All Forum Posts by: John K.

@Omar Bunch

That mortgage has to be paid off by someone. It is a recorded lien against the property, so that debt has to be satisfied, one way or another. 

Build your portfolio, as quick as you want to, not how slow the banks allow you.

• Package Quantities 3-100+ Units
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• Consistently beat the 1% Rule – Regardless of Market
• Packages in less than 30 Days
• Full Inspections, Rent Rolls, T12, Leases, Sec. Deposits Transferred, Rents Prorated
• Counties Serviced – Dallas, Lubbock, Wichita, Taylor, Wise, Tarrant, Ellis, Ector, Grayson, Johnson, Denton, Parker, Kaufman, Rockwall…..you get the idea!

For more information, please do not hesitate to message me directly!

@Nicole Dechow

Not sure of the exact situation, but here are some things you might try.

* Raise the Purchase Price, by "X" Money is a huge motivator for most.

* Raise the Interest rate

* Lower the interest rate and offer him a small equity position

* Explain the makeup of your team, so he is confident that you have competent people around    you to take on the responsibility. Let him meet them, if necessary. 

* If his concern is primarily about having to foreclose, offer to sign a Deed in Lieu, in case of default. This will save him a few thousand in legal fees. 

Hope that helps!
John

@Juliette B.

I think it would be a great idea to hire a contractor to help you walk through them. It would be a very inexpensive way to gain valuable knowledge on assessing repairs and their costs.

Another tip for you. Visit your local Home Depot/Lowes and ask their costs to do various repairs. Then deduct a conservative 30% and you will start to get an idea of your local market for those items. 

@Ana Gosh

https://www.zillow.com/research/data/

There is also city-data.com but they tend to be a few years behind. 

John

@Jonathan Parks

No. That is just a purchase/sell agreement. 

@Scott Johnson

I am a strong believer in networking, especially as a wholesaler. I feel it is essential to building and maintaining a successful business. Regardless of how many systems you have to produce leads and how hard you work those leads, you simply can't get to them all. Having a network of wholesalers that can work together when needed, is an invaluable resource. 

Here is an example of how this effort to network can pay off, in a big way.

In 2005 or 2006, I was just a year into wholesaling and though I was comfortable with what I knew, I was still learning. I had a friend of a friend ask me to help him understand wholesaling, so I did my best. I spent hours telling him all that I knew to that point, and even did a bit of driving to help him spot vacant properties. I never gave any thought about it after it was done. 

It was 2 months later I guess, when I get an invite to have a drink and discuss a client that had reached out to him. This client was from out of state and wanted to invest. At the time, he was not working wholesaling full time and wanted to know if I had any houses at the time, as this investor wanted to buy 2 to start with. I had them and we partnered on the deal and each made a few thousand dollars on each property. It was what happened in the following months, that made me realize why it's important to network.

It started with a request from this investor for us to visit California, as he had some friends that wanted to learn more about our process. We were informed that there would be 13 interested parties, at dinner. When we arrived at the restaurant, there was actually 19 people seated. That dinner led to a request by 16 of those investors to find them houses, as quickly as we could. I scrambled to try and find anywhere near 16 properties, but had no luck until I picked up the phone and called another wholesaler, that I had known locally. She told me of a local bank that was holding 32 defaulted notes and agreed to walk me in for a conversation. The deal was struck and 7 days after that, I sold 27 properties in 7 minutes, by email. 

That several hours of "free" education, netted all of us high 5 figure assignment fee, each. 

Obviously, this is a unique situation and has not even come close to replicating itself, since. However, I don't need good networking to produce at that level, for me to say it's worth it. If I can make a few thousand dollars by answering the phone or an email, sign me up. 

As broad as the wholesale community is, when you filter it down to the local levels, it is a small small community. Those that strive to maintain professional relationships, know the value that having someone that can get you what you need, is priceless. 

"My advice for folks on networking is give, give, give. You will later receive. But you are really planting these seeds. Some of them will die, and they won't become anything. Many of them will take many, many years before they pay off for you if at all." - Sallie Krawcheck

John

@Ryan Palomar  Visit your state's real estate commission and use their Purchase contract.

@Jonathan Parks  https://www.trec.texas.gov/  1-4 Family Residential Contract

@Juliette B.

While it is possible to get a really good sense of how much repairs will be with asking the correct questions over the phone, there is only one way to get actual numbers, and that is to look at the property. If the seller says, "it needs a new roof", does that mean just shingles or does the decking need to be replaced, as well? Unless the seller has had it already looked at or has real knowledge of construction, they may not know. 

As a wholesaler, you should strive to offer the best service you can. It is what is going to keep investors coming back to you, on your next deal. If you get on the phone or exchange emails with a potential buyer and all you keep saying is, "I don't know" or " You will need to look at it yourself", it's not likely they will continue that conversation. There is an expectation that you have looked at the property and come up with a list of necessary repairs, and have pictures to support your claims. The more information you can provide for them, makes it a much easier for them to decide if they want to look at it, or not.

John

@Jason Foy

This should do the trick. 

https://my.mnbar.org/HigherLogic/System/DownloadDocumentFile.ashx?DocumentFileKey=c6132aa6-6543-1f4e-bc92-91877424a1e6&forceDialog=0