All Forum Posts by: Gabriel Amedee

Just from your statement about competition pushing you away, I really feel this desk job is well cut out for you. I would just stick it through at your job and save up enough to buy a couple multi-family's or expand your knowledge and connections to the point where you can syndicate one large commercial deal and make a living off managing the investment and your investors. Don't know anyone who didn't go through times of agony and pain before acquiring success. I'd be happy that these times of pain involve sitting on a rolling chair in some nice AC. Start living off ketchup and bread now so you can save more money faster and quit your job faster. Hopefully someone else can chime in a more appealing route for you. Best of luck and happy investing!

Hey Jason A. ! I'm a wholesaler and just wanted to give you my input. I don't know about New York's market but down here in South Florida there are MANY wholesalers advertising properties that they do not have a contract for so I would rank that as the first question. We have many wholesalers contact us asking if we have a buyer for their properties and I always make it clear that I will not show it to any of my close buyers if I don't have a contract for it. A mess of things can happen when the wholesaler has 2-4 other wholesalers in between him and the buyer. Save yourself that headache. In regards to the assignment fee they're making, I personally think the wholesaler should just tell you as you'll see it regardless at closing. I've yet to come across an investor who refused to purchased the property after hearing our assignment fee and we've had assignment fees that reach 20k+. Why should what we make influence the worthiness of the investment? Negotiation is a tricky subject because there are many new wholesalers who will put properties under contract at just below market value and only have room to make 2-5k which makes negotiation impossible. Regardless even when there is a big margin I've never negotiated the price down from a wholesale but have had times in certain zip codes where investors bid and it leads to a higher price. It just depends on your market you're in. Hope I provided some sort of insight and hope someone from the other side chimes in. Happy investing everyone !

@JM I. It's a duplex and you're taking out an FHA loan, that's not a common situation to expect cash flow in, at least from the deals I've reviewed in the past two years.

If your monthly expenses will be less with this property then that in itself makes it an enticing deal. The monthly cut in expenses could be seen to some as a cash flow. You're saving "x" amount every month.

I'd also consider how much you value your time and what that extra time you will be saving will accomplish. Remember time is money and you should treat it as any other currency. Maybe all of it will go to running the property but that is your call to make. 

From an investment aspect you want to look at it strictly as a rental property, as I'm assuming you'd eventually move out and rent the other side. Many investors here in Miami don't ever see rents equaling 1% of their purchase price although that seems to be the mark you'd want to consider aiming for. This would mean negotiating purchase price to 312K would be ideal (not sure how feasible).

Hope that provides some food for thought. Hopefully someone with more experience than me chimes in and corrects anything I may have overlooked.

Hey @Avrohom New ! 

I know my mentor's contractor has worked with wood frame buildings. Can get you the contact if you'd like.

Wholesaler from Miami, FL here! Have a cash buyer who I've worked with extensively and would like to do rehabs closer to home. 

The ideal property would be: 

3/2 

Single Family 

Under $325,000

In the zip codes: 33322 , 33323 , 33351 (West of University Dr)

*** Off Market ***

If you have any property under contract that fits this description or similar please reach out to me. Buyer is looking to purchase 3-5 properties at this moment in time. Thanks!

Should consider BRRRR strategy if you haven't done so. Seems like a good project to do but definitely get a clear estimate from a trusted contractor. Best of luck !

Hey @Douglas Mack ! 

I don't have much input on this as I've only resided in Miami and don't see myself leaving this beautiful city BUT I did come across this article the other day and found it quite interesting. Believe it provides some info you'd find useful! 

Best Places to Invest in Real Estate in Florida

I personally do not have a license but my partner holds one and is an agent for a brokerage. We have a separate LLC where we can utilize the MLS to get records on homes as well as comparable sales. Also helps identify if the home being brought to us is on the MLS or has been in the past, a big indicator of motivation of the seller.

When we do meet up with a seller to discuss contract details, my partner must and does disclose that he holds a license but is not representing anyone during this purchase and is solely a buyer in this transaction. I typically go alone to execute the contract when we get the feeling that the certain seller has an illogical hate for realtors, which happens to be many FSBO's here in Miami.

In terms of intertwining the two businesses, my partner does not typically blend the two as of now. If we come across a deal that the buyer wants top dollar then he takes it as a listing under his brokerage and if he comes across a seller during his marketing that wants a quick cash exit then we'll wholesale the deal. My partner and I are great friends so the money always balances out between deals that roam from one company to another. 

Before the year ends we plan on undertaking our own rehab within this LLC and we'll have to plan out how compensation will work due to the fact that he will be listing all the deals of our fully renovated projects.

Hope this helps! Feel free to reach out for any other concerns regarding this topic.

Jordan Santiago What's going on Jordan! We've done this a couple of times and I just want to share that we've noticed every time that both the investor and the seller have a negative comment when they see a double assignment in the contract. Down here it's referred to as a daisy chain and not welcomed by some investors. If I were you I'd try to negotiate a joint venture agreement between you and the other wholesaler. We typically only work with wholesalers we know quite well and trust so if you don't know these wholesaler's I'd play it safe with just doing a double assignment. I highly advise you connect better with wholesalers in your area. It's much relief to know I have two wholesalers I can trust so well that I just send them the buyer and know I'll get my commission at closing rather than having to fill out extra paperwork and play middle man. Best of luck and feel free to reach out if you have any other questions! Happy investing everyone

Charlene Garrison what business are you in specifically? I currently wholesale properties and have been to the drawing board several times on how I could automate our business so that it can run with little to no supervision but it always comes down to hiring people who could eventually and easily leave to do the business themselves or on the side with our leads. I have a mentor who I work side by side with and he has fully and successfully automated his fix and flip business. He has a team of agents who search for properties on the MLS while reviewing the off market deals I send them. Agents do not pull trigger on property without his contractor reviewing the property and also giving it a thumbs up. Rehab begins days after closing and the team of agents begin to prospect for next home and then advertise rehabbed property 2-3 weeks before it is ready. Property is sold and the team moves on to the next one. The man only visits each property twice and is typically doing 3 at a time. It is quite amazing to witness.