All Forum Posts by: Jason Thompson
Jason Thompson has started 51 posts and replied 210 times.
Quote from @Jesse LeBlanc:
I made a video for wholesalers explaining how to get around a non-assignable contract. Long story short, simply have an amendment changing the buyers name from yours to your end buyers name, have a side contract with your client/end buyer which is basically an assignment without it being called an assignment. 🤘🏼🦾
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@Jesse LeBlanc Thank you for the advice, could you send me the link for your video to my inbox please? I really appreciate the advice.
I am trying to establish myself as a virtual wholesaler in NC through agent outreach. I have reviewed the standard APS, and a section explicitly states the contract cannot be assigned. Through the agent outreach method, would it be better to submit an addendum to the standard APS stating I have the right to assign and I intend on making a profit or would a double close be the better approach to leave the agents on a need-to-know basis? THank you, and I look forward to any help anyone can provide me.
Hello, I wanted to see if anyone is currently using a mass SMS service for lead generation such as Batchleads, Sendhype, Astroblaster etc? What has been your experience with them, and would you recommend using them? Thank you and I hope everyone is having a great week.
I am looking for some recommendations of websites for true for sale by owner not flat fee MLS for sale by owner, does anyone have any suggestions?
Post: Large scale wholesalers you use for disposition
- Posts 220
- Votes 67
Quote from @Timothy Holden:
Quote from @Jason Thompson:
@Timothy Holden I have been wholesaling for a while now, no problem putting contracts together at 70%arv I am struggling with dispo, I have used Keyglee, Newwester and other local companies with little luck my cancellation rate is so high. Who have you used for dispo and in what markets?
Hey Jason,
We are just closing in on our first wholesale contracts so i haven't dispositioned any yet. Question on the 70%. Are you getting them under contract at 70% or offering them to disposition at 70% of ARV?
Thanks!
@Timothy Holden getting the APS at 70% and asking the dispo company to let me know what they think they can sell it for and if it works we do a JV with a 50/50 split. I hope this helps feel free to dm me anytime.
Post: Who is ACTUALLY cash flowing with these interest rates???
- Posts 220
- Votes 67
@Mark A. Great post, Mark. I have pivoted to less conventional methods of financing my deals; I have been focusing on loan assumptions (typically better rates and terms than what's out there today) and seller financing; with these two strategies and a little creatively I have been managing to still cash flow above 8% during the underwriting and not compromising my investment criteria. I hope you reach your investment goals this year, Mark.
Post: Does CashFlow Matter Anymore in this Market?
- Posts 220
- Votes 67
@Adam Oldham great topic, Adam. Try to avoid negative leverage as best as you can. There are still plenty of good deals out there that don't require you to compromise your investment criteria, the buying frequency will be less, but overall your returns will balance out. Real estate is a long-term strategy try to stay focused on your end goals. I hope this helps and you're having a great day Adam.
Post: Stabilized Or Value Add Property
- Posts 220
- Votes 67
@Bradley Jernigan Great topic; I feel like there is an argument for both, and it has to do with risk tolerance; class A stabilized is 'less risky' and has fewer returns than a repositioned Class C with more risk and more reward. In my experience, with the right team and business plan in place, value add is the best place to scale and grow your portfolio. What are your investment goals for this year? I would love to connect anytime, Bradley; I hope you're having a great day.
Quote from @Charles Richard:
Quote from @Daryl Correia:
Quote from @Jason Thompson:
I have been putting together quite a few contracts at 70 %arv but have had to cancel most of them because I can't seem to find a way to dispo them. I have contacted the majors like Keyglee and Newwestern with little to no luck. I have hired a VA to build a list off of Linkedin of real estate investors, I have contacted local agents to see if they have buyers and are willing to pay their 3% commission. Does anyone have any advice on increasing the assignment / jv rate on these and improving the conversion on my deals?
I get alot of deals from wholesalers daily, my problem is the margins aren't big enough, with the carrying cost and cost of materials it's driven my expenses much higher. In the past $30K - $40K would cover a good size rehab and now its costing me closer to $60k plus the extra time getting materials due to supply chain.
A lot of flippers problem. The Market and the economy is changing all the time.
The market is very dynamic, Charles. I agree! Thanks for the post.
Quote from @David Ramirez:
Hey @Jason Thompson,
This is what I do and I have had a lot of success with it.
1) Look for recently sold flips and reach out to the sellers and ask about their experience with the flip, and whether they are interested in buying more properties.
2) Search for recent cash sales on Propstream or Batchleads, once you've identified a list of properties, you can use skip tracing tools to find the contact information for the buyers and reach out to them directly.
3) Networking events can be a great way to connect with potential cash buyers in your area.
Good luck!
I use Batcheads and Batchdialer; I have tried this method with very little success, skip tracing is touchy due to the accuracy of the numbers, but I think I will give it another try.