All Forum Posts by: Account Closed

 Sorry it cut me off. I was saying, maybe check different markets with lower home values, or like was mentioned find a partner. 

So you'd be all in at $10k? It depends on the area, but I doubt you'll be able to find one in CA for that price. You never know, th

I would point them to some of the educational blogs here on BP. I just read one that lines out how to get the best responses from a direct mail campaign. Then explain to them why in your market, mls deals are non existent right now and they'll have to dig up their own leads, be it DM or bandit signs or whatever. There are tons of great materials for beginning Wholesalers here on BP. 

If you have a buyer set up for the property, you can use thier proof of funds. When I first got started I had to use transactional lenders proof of funds, although obviously not my first choice, it got me off the ground. As long as you're being transparent about your intent to wholesale and are up front from the beginning there shouldn't be any issues. 

First you need to know the ARV. You get this by finding comparable properties (same beds baths and sqft) in great condition in the same area that have sold recently, usually within the last few months. Whatever they are selling for in nice condition is the ARV. Now take your purchase price, and add the repairs needed. So 90k. If that is 70%or less of the ARV, then you may have a deal. Now as far as a buyer is concerned, if it turns out this a great deal, if you have a plus or pro account here on BP you can market the deal to cash investors in the Marketplace.

Yes, there are investors who have that much money cash to purchase a property IF it is a good deal. You mentioned the property was worth $110k, is that in its current condition or is that the After Repair Value (ARV)? If that is the ARV then the investor would not make any money after repairs, closing and selling costs.

I know how it can feel to have eager and hungry investors breathing down your neck for properties! But keep in mind, they are now your clients and customer service is top of the list important. Rest assured they can wait until you find a great deal. They will always be looking, and you don't want to waste your buyers time with a mediocre deal that you rushed into in your haste to get them something. Take your time, find a home run, and let your business relationships grow!

Some people feel differently on this issue, but I tend to find most of my deals on the mls. In my area, a foreclosure or short sale or reverse mortgage that needs repairs is discounted heavily enough for me to make a nice profit and maintain a healthy roi for the investor if they accept my low offer. Direct mail is another great way to find leads. Be sure to read through the Wholesaling Blogs here on BP, they are a great place to start!

Welcome to BiggerPockets Christina! This community has been invaluable to me, and I know it will be the same to you! I am a bit north of you, up here in Humboldt County CA. Let me know if there's any way I can help or if you have any questions!

Wholesaling is a great way to earn quick cash to help jumpstart your real estate goals.  And with a great community like BP, any questions you have on the subject can be answered and you can meet all of the people necessary to be successful. I'm sure the competition in a place like LA could be tough, so maybe meet some other local wholesalers here and team up? You could find properties and they could bring the buyers. Just a thought!