen. 

And please, feel free to reach out anytime if you have other questions or just want to chat!

Hey @Jerry Brainard, welcome to the BP community!

If she is simply the capital partner, is not doing any of the work, and is happy with just receiving a certain return on her money, perhaps it would be best to set this up as a personal loan. She lends you the money and you pay her back in a manner that the two of you agree upon. I am not sure what paperwork is needed for this but it would likely be the simplest option here. Then, she is not an owner or investors in the specific deal so how you hold the property is up to you. 

Partnerships are a bit trickier because you will need to set up 1 or more LLCs. If a partnership is what she's wanting, you will need to sit down with a real estate attorney that deals with entity structuring to ensure it's properly set up and you're both protected. 

I'd recommend sticking with the personal loan option if she won't be doing anything other than lending you the money and expecting a certain return. 

Hope this helps a bit. Please, feel free to reach out anytime if you have other questions or just want to chat!