All Forum Posts by: Jeremy Bourgeois

Investment Info:

Other fix & flip investment.

Purchase price: $10,000
Cash invested: $10,000

Land flip. Purchased a buildable infill lot for $10,000 in an HOA, with similar lots going for $30,000+. I have the land listed and hope to sell it for $35,000.

What made you interested in investing in this type of deal?

Found it through my marketing efforts, and I wanted to do more land deals.

How did you find this deal and how did you negotiate it?

Cold calling, negotiated directly with the sellers.

How did you finance this deal?

Cash

How did you add value to the deal?

I did nothing to the lot. I immediately listed it as-is, ready to be built on.

Investment Info:

Single-family residence wholesale investment.

Purchase price: $100,000
Cash invested: $1,000
Sale price: $115,000

My partner and I found this property on Zillow listed much higher than the value. It had been sitting on the market for a long time and the sellers were willing to drop the price significantly. It was listed for $170,000 and we got it under contract for $100,000 then sold the contract for $115,000

What made you interested in investing in this type of deal?

My partner was looking nationwide for wholesale deals

How did you find this deal and how did you negotiate it?

On Zillow, we negotiated with the agent

How did you finance this deal?

Cash

How did you add value to the deal?

We got the price to a much more reasonable amount, allowing the seller to finally sell it, and passing on a good deal to the end buyer

What was the outcome?

The property was assigned, and the buyer is now flipping it.

Lessons learned? Challenges?

Virtual wholesaling can be difficult. It takes many calls to get a deal under contract. Finding buyers in smaller markets is also challenging.

 Yeah that is the tough part, this deal is in a market I haven't been in before. In that situation, would you just try to find someone trustworthy enough to give you a referral fee say, instead of a formal contract assignment and have them just write up the offer so you aren't tied to it?

 This is in Wichita, KS. Shoot me a message if you're interested!

I have a pretty solid sub-to deal that I can put under contract, but I'd prefer to assign it rather than take it down myself. I'm hesitant because I don't want to be on the hook if in the future something goes wrong like the buyer stops making payments. Now, I would of course be vetting buyers and making sure whoever purchases the deal has a solid track record and is a trustworthy individual/company first, but things happen. If I am under contract with the seller, even though it would be assigned to a buyer, would I still be at risk here?

Hi Linda,

Not sure if you ended up trying this or not. Investorlift for wholesalers is supposed to help you move deals specifically outside of your market. I wasn't able to have much success with the software for moving my deals, but they did make an exception and I was able to get my money back after a short time of trying to move a few deals. If you are doing a lot of out of state deals, it is worth a shot!

 Thanks!

Hello, I was looking to see if anyone has recommendations for direct mail providers? Looking to add this to my overall marketing strategy. Thanks in advance!

Curious on if anyone is using marketing channels outside of the normal ones like direct mail, PPC, PPL, cold calling etc. I'm experimenting with local trade shows and bus ads, but curious to see what others are doing out there and if that is working well for them!

Thanks! The funding fee is waived if you have a service connected disability. In my case, it was waived. Forgot about that part, so I guess that this would be a 3rd requirement to have this work for you. Personally, I had less trouble dealing with VA funding than I've had in the past with other types of loans, which was surprising for me.

I've never heard anything good about some of those companies (I won't drop names), but we did use a local company, and even closed the loan in less than a month.