All Forum Posts by: Jerry Puckett

@Mike Schorah

Convenient, but not necessary. Without good SEO, it will be useless as a lead generator. There's very little you actually need to wholesale; but you do need to find a way to let people know who you are and what you do. Someone like @jerryll noorden could set you straight on the most effective use of a website.

I've had several 4 ton units installed at around 6k in the DFW area. That price doesn't sound unreasonable at all considering labor for both inside and outside. 

In my opinion, when it comes down to brass tacks, it comes down to teeth. A JV is basically an unenforceable agreement willingly entered into, that simply spells out the basics, assigns tasks, etc. Similar to an operating agreement, the purpose is to have everything in writing so that when something comes up, how to handle it is already spelled out.

JVs can just as easily be dissolved. If one party wants to walk away, the agreement is ended. 

An LLC on the other hand, is a legal entity with rules, obligations, costs, expenses, tax liability, etc. A good JV can become the basis of an operating agreement if it's written well. An LLC must be registered, a JV not.

I JVd with my current partner for two years on various deals. It was like a trial run to take each other's measure...to see if the other would willingly live up to the agreement. It went so well we formed an LLC, made capital contributions, and own property together. If you are just working on one deal at a time with multiple others, a JV is a great way to temporarily partner up. If there is going to be ongoing activity, if it's a Business rather than just a deal, an LLC keeps everything straight.

Hope that helps. Use case matters. I wouldn't jump into an LLC with someone I did not know well. A JV gives you time to learn.

I blame the popularity of HGTV :-)

"The Property Brothers" and "Fixer Upper" ruined expectations for newbie flippers (everything easy, quick and profitable).

"Love it or List it" ruined expectations people may have of Agents or their own ability to renovate. 

And "Million Dollar Listing" ruined expectations for potential Agents, thinking it's all glitz and easy money.

These appearances are pervasive and has had a huge effect on buyers, sellers, flippers, Agent and Brokers over the years. It's funny that you mention the sleazy, greedy perception. In times past, that view was reserved for wholesalers and Flippers whom HGTV have made heroes of. Mean time, reality catching up to perception has led to some disappointment among clients who expect Agents to be Supermen, and Agents who have found that it's not as easy as it looks.....ust to be average. 

Quote from @Shera Ewing:

I read multiple books that say you don’t need any money upfront for advertising. You just take advantage of places like social media, Craigslist and etc. For me, that wold be the way to go since I’m just starting out and was one reason wholesaling was attractive. What are your thoughts?

I know you did not address this question to me, but I can tell you that craigslist, while occasionally useful is just never going to give you sustainable income. Social media, while again, occasionally useful, will also not bring you the steady stream of leads that you need. 

What Jay and others have said about it being hard work is absolutely true. The hardest part by far is talking to enough people to get something done. Without a reliable method of letting many people know who you are and what you do, you simply won't get enough traffic, then you'll burn out. I've seen this hundreds, if not thousands of times over the years. That method, I call it a marketing machine. It can have many different components (channels), but needs to be persistent, consistent and reliable.

 While nothing is impossible, I believe the more persistent and consistent you are, the "luckier" you get. "No Cost" RE is something of a unicorn, while "low Cost" RE is a repeatable process with a much higher success rate.

You're only off by 400 square feet. If the rest is comparable (beds, baths, etc), if the neighborhood is the same, you make the allowance by breaking it down to price per square ft, then multiply by square feet of the subject. If you need to make some adjustments for any of the afore mentioned factors, do so then. But no....I wouldn't drop something because I can't find a comp.

I know a number of appraisers who use a method of choosing comps in similar neighborhoods if they cannot find anything nearby, using the year build, etc. When all is said and done, the number you working towards,value, while you want it to be accurate, is somewhat subjective. Determining what value someone places on a thing by knowing what someone else paid near by is not an exact science. 400 square feet is an issue if the number of beds are different, or going from sub 1000sqft or over 2300 sqft or so (in my area). 

Be as conservative as you can, don't inflate, don't lie to yourself or others. 

It has served me well for over a decade. Started from scratch, learned how to find the deals, then how to sell them, then how to KEEP them. Wholesaling alone is not going to make you wealthy or build wealth...But I haven't made less than 6 figures since 2009 when I was a bartender.

Hi @Jefferson Harmon

Just remember, there are only so many ways you can ask someone if they would like to sell their house. If there is a "trick" to it, it's to be sincere, no BS "me and my wife are looking for a new house" "I buy houses like yours all the time" (unless you really do). Focus on the benefits you have to offer vs the features of a quick sale.....and just be yourself. The real work happens later when you're talking with the seller. No letter will close a deal for or actually get you to the kitchen table. Expect no more from the marketing than to create opportunities. 

Hi @Jennifer Diaz

In my humble opinion, what you are talking about is similar to a TV commercial. I have some very strong opinions about non opt in texting for starters....it's just barely legal and skirts the spirit of the law. There is simply no way to pose the conversation naturally, and I can tell you that people's phones, texts especially are viewed very negatively as unwanted spam that invades the personal space. So....let me ask you. How would you feel if you were pinged many times daily only to find someone you don't know trying to talk to you about something you didn't ask for? 

I personally get annoyed when I'm part of group or community thread where people spend an hour shooting thumbs up and smiley face emojis back and forth at each other long after the important content has passed. As more and more people use text to spamvertize, the tools invented to circumvent will grow too as folks are desensitized to the bombardment. Cold calling is already a mess because people usually don't pick up numbers they don't know, and rarely listen to their voice mail. That's my 2 cents, hope it helps.

You need three people:

A seller willing to sell.

You to write contract and assignment and

A buyer who pays you a fee for taking over your interest in the contract.

Attorneys, only if your State requires one to close, but that and or the title company used can be the buyers decision and not strictly necessary.

Hope that helps