All Forum Posts by: Jonathan M.

There is so much more!!!

Im not the pro on probate because its not one of my niches; but i attendted a seminar held by PAUL HORN here in the LA COUNTY. 
its a great niche but like everything has its own process. Make sure you are educated in the probate process.

Things that are extremely important is whether the personal representative was deemed full authority or limited authority. Full authority allows the timeline of the house to be sold within the first 2 months of the probate process (beneficiaries/heirs get paid out at the end of the process). Limited authority required a probate referee to actually appraise the property which can interfere with getting the house at a discount and at the same time stretches out the process.

If you dont know these terms than you have some research to do!

Your going to want to handle these leads with care due to the circumstances of a lost one. There is so much terminology that i know im missing, but my best recommendation to you is study the probate law in your own county like the back of your hand. Its different from state to state; but understanding the process will allow you not only to provide value to your seller but allow a much smoother transaction of the sale of the property. 

I would recommend listening to  @Sharon Vornholt podcast  and check out her mailing campaign on probate (shes the probate queen). 

hope this helps!

Oh as far as DNC list goes, i have heard numerous contradicting arguments. Look at the end of the day you might get an angry call, i get them all the time. I just do my best to convey to the person that I am extremely sorry and i make a huge effort to make sure they dont ever get a call again! Takes proper organization to be able to scrub your lists!

I agree with @Doug Pretorius 100%

Me personally, I call anyone in my neighberhood with at least 40% equity in their property and have owned it for 15+ years. My method is very much needle in a haystack. Its been working so far when it comes to lead generation. Doug is right, there are plenty of people who are willing to sell who arent on your most common lists. I also suggest on your free time you get out on the field maybe 1-2 days a week to really get to know your neighborhood and talk to the homeowners there. My sister and I do this twice a week, and its crazy to see the results. Last week there were two probate properties that sold off market for a deep discount that we missed by a matter of a week or so! 

The market is competitive right now and being a wholesaler to find deeply discounted properties can be quite tough especially if you have a small marketing budget. My biggest tip of advice that has helped me greatly is, "do what everyone else is not doing", and that honestly sometimes can just be the hard work! Door knocking and cold calling and putting yourself out there! Start with family and friends, everyone should know what you do! 

@Jeremy England I believe there are services that you can use that will take calls live for you and screen the sellers for motivation based of a script you give them. I have heard of people even outsourcing it on fiver with a virtual assistant. 

Other than that you have to make it happen with whatever time is available for you, so if that is after the hours of 5pm, than call after 5pm! I believe the best times to take calls and make calls are from 7-9am and 5-8pm. 

@Tennita Funmaker Great question! Everyone is different and the best way to find out is to ask your investors how they finance the deals. Honestly I spend alot of time networking with my investors, and figuring out what they look for (mainly because im also new myself). In a sense im almost like a personal wholesaler (:  Alot of the insight my investors give me help me analyze leads that have come in but at the same time they have provided so much more value in terms of real estate in general. 

Rehab costs are definitely not my expertise. Im still learning those numbers. Dont get me wrong your investor will always do his own due diligence on a property, but what i would suggest is attending a rehab seminar at a local meet up. There are a few that are held at open houses in my local market where they will show there no flip before it hits the market and explain the costs associated with the rehab. 

Your 3 most important numbers are going to be

1. ARV (comps)

2. Rehab Costs

3. Purchase Price 

@Pratik P. is right, the formula doesn't work anymore, so i would really try and stray away from it. Its a general rule dont get me wrong, but not one to follow to closely by. 

Also, for lead capture I use the gentleman above me @Michael Quarles CRM call-text. Its a great all inclusive tool that allows for lead capture and automated campaigns for follow up! Plus his tech support (gabe) is great and is always available to answer questions!

Im loving this thread post, because myself being a wholesaler am really looking for the key distinguishing facts that differentiate a amateur from a professional. 

My idea of a professional wholesaler is being able to contract a deal at a deep discount that serves a benefit to the seller (depending on their situation) and at the same time also keeping their end investor in mind. At the same time the deal has to be one that is not made available to the general public (makes no sense), and has to be an off market deal that the end buyer couldn't have found. The transaction has to be done with integrity meaning the seller has to be informed of exactly whats going on. I really try and focus on the problem and what I can do to help the seller, whether its relocate, clean the house out, or deal with other issues that are causing the distress. 

one thing that i see is common here in my local market are wholesalers that contract MLS deals and than add their assignment fee and try to push it to an end buyer. Makes no sense to me whatsoever. I also other wholesalers contracting other wholesalers deals making a huge endless cycle of A-B-C-D transaction which is also ridiculous because by the time it ends up at the end buyer its not a deal anymore. I know everyone has a different opinion of wholesalers, and i can understand why. Im not saying i'm perfect in anyway, but from my personal experience and from what i have learned from these forums, there is definitely a right way of wholesaling and a wrong way of doing it.

Also open to network with anyone in my local market!!! Love masterminding ideas on marketing!

Work the property backwards as an investor who fix/flips. I think that most of the value that was provided by the other posts are right on the DOT! What i have found is that sticking to the typical wholesale formula (70% of ARV - rehab costs - assignment fee) doesn't always work and allows a lot of the deals to fall through the cracks. What has worked for me is really getting to know how my investors purchase properties, the amount of rehab they do, and if there are holding costs than what do they typically look like and also the typical spread they like to see. All this information allows me to work a formula based of what they are looking for!