All Forum Posts by: Damarius Gilbert

Word of advice, Don't wholesale REO properties.Unless you have proof of funds, a large earnest money deposit, a buyer right now, or the ability to close yourself and wholetail. Its not wise to try and run game on a Bank who will have more money for legal fees than you do.

 I made a crap load of mistakes in the beginning too. Just keep looking for an experienced wholesaler. Ask them for proof of deals they've done. I have a binder of all of mine. If you cant find any, send out marketing and find your own deals. No reason to complain then. Most big flippers here don't get their deals from wholesalers, they market for their own deals. Than you wont have to pay a hefty wholesale fee =) 

I haven't been on BP much lately, but I'd like to share this. For all you new wholesalers out there. Wholesaling off the mls is totally possible. My partner brought this deal to me. He is flipping a house down the street and seen a realtor sign on a fixer upper. Home was listed for 87k. Which was already a decent deal since the area would do 120k easily. But the home needed work. I called up the realtor, and scheduled a showing for that day. I gave a lowball offer of 65k. He was adamant about seller not accepting lowball offers but I told him to do it anyway. I told him to let seller know its a cash offer and she had no chance in hell of getting 87k. word for word. So after a day of back in forth, seller wouldn't give in, and  he reduced price to 78k on mls.  A day later, he called me back and said seller would do 65k but she wasn't happy. I signed the offer, she signed, I had it at my title company within minutes. This one I was going to fix up a little and wholetail it. But I'll just wholesale it. ( I just ets army and started college so I could use the quick cash ) I pitched it to my first buyer and he wanted it without looking. If the numbers work, who needs to see it. First lesson: when you driving be on the look out for the eye soars that stand out in nice neighborhoods. 2nd lesson: don't be afraid to put a lowball offers through a realtor on a property listed. 3rd and most important lesson: MOVE FAST. I knew that home ,on mls at 78k wouldn't last long. I had that sucker signed and earnest money at title asap, seller got another offer at 78k after I literally dropped off contract and earnest money. You have to have more hustle if you going to beat me. Happy Hunting!!!

@Jerryll Noorden @Eric James it’s not for the weak hearted. I see it all the time here in El Paso. People get the I want to be an investor bug than disappear after a few months. Takes time and money. Gotta stay motivated when you getting deals and when you not getting deals. Continue to market through dry spells and be flexible. Sometimes for me, craigslist works better than direct mail. Than craigslist stops working and all my leads start coming in from direct mail. 

Just put “and or assigns “ after your name or use a one pager that simplifies everything. ( bp files place)

1.Direct mail you will get more bang for your buck . 

2. All the money is in the follow up. 

LLC is not necessary but it gives me comfort. You can buy subject to and owner finance deals and have title in LLC. Private and HML don't care if they lending to an LLC. They want to know when do I get my money back and what interest rate and points up front I can get in mean time.

before you go looking for deals, you should already have a buyers list. Worst case scenario you lose your earnest money and create a bad rep for yourself. If it's a sure deal as in 70%-repairs and minus your wholesale fee is the sales price. you shouldn't have a problem. Sign it and take it to title with at least two weeks till closing. If it doesn't meet that criteria. My 2 cents you setting yourself up for failure and screwing the seller because you have no intentions on closing the deal or know anyone who is going to.

yeah you definitely need to 10x those 40 post cards. Ask yourself would your competition only drop off 40 post cards.Dont  get discouraged ,you really have to hustle and grind to get deals. Wholesalers experience droughts, if this what you really want to do you won't quit. Your strategy is probably off, you need to find really distressed sellers. If you sending a post card to someone who is not in a distress situation, they're not going to call you.Preforeclosures,absentee homeowners with crappy properties, and driving for dollars,, to find those properties that's not going to be on a list

I use my LLC, it gives me comfort.