All Forum Posts by: Cornelius Charles

@Jake Van Wickle

My coworker did it, but he house hacked a SFR and rented out the other bedrooms. My understanding is that the rent he collected on the other 3 bedrooms fully covered the mortgage.

I disagree that there are plenty of houses that can be fixed and flipped for a healthy profit.  There may be houses that need work, but getting an owner to sell at a discount is the issue in my opinion.  I haven't pulled the data since Coronavirus, but previous to that, there was only 2 month's supply of homes on the market.  Not much reason for a homeowner to sell at a discount when they can put their home on the market and sell it pretty quickly for a good price (assuming they price it correctly).  

@David Reo I'm not familiar with the Bay area, but in my area of Southern California, it's still a strong seller's market.   Hard to find properties that you can buy at a discount when seller's can normally get the price they're looking for by listing with a realtor (assuming they don't overprice it). 

Lol. you crack me up sometimes @Jerryll Noorden

Hey Bill. How's it going? Long time no see.  I don't have any input on a property manager, but i'll PM you a GC recommendation.  

Hey Andrew.  I don't think the problem with wholesaling in Southern Cali is the prices, but rather the real estate market.  If it's a strong seller's market, there's not much reason for a homeowner to sell their home at a discount. I've been stubborn and trying to make something work here in Ventura County for a few years, but we've only done 1 flip in that amount of time.  Most of the "leads" we get, we are usually off by over $100K of what we can offer the seller and what they are looking for. And for the most part, they can get what they are looking for by listing with a realtor.   I'm actually going to start looking virtually now. 

"Honestly man the most effective way is to just find 1 marketing channel and stick with it man. Direct 100% focus into that and guarantee you and wife will do just fine getting your first deal."

I don't agree with that.  What about market dynamics?  You're telling me that if someone in Southern California devoted 100% of their time and money to direct mail in the local market, that they will do just fine?  I think there's a little more to it than that.

@Dmitriy Bolotov

A lot of people have tried wholesaling in Southern Cali. We used to see newbie "wholesalers" come and go all the time at our local REIA. I would say aside from whatever competition there might be, one of the difficulties is buying at a discount in a strong seller's market. Not much reason for homeowners to sell at a discount when they can put their home on the market and get multiple offers (assuming they don't severely over price).

@Ainslee Yip Has talked to a house cleaner or two I believe. I'll let her know you have questions. 

@Will Sholy

We've done MLS, direct mail, Google AdWords, and SEO. I also recently started texting/calling FSBO's and for rent by owners, but mainly looking to buy on terms.

@Jerryll Noorden

Understood. But how much money/time will people spend trying to find the few motivated sellers in our market? Yes, i know that's where SEO comes in. :)