All Forum Posts by: Colby Hager

@Melba Chambers I know there are wholesalers that I would stay away from. I’m sure there are those where you invest that you should stay away from as well.

As with most things, there are bad ones and there are good ones. At the end of the day, the numbers have to work for you and your goals with the property. As was mentioned before, any deposit should go to the title company, not the wholesaler. They don’t get paid until the property closes. I would be less concerned that the seller knows what’s happening. That shouldn’t affect you one way or the other.

Ask the wholesaler for references of other investors he/she has sold to. They should be able to provide them.

I know if someone asked me for references, I could provide plenty of investors who love me because at one time or another I got them a deal they did well with. If you talk to investors who legit bought houses from a certain wholesaler, you can verify that the wholesaler isn't giving you phony references ie. verify names with property records. Then, ask those investors if the ARV provided was accurate. Ask if the repair estimate was accurate. Not because you want to trust the wholesaler's numbers...don't do that. But because it goes to show if the wholesaler is looking out for the investor by trying to give an accurate portrayal of the deal they are offering.

@Zachary Peek to quote Dave Chapelle, Sometimes you gotta race.

@Zachary Peek When you say you want to make real estate/investing your full-time gig, what aspect of real estate or real estate investing are you thinking?  Where and how you start depends on what aspect you want to focus on.

Being an agent is great and can help a ton, more than most investors who aren't an agent ever realize.  However, if you want to focus on the investor aspect (flipping, owning rentals) being a real estate agent can lead you down a path of thinking like a "traditional" real estate agent.  These guys don't understand flipping, rentals, or generally being creative when it comes to real estate.  (there are great agents out there who understand all this so please, no one get mad at me) Most real estate agents don't make the kind of money you have been making and most new agents wash out.  So there's that.  

Regardless of what aspect you want to focus on, you can do any of it on a part-time basis while you learn, get started and get established.   Let us know what areas you want to focus on. 

@Benjamin Nwankwo your suspicions about lists are spot on. Trust me, those people are inundated with letters and post cards. Not to say it can’t be done, it can. It just takes dedication and a serious budget to mail with the quantity and frequency necessary to regularly produce enough leads that will lead to deals.

In my opinion if you want leads right away, get a website, optimize it to CONVERT traffic, and get started with PPC. AdWords and Facebook. Not sure what your monthly budget would need to be in your market. I would think it would at least need to be 2-3k per month if you are serious about getting deals.

Best of luck!

@Todd Fullerlove haha ya that’s heavy all right. Keep us posted man and good luck either way!

@Todd Fullerlove is it a heavy rehab?

@Todd Fullerlove if you can lower the price and still make money it’s a win.

You can take your money off the table and move on to the next one.

You should be proud of yourself for getting your first one done. You’ll always remember the first one.

On the other hand, if you got such a good deal, it might be the time to knock out your first flip. The same wiggle room you have to make money on the wholetale is wiggle room you will have for the mistakes you will likely make on your first flip.

This is honestly a really good way to start your first flip. You have some “learning” room without as much risk of losing money.

Keep us updated if that’s what you decide

@Todd Fullerlove curious...if you lower the price, to sell quickly, are you still going to make money?

@Austin Lee use the TREC 1-4 for the purchase. The assignment document can be very generic. You can find one online or more than likely ask the title company you are using if they have one you can use.

Good luck!

@Teonia Riley If you are concerned about keeping the cost of your list under $100, I Definitely would not be mailing postcards.  You have to mail thousands in order to have a reasonable expectation of finding a deal.  Could you get lucky and get a deal by sending out only 500?  I suppose. 

If it was me, and I was concerned about my budget...I wouldn't be buying a list.  There are plenty of ways you can get decent lists without having to pay for them.  Drive for dollars, code violations, water cutoffs etc...Then mail these people handwritten letters.  Skip-trace the ones that get returned.