All Forum Posts by: Dev Horn

Yes, David.  I've given our Wholesale Accelerator course away to hundreds of people of BiggerPockets.  I just ask that you send me a Colleague Request and include your email address.  As mentioned before, this is 100% education, 0% sales pitch.   Plus we include the same Purchase and Assignment contracts (in Word docs) that we use to do wholesale deals...

"Don't let making a living prevent you from making a life." ~ John Wooden

Great questions @Jeff Deutsch - send me a colleague request with your email address and I'll give you our 3-video (YouTube) course of wholesaling, plus sample contracts. (ZERO sales pitch; pure training.)  We go step by step thru our process for meeting and negotiating with sellers, plus moving the deal over to your cash buyers...  People like this short course because it's very process oriented which is what I hear you asking... 

The signs simply go in high traffic areas near neighborhoods where you wish to invest.

As far as the call script, I think this article by Danny Johnson is excellent:

15 ESSENTIAL QUESTIONS YOU SHOULD BE ASKING SELLERS

This is a big issue here in our company, where almost 70% of our WeBuyHouses.com investors around the country are also licensed.

In general, I think it's a good thing to have.  If you don't want to list, you can still get referral fees.  If you get 10 motivated seller leads, maybe only 1 will be interested in your cash offer, but 3-4 will ultimately list with SOMEONE.

Regarding disclosures. in Texas, it's not bad at all.  There is no reason you can't buy houses for cash and also be licensed under a broker.  We do disclose the license in all our marketing pieces, and even have a simple clause in our contracts to disclose it.

Legally, there can be a higher bar set for licensed individuals.  But if you already act with high integrity, that should not be a problem.

If you let it go inactive, that's fine too, but I really think the referral and listing opportunities could make it worth keeping.  My 2 cents.

Best wishes!

If you are a serious cash buyer in Columbus, you should contact our WeBuyHouses.com office up there (Brooks & TJ).  Those guys are doing all kinds of marketing, and may offer wholesale deals.  If you want to explore the opportunity to work with them, call them locally at 614-763-6700.

12"x18" is small. People attach those to telephone poles. Please don't do that to the good people of Hampton, VA. In areas where bandit signs are not prohibited, our guys use a 18"x24" stand-alone sign which they put out on Fridays and pick up on Sundays. So, be sure to check and follow your laws, and be a good responsible neighbor if you use those signs. A lot of people HATE those things so be prepared to have them removed and disposed of. But, do they work? Yes, they can generate inexpensive leads and some of those leads can pan out.

@David Battle

Send me a Colleague Request and I'll PM you the text of my Probate Letter #1. It works and it does not offend (we never get angry calls about it, etc.). People that get good at working this group can do very well. It is one part of a larger REI marketing strategy. The deals that come via estates can be some of the best deals you'll find, so you're on the right path...

We send out a series of 3 typed letters on business letterhead.  It has a very respectful and straightforward offer to "convert real estate into cash".   Keep it professional, that's my point.

In every market, we mail (at minimum) to absentee owners with at least 40% equity and home values at median and below.  We use Listsource for the data.

We also mail to probates and some specialty lists such as tax liens, divorce, etc.

@Michael Quarles once posted this list of criteria, which I think it well conceived:

The three Lists I like are:

Absentee Equity

-- 40% equity or greater

-- 7 Year Ownership

-- 3-5 bedrooms

-- Single Family

-- No Corporate owned

-- No Trust owned

Equity Owner Occupied

-- 40% equity or greater

-- 15 Year Ownership

-- 3-5 bedrooms

-- Single Family

-- No Corporate owned

-- No Trust owned

-- Owner is 65 years of age or older

Mortgage Lates

-- 30 - 60 - 90 - 120 - 150 days late on mortgage

On Mortgage Lates the address supplied by the credit bureau is the sellers mailing address and property characteristics are not supplied.

PROPERTY DETAILS ~

3704 Astoria Dr, Arlington 76013 << click for map

4 / 2.5 / 2 ---- 2,374 sq. ft

This is a nice house is a super nice neighborhood with $200K+ homes and it's in decent condition.  Homes in this area are selling in 8 to 34 days on market (DOM). Arlington (TX) currently has very low inventory, so there is significant buyer demand in this area.

CLICK HERE FOR  PHOTOS OF 3704 ASTORIA 

ARV RANGE CALCULATION:

CMA is available via email.

At the average $96 per sq ft the ARV on this house is $227,900

At the lowest comp of $88 per sq ft the ARV is $208,912

On TAD at 178K:

REPAIRS:

ROOF replaced ~2005 looks good; foundation piers placed a few years back with transferable warranty. Water heater looks good; all kitchen appliances work.  The living area is nice (seller updated it), with modern textures & colors.

1) Needs outside AC (condensing) unit - 5 Ton 13 SEER; inside unit it brand new

2) One bathroom needs bathtub faucet replaced and redo tile/wall

3) Needs flooring throughout living & bedroom areas

4) Some hairline cracks along seams in a couple of rooms - nothing major

Outside the driveway is pretty cracked up, but I wouldn't fix that.  Most driveways in this area are in similar condition.

Seller has a contractor estimate to repair the HVAC - range is $1,500 to fix it up to $2,500 to replace outside condensing unit and upgrade entire system to R410a. That's the most major repair needed, and it's not outrageous. The second most needed repair is the #2 bathroom needs faucet & tile replaced - you'll see that in the photos...

Other than that, it's a simple cosmetic rehab (flooring, paint) ~ estimated at $15,000 for a complete rehab to get it to the higher ARV range.

This house is in good enough condition, you could probably just fix the AC and the bathroom and sell at close to retail, to a buyer who would be willing to do the cosmetics for sweat equity...

PRICE:

$157,500, so there's at least $50K to work with...

Close date: Between 8/10 and 8/14

Please let me know if you are interested:

Dev Horn
We Buy Houses Arlington (TX)
(817) 779-7755
[email protected]