All Forum Posts by: David White

@Shawn Mcenteer 

stole the words from my brain. You've completed the hard part! Screw bird-dogging. You may want to partner with another wholesaler and do a 60/40 split until you're comfortable with the process from beginning to end.

I have come to the conclusion that one must leave their comfort zone in order to be successful in real estate.  Keep moving forward and when you hit a wall ask your questions or present your concern to the forums for assistance.  I think bird dogging could be a step backwards in your scenario because you already know how to find properties so why find them and give it away?  Will the person you are bird dogging for teach you how to get a property under contract and find a buyer?  

 Hi David,

Yes, although we are a turnkey outfit.

We are always happy to pay a $500 - $1,000 fee for any deal presented to us that we buy.

Thanks and have a great day.

Why bird dog for someone else? Bird dog for yourself. If you happen to get a good enough lead and don't feel comfortable trying to complete it on your own then take it to another wholesaler and ask them to help you close it and split the assignment fee. 

There are 2 schools of thought.

1. get everything perfect and start buying 20% down deals with perfect credit and saving money.

2. Do flips being broke and not the best credit.

I like getting money in the door and banking it.  With flips.

Wholesale and Lease option deals.

Flips can be accomplished while being broke? I was unaware that was possible. I thought driving for dollars while accomplishing a wholesale deal was the way to make money while using no money in real estate.  

Well, I've done straw transactions before some guru gave this aspect the name wholesaling, it's pretty simple as a process. The issue is that it is not a simple business to really be in exclusively in most markets. The other issue, is the way this strategy is sold by the gurus or others who hook on to others to facilitate deals, is that you really need to know much more about RE than they tell you to do it well.

So, saying what book on wholesaling, I'd disagree that one exists as you really need to know real estate, markets, valuations, rehab costs as well as the business your buyer is in to determine what a good deal really is. Most seem to run around as a birddog mainly, find something and then see if it fits some buyer's needs, in many if not most cases, you need to know if it fits a good business niche before you mess with it.

My suggestion is always learn real estate first, not marketing ploys concerning real estate.

Reminds of a rag merchant in a clothing store, the kid selling the suit, he'll grab the small of your back and fit the suit to you as you try it on, look in the mirror and....dang, that looks good, fits well. The kid knows nothing about the material, how it was constructed or about how it might perform if you get caught in the rain, but that's not his concern, he just makes you look good in that mirror. Pretty much why I don't see rag salesmen for a suit and I'll go to a tailor!

So, if you're really interested in RE, I'd suggest you start with RE, when you get that under your belt in about 2 weeks, figuring out wholesaling will be pretty elementary and you can move on to look for all kinds of opportunities instead of being a one trick pony as Brian Gibbons calls it. :)

Hi @Chad U. ,

I still average 2 wholesales a month when my heart is really in it, less when my band gets booked up!! 

I outsource my marketing to my other entity, 

I have a VA who helps me with the phone and keeps my database and contacts clean. This role is almost always filled by a BP colleague looking for a Mentor/Coach.

I have a contractor/buyer who helps me with a lot of my boots on the ground.

I do all of the negotiating and write my own contracts.

From the time the phone rings to a contract is usually 3 or 4 days although negotiation has at times gone on for months. On average I spend about 4 to 6 hours per deal. From the time the  contract is inked to the time I have a Buyer is usually about 5 minutes. I have exactly 3 buyers on my list that buy 98% of whatever I get under contract. Craigslist usually takes care of the rest.

@Ned Carey , I sure would like to hear more about your business model.....