All Forum Posts by: Jake Martin
Jake Martin has started 2 posts and replied 19 times.
Post: New Western's NDA ? I am looking at working with them .
- Flipper/Rehabber
- St Petersburg FL
- Posts 23
- Votes 3
Quote from @Kenneth Rockwell:
I wondered about that myself, I've seen at least 3 listings from other wholesalers that suddenly showed up with New Western at 20k-30k higher. I've looked at a few they've listed but the numbers never seemed to work, at least for me.
One this year, asking 115 and described as needing 'cosmetics' with ARV 150 - when I looked at, I came up with minimum 25k to make rent-ready, with recent sales on the block between 90k-120k. Maybe the numbers would work for someone else, but my rental standards are a little higher (eg. for me, drop ceilings are alright in a finished basement, not an upstairs bathroom or kitchen.) Plus many townships require grounded outlets in bedrooms, I'll install a GFI in a pinch but better long-term to just run a couple new outlets. If I couldn't see possibly living in it, I'm not going to try to get someone else to. So for me, the numbers simply never worked at the prices they were asking.
Yes you can see my reply earlier, I worked there for years. They are not wholesalers, they are a dispo company. They just sell other wholesalers deals. They do not get direct to seller deals. If you just get on Investorlift and Facebook groups, you'll see all their deals a week before they send them out, and for much less.
Post: Is It Possible To Successfully Wholesale In Tampa Bay?
- Flipper/Rehabber
- St Petersburg FL
- Posts 23
- Votes 3
Quote from @Benjamin Blackburn:
@Jake Martin unimpressed about what?
The deals are as bad as it gets from a wholesaler in our market unfortunately. 100k spreads with grossly underestimated rehab costs. I don't respect people/companies who send out bad deals. It either means you don't know how to do deal analysis, which means you shouldn't be in the industry. Or you know its bad and you're trying to sell someone a deal they will barely make money, breakeven, or lose money on.
No respect for either one
Post: Why do so many Wholesalers have such a problem running numbers?
- Flipper/Rehabber
- St Petersburg FL
- Posts 23
- Votes 3
Quote from @Cornelius Garland:
Quote from @Nick C.:
Because wholesalers are not real estate investors. You can't run accurate numbers if you're not an investor yourself.
I disagree strongly with this and I'm going to assume you haven't wholesaled, correct? I've been part of many 7-figure wholesaling operations working as a partner and marketing director, and while there are not a lot of them, there are several companies operating at a high level. One operation I worked with invested $40k monthly in their marketing and I was responsible for allocating these funds efficiently. Additionally, wholesaling is merely one exit strategy. Honestly, the majority of flippers I work with wholesale plenty. They cannot flip every deal or pass them to an agent because the margins are too thin on a 3% commision.
This type of rhetoric really discourages individuals who may not have the starting capital from a trust fund to jumpstart their rehab or rental investing operation.
In short, a very lazy answer Nick.
I disagree man. Two things, If someone has never flipped a house they do not know how to budget a rehab. To be honest the only deals I've bought from wholesalers are when they mess up the ARV and think its lower than it really is.
And one thing I always go back and forth with wholesalers is, just because you assigned a contract doesn't mean it was a good deal. Just like any industry there's a lot of people flipping houses that do not know what they are doing. People spending 6 months on a house to make 30k 40k 50k. Less than 10k a month before taxes? Not sure how that excites people
Post: Is It Possible To Successfully Wholesale In Tampa Bay?
- Flipper/Rehabber
- St Petersburg FL
- Posts 23
- Votes 3
I'm actually a buyer looking for new wholesalers to get deals from. But every time I post something like that, its taken down. Figured I would try this to see if wholesalers in the area would respond. Do you know anyone in the area?
Post: Is It Possible To Successfully Wholesale In Tampa Bay?
- Flipper/Rehabber
- St Petersburg FL
- Posts 23
- Votes 3
I'm actually a buyer looking for new wholesalers to get deals from. But every time I post something like that, its taken down. Figured I would try this to see if wholesalers in the area would respond. With that said, I'm on your list already. Unimpressed
Post: Is It Possible To Successfully Wholesale In Tampa Bay?
- Flipper/Rehabber
- St Petersburg FL
- Posts 23
- Votes 3
There's so many wholesalers here, so much competition. Has anybody had success wholesaling in this market?
Post: Why do so many Wholesalers have such a problem running numbers?
- Flipper/Rehabber
- St Petersburg FL
- Posts 23
- Votes 3
You don't need an education, certifications, qualifications to wholesale. Industry like that doesn't attract the best talent. Most of them aren't agents with access to MLS to properly run deals. Most of them have never flipped a house so they have no idea the cost of reno and how many things go into it. They've never got a hard money loan and see how costs are associated with that.
Post: New Western's NDA ? I am looking at working with them .
- Flipper/Rehabber
- St Petersburg FL
- Posts 23
- Votes 3
I worked there for years. The NDA is the least of your worries. The deals are bad but on top of that they double close and make you pay their front side closing costs. They also have hidden fees they put in the front side closing costs. Bad company bad people at the top. Don't worry about the NDA, but don't buy from them. Also all of the deals are from other wholesalers or MLS. Get on investorlift or facebook groups and you'll see all their deals before the send them out
Post: I’m seeking wholesale properties for sale.
- Flipper/Rehabber
- St Petersburg FL
- Posts 23
- Votes 3
Quote from @Janetah Bailey:
I have an off market property in Lakeland, Florida that’s available now. I also have land and in Ocklawaha, Fl with a mobile home. Let me know if you want more details.
If you are wholesaling, I'm a buyer in St Pete. Contact info is on my profile, or message me
Post: I’m seeking wholesale properties for sale.
- Flipper/Rehabber
- St Petersburg FL
- Posts 23
- Votes 3
Quote from @Andy Tack:
@Carlo Camargo Are you open to vacant Land?
If you are wholesaling, I'm a buyer in St Pete. Contact info is on my profile, or message me
If you are wholesaling, I'm a buyer in St Pete. Contact info is on my profile, or message me