All Forum Posts by: Charles Walker

Quote from @Dana Hagans:

@Charles Walker

How did you go about searching on Zillow? I've been searching but of course I'm still looking for the "right" market. I'm currently in New York, NY so I was thinking I'm better off with  virtual wholesale, but now I'm stuck on what market to look into and how to go about searching in the market. 

I presented my offers to the agents who listed the properties that I had an interest in. They would receive a commission if my offer turned into a closed deal.

It’s not about “the right market”, it’s about THE RIGHT DEAL. Don’t overthink it, just choose a market and get to work. I live in Florida, but I mostly house hunt in Kentucky because of my family and childhood memories there, I’m more passionate about it.

Quote from @Brett Deas:

The odds are low. Why would they pay you early? What happens if the deal doesn't close? There are a lot of unknowns and as an investor, I don't see why I would deviate from the normal process. 

Thanks for your feedback.

As a wholesaler, it took around 3 weeks for me to find and lock my first property under contract. I've been in sales for over 20 years and I absolutely HATE COLD CALLING, so I got started on Zillow listings.

Initially, I wasn't getting any traction because I was duplicating what thousands of newbie wholesalers were taught to do by a "Real Estate Guru", which I later found out that he doesn't actually do what he teaches. Once I educated myself and got out of the "analysis paralysis" phase, I started getting offers accepted and landed my first wholesale deal within 3 weeks.

This may be a weird question, but... Is it possible to get an upfront assignment fee when wholesaling? 

I'm asking because we have a 3-week-old baby and I lost my main source of income, lost our apartment, I'm relying solely on wholesaling to support my family right now (extended stay hotel, food, etc) and we all know that it can take up to 30 days or more for closing.

(DON'T BE JUDGMENTAL, IT COULD HAPPEN TO ANYONE!)

With that being said, If I were to present a good or great deal to an investor, what would be the odds of getting at least $1,000 of my assignment fee up front, and how would I need to go about it?

Investment Info:

Single-family residence wholesale investment.

Purchase price: $162,600

Price: $162,600
Repair: $25K
Estimated ARV: $268K

☑️ PROPERTY DETAILS

Tarrant County
3 Bed / 1 Bath
SQFT: 1,670
Year Built: 1955
Lot size: 12,063 sqft
Rentometer Median Rent: $2,100
Currently Vacant

☑️ ADDITIONAL DETAILS

Roof: 8 years old (Good condition)
Storage: 2 utility sheds
Siding: NEW
Windows: All except 4 are new
Hot water heater: 3 - 4 years old
AC/Heater: 3 years old
Debt: $8,200 in taxes (paid by Seller at closing)

What was the outcome?

Under Contract and Currently Seeking Cash Buyer