All Forum Posts by: Haitham Abbasi

wow I didn't mean for that to get so long sorry :)

In my experience if you want to wholesale successfully the number one skill that you need to figure out is how to find great deals (which doesn't mean it's the first but it is up there). The numbers have to work on the property either as a fix and flip or a rental (preferably both). There isn't an investor in the world who will touch a property that the numbers don't work out on. The way I make sure the numbers work is by taking the ARV (after repaired value, found by running comps on sold properties from past 90 days get a realtor on your team to do this) times .7ish (this is the amount that the average investor in your area wants off of ARV. in this case 30% but it can be as low as .9 in fast markets) minus the renovation costs (have multiple contractors give you bids if you are new) minus what you want to make and that equals your max offer. (ARV x .7) - reno - paycheck=max offer. then you offer less then that to open so you have negotiating room. If you can find deals where these numbers or rental numbers work on everything else is easy because you are providing massive value offering this to potential buyers.

For a first step IMHO would say find a realtor, then find a couple cash buyers (investors) and then start finding deals.

I don't know about everyone else in the Phoenix, Arizona area on BP, but I've seen a lot of competition amongst wholesalers. I get calls from a few wholesalers every month who want to start wholesaling properties or are new to the game, but they don't seem to have a lot of great deals. My family's companies have flipped hundreds of homes, yet we seem to deal with the same small group of wholesalers that we've been dealing with for years. Not to discourage you, but I'm just maybe giving some reasons I've seen that wholesaling is slow. There just aren't huge spreads on flips these days, and although very recently we've been seeing this start to change and flipping come back, it's slow. As an example, one of the largest wholesalers in Az that we've worked with for years just told me he sent out a direct mail distribution, and had mailers going out to almost half a million residents in Phoenix. His experience and economies of scale allows him to get a lot of prime deals because he reaches out to so many. Have you tried identifying top wholesalers and trying to connect with them and help you get started? Maybe if you can prove yourself valuable to them and their business they'd be willing to help get you started.

@Haitham Abbasi

If you don't have any cash, then you are not an investor just yet.  Most agents' definition of an investor is someone invesets their money in real estate.  Trading time for money would be a job or a service.  Investing means having your money work for you.  That's probably why you are having a hard time having an agent call you back.  Are you wanting to wholesale?

@Haitham Abbasi

Go ahead and get your financing in place.  Do you have any cash you plan on putting into a deal?

@Haitham Abbasi

Do you have financing or cash in place yet?

Try looking on realtor.com or other sites for vacant homes that look like they've been rehabbed and see if you start seeing the same agent or two over and over. 

You could also look for local investment groups. There are usually agents in the groups that work with investors, or other investors that can recommend an agent. 

Also make sure they aren't prequalifing you and you sound like a dead lead. Make sure they know you are a real investor with real money that will turn into deals for them. 

Usually when you call an office and ask for someone, then will give your info to the next on line - which is not always the best person to work with. 

Hello,

Yes, that is a sign to find someone else.  A good agent will get back to you within minutes.  In this business you need an agent that is motivated to help you.  The best ones are agents that are investors as well.  They know the importance that time is money.

Good luck.

Melissa

Will you be going with cash or financing for your investments?

If you will be financing, start with getting approved by a lender.  The lender - especially a mortgage broker - should be a great source of investor friendly agent referrals.

Hi Haitham,

  As I still joined this forum and Its my first response in this forum. Its not a good sign that you don't get any response from whom you contact. But it is also the possibilities that they are busy in other stuff. 

So I will suggest you that you asks others too and if they response you in the mean time you can also contact with them.

Hope this will give you an idea.

Have a great day :)

-Rob