All Forum Posts by: Jerry Villa

Has anyone ever received $$(commission/referrals/etc) by referring leads to any of the following, from cold calling lists of property owners who need related solutions:

• -Agent for listing their property for retail market
• -Refinance their property to keep
• -Secure Equity Loan to pay any debts
• -Any other solutions that don't involve you doing a wholesale deal?

And if so, did you put anything in writing or how did you work that out?

Any update to this? I was looking at Xencall but dont think it has text messaging feature. 

I did a mortgage assumption agreement with an older family member and have been doing the rehab this year. I'm doing the actual work and not contracting out, in which I learned a lot and now have enough tools for almost any rehab. But I dont plan on actually doing the rehab work myself after this on new properties. It takes a lot of your time that you can be spending on making deals. 

The property has several units (Main house, 1 bedroom garage apartment, and a studio). I've completed the remodel of garage apartment to a really nice quality, maybe slight too nice for the neighborhood. So we have it on Airbnb and its been getting requests within hours of listing. The property is in another town from my main home base (3hrs away) and I'm not eager to tackle the main house rehab right now (taking too long, heat, and I'm probably slight over on the garage apartment budget so I want to trim main house budget a bit to keep the whole budget in line). 

So I decided I would list it as a wholesale deal online and entertain offers that would make me want to part with it earlier and let someone else do the work and reap the rewards. I would miss out on the residual income but I rather focus my attention on other real estate interests, other businesses I'm involved with, and not be away from home much longer. 

The property is already bringing in rent from the days we leave the city. But with the neighborhood NOT being as middle to high end, we're worried we'll get some complaints from guests not liking the environment. They love the interior unit and have no complaints. Some guests are not from the city so they don't know areas.  Since I don't own it out right at this time and there is no pressure (or assignment contract) in place, there is no rush to sell.

Here are some questions:

1. I've already been offered rent to own offers with a 12% downpayment and high monthly payments. I know theres a lot of ways to put these offers together but what do you gives prefer with wholesale deals and what would you avoid?
2. should I be candid with my situation with buyers, mention I'm in no rush, pain points, etc?
3. Also if I don't sell immediately, I was planning to continue my updates step by step, including some slight landscape repairs (not upgrades... it just ugly, want to bring it up to par), finish the apartment backdoor deck/section(its just high weeds and dirt). I know there is a difference between doing updates (putting money into things) that would increase the market value and those that will not. But remember this is renting on airbnb, so these aspects would allow me to increase nightly rate. But as each month goes by, and I do more updates and repairs, thats less a new owner would have to rehab (less cost), should I increase the price of the property by that much? 

I thought in CA it was pretty strict but we're not there... or maybe I should be calling it a speed dialer.

How much would you guys expect to pay for 1000 leads of foreclosures/pre-foreclosures no older than 30-60 days that have been skip traced to get their numbers (sometimes about 3 different numbers for some people) that is ready for an autodialer? More or less, range, can't provide too much specifics right now.

Lets say a wholesaler lists a property at $50 and estimates it needs $20K of work with an AVR of $90k.  I know we have to do our due diligence on these numbers. 

Here are some questions: If you want to do quick numbers before exploring the property further (walk thru)

1. how much do you rely on these numbers? What percentage of wholesalers are honest/accurate with their repair estimates?
2. If you immediately adjust the repair numbers based on your experience, I would imagine you'd go up (or down), but by what percentage?
3. And for you seasoned flippers/rehabbers, how accurate were the wholesalers repair estimates to your final costs?

And after doing your own estimates on the repairs, do you come back to the wholesaler saying their estimates are low and if they would lower their price? Of course they probably have the house under contract at a specific price to the original seller so that would mean probably eating into their own assignment fee. 

Thanks!

Will be reaching out to you Matthew... 

Hey BP Family, have some experience with real estate from my primary purchase and others deal with people I know. But now out on the streets and on the prowl... anyone have recommendations for an Investor Friendly Real Estate Agent in Houston area?

Someone who good with technology, probably investing themselves, and doesn’t mind working with someone new but a fast learner and working with mine & OPM.

Thanks in advance!

@Alex Bekeza that credit karma approach is a good idea. I know that score is not as accurate as an official credit score pull, but its gets you an idea of your credit health. Its clear when you're being an investor and leading in your own financial wealth building, listening to the institutions that advertise on mainstream tv is probably not a message for us. They are reaching out to most W2 income earners like @Mike Burkett outlined above.... 

Can we apply this loosely to other services like home security services, home warranty services, etc? This last part might be for another thread but thanks for the help. I know for sure, don't go to chase for non-primary mortgage needs. 

@Mike Burkett appreciate that tip buddy... I find traditional lending institutions (AKA Chase bank and the like) dont seem to be friendly to investors who have 5+yrs of steady and growing income from rentals (airbnb, leases, self employed, all submitted to IRS). I was told smaller or local institutions might be more open to work with those individuals. Would you say agree more or less to that?