All Forum Posts by: Charles Whitaker

That's a lot of posts Kelly, did you get excited :mrgreen:

I currently do not have such a program for the mls data, usually I sort this data when gathering it through the online software - much easier this way.

The appraisal adjustment is used by the appraisal district as implied, to adjust the value of a given property. The property is assigned a code and an adjusted value throughout it's useful life for valuation purposes, this depicts the type of property and adjusted base value per SQFT. The appraisal district then uses the "percent good" as a tool to adjust the value in an effort to correct for market conditions, house condition, amenities, etc. Keep in mind this could be different in your area. It's easy to track a problem house using this method, if the percent good is only 5% and the current appraisal is 10K in an area of 70K homes, you might be onto something.

Kelly, I too gather this data from the tax assesor. Through the time put into sorting, collecting, and organizing this data we decided to hire a buddy to build a few codes in visual basic within excel to easily sort this massive amount of data. We typically sort 70K residents every three months using this sheet.

You can also select custom criteria to match the target market(s). IMO a few of the best search criteria are: date of sale, type of instrument recorded last, state in which the tax role is sent, current appraisal value, exemption type(s), appraisal adjustment(labeled as percent good here), and by name(can find owner of multiple homes easily).

I hope this helps

After reading this thread I don't see the big deal, wholesalers in general are not bad, they DO provide opportunities for investors that would otherwise not be available(for the same price anyways). I agree with Chris wholeheartedly, besides, when you buy a product, mark the price up without changing the product you basically have the business plan of every major supermarket in the country. Are you mad at Walmart for having to pay $1.50 for a product that they paid only $0.75 for? Come on people, I think you hate BAD/INEXPERIENCED wholesalers, it should be left to the pro's anyhow.

Another good tip is to sand the texture down just around the hole where the patch will cover before applying the patch. This will bring the metal/mesh patch closer to the original sheetrock which reduces the amount of float area, reduces the ability to see a patch when completed and allows for easier feathering when finishing.

Thanks Stephen, if you only knew the journey that followed that lil profit. That first flip went perfectly; no major issues, completed on time and within reasonable budget limits, sold 1 week after listing FSBO at my price, etc. It only set me up for failure down the road; you can't learn from perfection.

Their are numerous ways to accomplish this, easier to point you in the right direction then to reiterate.

http://www.biggerpockets.com/forums/93/topics/22413-need-ideas-on-building-buyers-list-
This link is a start - just search buyers list in the search field box.

Like many others have stated before, IMO the best and easiest way to build your list is to actually have a great deal for sale. The buyers will flock to you, literally. You must have a few exit strategies in place in case you cannot get a signed contract before the closing date. Possibly be ready to either close on the property or have a contingency fee to back out.

In the past I have used the sales price of other wholesale transactions (found through county clerk's records) to reference the market saleability of particular deals. I actually have a list of all the transactions of a few local wholesalers. The list includes purchase and sell price, same with the dates, and most importantly to whom the deal was sold to. Ah hah, the buyers list just grew.

I am glad that you disagree, that shows the desire that I was after. As for the lack of funds, I cannot honestly feel the pain. I purchased my first flip at the age of 24, I believe that the deal cost me $325 to close. Of the houses that I have bought and sold only one of them actually cost me more than $1000 to close on it(not rentals, though). I do highly admire the fact that you are so ambitious, willing to go to school full time, maintain a full time job AND study REI. Most people can hardly do just one.

You should look into wholesaling to build the capital that you need for rentals. The experience will be an eye opener. On one side you will learn valuable lessons from your market and simultaneously accumulate the much needed funds for a down payment. Also, what if you did save the $ for a down payment and bought a rental? At best you could walk away with $150/mo and then what? You would still have to acquire more $ for another down payment. My point is that you need another source of income, whatever it may be, to accelerate the purchase of rentals.

Aaron, I was surprised to see your name on here! Nice to see your around.

I may not be a full time wholesaler but I can tell you for a fact that after a few signs are placed out, ads are in, and after people are talked to that the successful wholesaler does NOT sit around and wait for anything. A good starting point is as follows:

Weekly:
Area farm
marketing duties
meetings - buyers and sellers

Monthly:
Update market analysis sheets
Update marketing data
etc, etc

Put simply, to cover every base you must have a daily or weekly routine. Otherwise you're just bass fishing.

Sergio,

It is not unheard of to obtain a mortgage on an investment property while you are leasing, however, researching REI for two years and still not having a completed purchase is troublesome. I would think that you have a problem with commitment or a lack of desire. Either way, you need to tackle this problem first.

To get into the market with no money would require you to do one of the following:
-Save $(most obvious)
-Wholesale or FLIP to build capital
-creative finance(OWC, lease option, etc)

Investment mortgages usually require a 10%-20% down payment. Find out exactly what you want in the realm of real estate and then go after it-relentlessly. May the best of luck be with you.