All Forum Posts by: Cody Evans

I have not done my first wholesale deal yet so take what I say with a grain of salt.

In this video the content creator explains contingencies that allow you to back out

 https://www.youtube.com/watch?v=nfVamo743_0

I am not 100% sure but you may want to ask a title company what to do. I am not 100% clear what exactly these companies do but they may be able to advise you. 

@Account Closed

Great to see you are getting out there! I just put in the top cells of excel the labels ¨Property Address city zip, owner address city zip, Notes on property condition, month/year added, contact info,  Owner Name

Each comma represents a new cell. Then each row has property info. This is all I have so far and it works fine but there is probably a better way to do it once I get bigger.

 My suggestion is to find the one investor you trust the most to actually pay you and help you get more experience. Since you dont have a contract you are going off of trust and I would suggest not giving the entire spreadsheet to any investors you find because it only takes one bad apple to burn all your leads and rip you off if one of them comes through. Try and establish a friendship with this ¨most trustworthy seeming¨ investor and maybe help them out with a flip so you can learn the business and hit the ground running when you turn 18. 

I want to start dialing the phone on my leads. It has been about 5 days since I have hit the roadblock of how to estimate repair costs. My current plan is to 

1) Use a real estate agent and get comps for neighborhoods I found houses in. 

2) Call and negotiate with sellers by asking what repairs are needed and subtract that cost from a (.60 ARV) and give them that as a first offer OVER THE PHONE. If they dont accept: Ḧow close can you come to that number? If there counter isnt low enough I say ¨thank you very much, if you are interested somewhere down the line give me a call.¨ If the numbers work then I schedule a meeting at the property ASAP.

3) Call a GC and schedule them to walk through the property with me to estimate costs on that meeting date. I lower my offer based on these estimates. Go through signing of Purchase to Sale agreement right there.

4) Contact my buyers and let them know whatś CRACKIN!

I am concerned as this is my first deal and low on cash (only 4k in bank) that I will be wasting a lot of money on GC estimates. Shouldn´t these estimates cost me $100 for the whole house? What do you guys think?

Hi all, 

I have my first few leads lined up and when I call sellers to negotiate I need an idea of what my bare minimum wholesale fee should be. I have properties in the Vallejo and Fairfield area. I need to know a range from low to high for a wholesale fee and a low to high range for a deposit so my buyer doesnt back out.

A low to high range on total expected repair costs for a house in our area is also helpful if you want to throw that into your answer.

I am a newbie wholesaler and a potential cash buyer told me a hard money lender would allow him to close in 17 days. Is this a bunch of bull?

@Will Barnard

If I have a deal under contract able to sell to a cash buyer for 70% ARV then what ARV% profit should I make sure my buyer has after he pays for repairs? I want to set this deal up right.

@Carlos Zapata

¨We do comps and from the lowest, we send at 70% value¨

How can you afford the time to run the comps on 50-70 properties before you call the seller? I have a driving for dollars app that gives me ARV of a property but I am not sure if it is reliable enough to use. What is your method?

@James C.

What happens if you don't close the deal at all or if the auction is postponed but you are able to close it one day later? What happens then?

This is very helpful information from you guys but the main issue I have right now is putting all this info in chronological order. I've been spinning my wheels for 3 whole days now trying to figure out what I need to do next and after that and then after that.

@Carlos Zapata 

How am I supposed to negotiate a max sale price if I don't know that repair cost ahead of time? I could seriously underestimate costs and then end up signing the purchase to sale agreement on the property somewhere north of 65% ARV and I am screwed when I discover all these extra repairs. Is it possible to make an offer on the property over the phone and then go look around it during a scheduled meet up with the seller and then have to drop my offer 50k since repairs need to be factored in?

@Bob Okenwa

If I submit offers over the phone to sellers is it bad business to take a look around the property with a general contractor before signing and then drop my max allowable offer down by up to 30-50k for repairs with these Crazy Cali prices? I was considering using the contractors to do a walk-through.

Could prices be drastically different in a neighborhood just 10 miles away and I'd have to start this walk through process all over again?

There is good information in the book but I have hesitation with using his price ranges since I live in Crazy Cali and J Scott himself said this is an area where prices could be way more than the highest range for cost offered in the book. 

@Brian Pulaski

He sounded pretty legit and his website doesn't disappoint  http://www.psbuyshouses.com

So just call him up and ask if I can view his property? That sounds like a great plan. Is there a certain floor and ceiling on the type of place I should take him for lunch/dinner or am I way overthinking this? I tend to do that a lot!

Thank you guys for the advice

@LaVonna Shannon

I think my friend told me about something like this by Wells Fargo a few weeks ago. Take this with a grain of salt because I did no reading of this myself and not sure if I remember her words correctly but I think the requirement is you live in the same place for 5 years to get that grant. For me that's a big no-no because I don't know what I am going to be doing in five years. I would think you would want to move to a SFR within 5 years and I'm not sure if they would apply the grant to a multifamily but it is worth it to explore your options.