All Forum Posts by: Brandon Krieg

@Andrew Earle - Do you have local networking groups in your area?  If so, go there and tell THEM what you told US.  If it's a well-attended group, you will have some interest (or maybe you'll know someone who knows someone).  The mechanics for wholesaling are fairly simple.  

Since you already have it under contract, you would need to assign your interest in the agreement to your end buyer, and they can close the deal from there.  This assumes the paperwork allows for assignments.  Feel free to message me for more details.

@Nick Quarandillo - This is a huge decision.  I think it breaks down into a couple of different pieces.  The first is your decision on whether or not to finish college.  I went through some un-fun parts of school as well, and was glad I pushed through in the end.  I think this varies on a number of fronts, and without knowing more, it's hard to say whether you should stay in or not.  I won't assume to know what's going on in your life!

I CAN speak to investing at different points though.  I have invested when fairly young and quite broke.  I have also invested when I had a bit more stability, and money to work with.  Starting young, without a lot of money, is HARD.  It is not impossible.  I did it, and many others have.  However, if you pursue this path, be ready for some lean times, a lot of uncertainty, and added stress.  Investing when you have some income/life stability is much easier and more enjoyable.  

If you commit to the real estate path, be ready for the grind.  You will likely have some amazing experiences, and learn quickly.  But it is not easy. If you're going to commit, be ready to work for a while before seeing results.

If you want to go this route, commit to learning a lot, as quickly as you can.  If you're looking to wholesale (you are in this forum, after all), talk to other successful wholesalers near you.  Take a class locally, or if it isn't available, check online.  Look for local real estate groups around your area, so you can find good contractors, realtors, buyers, etc.  You'll need all of them.  Read books on rehab costs and buy and holds.  If you do all of that, and want next steps, send me a private message and we can talk more.  (:

@Deshawn Jackson - Based on what you're saying, I might recommend a 1-2 punch combo.  First, grab evernote for quick note taking.  Then, get a CRM like Podio (or one of the others) to really organize it.  That way, you won't drop the ball when a lead comes in.  I recommend creating a category for 'when to follow up' with each lead.

@Shavaun Swygert - If you do a google search for the property, you will quickly find if it's listed. It would be on the broker's site, as well as any local MLS sources. If it is FSBO, you may have a better shot at it, because not as many investors scan those sites with regularity.

Sounds great @Darrell Paden - persistence is key in this business!

@Olivia Rojas - I have always found the best success by consistently attending in-person meetings.  People like to work with people they know and trust.  If you pick a few local meetings (I'm sure there are plenty in Columbus), go consistently and network regularly.  If you are persistent, you will develop a solid buyers list quickly.  AND, they will actually pick up the phone when you call them with a deal!

@Darrell Paden - There is no magic formula.  For the After Repair Value, you want to figure out a likely range of what your house will sell for after you make the repairs.  The market is the best estimate of that.  So, you bracket your subject, and then make educated approximations based on home condition, location, amenities, etcetera.

It is not easy to get MLS access if you are not licensed. In fact, most (if not all) prohibit sharing login credentials. Your best bet is either to A) find a friendly real estate agent, who is willing to find comps for you, or B) use publicly available sources, such as state/county records, or online places like Zillow/Trulia/Redfin etc. Just double check any information you get off of those sites, because they are notorious for not being accurate.

@Shavaun Swygert - Unfortunately, I agree with @Nick C. - If it's already listed, you probably won't be able to add much value as a wholesaler. The key to a good wholesale deal is finding something OFF market. Once it's listed on the local MLS, every investor in the area can see it.

This is one of the reasons I have never wholesaled anything off of the MLS. To me, it's like buying a a TV that is widely advertised for $300, and then trying to sell it to someone else for $325. It's just not a great deal for the end buyer.

@Alton Williams - Lots of good points on this thread so far.  I especially like driving for dollars when I KNOW buyers are looking in a certain area.  Say, for example, you have a couple of buyers that love to purchase rentals from neighborhood X.  Mailing to that neighborhood is a great idea.  However, why not do both?  

By being in the neighborhood, you can talk to neighbors, mail people, and more.  You can see the houses that don't look taken care of.  And you can see when an area is trending up or down, especially if you visit it over time and take good notes.

People love tech, and I do too.  But a hands on approach is a great way to understand the market, and find deals that others miss.

@Darrell Paden - Awesome question.  To calculate your after market value, you want to focus on SOLD comparable sales.  Ideally, the comps should be as physically close to your subject as possible, with nearly identical features (square footage, house style, amenities, etc), and sold as recently as possible.  So the ideal comp is a carbon copy of the subject, located next door, sold yesterday to a typical buyer with typical exposure time and no sales concessions, etc.

Of course, in the real world, that is easier said than done!  So, you want to get as close as possible.  Remember that every step you get away from the ideal, the less reliable your results become.

One good method is to 'bracket' the subject.  Find a house that you know is worth less than the subject will be after the repair (say it is smaller, has less desirable features, etc).  Then, find a house that you know is worth MORE than the subject (larger, nicer finishes, better location, etcetera).  This becomes your bracket of value.  Then, within that range, try to narrow to the best of your abilities using your available comps.

Also, if the house needs work, understand that different levels of upgrades will get you different ARVs.  Homes with tile showers, granite countertops, and hardwood flooring will often sell for more than those with fiberglass showers, laminate countertops, and basic carpet.  So, understand that different repair levels will get you different ARVs, and plan accordingly.

Does that help?