All Forum Posts by: Joseph Stern

@Adam Zach @Alvaro Zamora Yes, what bank in Tampa was able to get this done?

Hey Aaron, I live and invest in Tampa and there are still definitely properties that make sense. 60k would be 20% down on a 300k property so that may not be the best move for you in Tampa, unless you're planning on house hacking where you can put 3-5% down. Luckily there are plenty of creative finance opportunities in the Tampa area where 60k would be more than sufficient as a down payment for a nice multi family property in the area. By making this your goal you will get strong cash flow, cash on cash return, and get the benefit of investing in a high appreciation area such as Tampa. I come across a lot of off market deals in Florida if you're ever interested.  

Hey Tom, sounds like you are looking to get into a much more scalable asset. Have you thought about something like Mobile Home Park's or Storage? You could perhaps get in around the same purchase point yet your cash flow will be higher than a duplex. There are also many opportunities to place low down payments via seller financing which is common for those asset types and you will have a very high cash on cash return. This may get you to your cash flow goal much faster. 

@Maylin Cuello Hey Marlin, fear or analysis paralysis usually stems from not having education or experience on a subject. So my advice would be talk to more people house hacking or doing arbitrage. In reality doing a house hack is extremely low risk if you know what you’re looking for, if you find a house with solid bones in a good area, you will be able to greatly reduce your mortgage and not have such a heavy life with renovations. I house hack myself and it’s like investing with training wheels. Something pretty turn key in a good area could be a great entrance for you to get rid of a lot of those fears.

@Omar Torres is it in a flood zone?

@Bridgett Wiggins Hey Bridget, that's awesome! I think both your local market and outside your market can work quite well but for your first few deals doing them local would be a great idea. You can meet the seller face to face and walk the property which will help identify certain things that make a deal more attractive or not so much. If you find a buyer and they want to walk the property with the seller you can also be there as an intermediary so you can ensure they don't start talking about numbers behind your back. Atlanta has plenty of opportunity so I would say go for it! It would be a good market to set your roots in then expand to other markets later on. 

Thank you Eric, I'm speaking in general terms of course check your local state laws but I'm located in Florida and wholesale Mobile Home Parks nationwide so even if she is in a state where parts are illegal she can easily do the process from her desk in KY in plenty of other legal states with this same process.

Hey Shanece, here is how to get into wholesaling Commerical property

1. Define the Commerical asset you want to wholesale (Multi Family, mobile home parks, retail, storage, etc)

2. Once you have picked your asset, let’s use multi family as an example, you need to find a list of multi family owners. You can do this a few ways, you can pull from a data provider such as batchleads, costar, reanomy, Crexi etc or you can pick a county and reach out to them. Often this data is free or cheap and the most accurate! For example I'm in Hillsborough county Florida, so you would call the Hillsborough county property appraiser number and request a list of the multi family properties in the county. There may be a small fee such as $10, now you have your list of owners.

3. You will want to determine how you want to do your outreach to these owners, you can skip trace the owners numbers and cold call them or text them, you can skip trace their mailing addresses and send them mail, you can skip trace their emails and send out a mass email to them. If you do email, text, or drop voicemail you will want to say something along the lines of I'm very interested in property in this area, do you have a few minutes to discuss your property? They will respond saying either No (with some expletives)  or Yes I would be interested in chatting about selling the property. From there you should have a list of key questions you will ask them to capture info on the property. At the end of the call thank them for their time and say mind if I give you a call back in 24-48 hours after I review the information with an offer? They will say sure.

4. Review the information on the property, determine if it's a good deal and if the price they are asking is good enough to get under contract then wholesale. Call back and offer your price with the rationale behind your number and see what they say, if they like the sound of the offer you can move forward.

5. Send them a contract for the property on docusign and mark the contract as assignable, once they sign the contract congrats you're under contract! 

6. Now you will begin advertising the property, common techniques are pulling multi family buyers in your area which you can also pull on a software like batchleads, costar, reanomoy etc, posting on Fb and social media or biggerpockets the details of your deal, or talk to other wholesalers or realtors or may already have established buyers lists.

7. Once you market the property, you will get some interested people, follow up with the most serious buyers and vet them to see if they are legit. If they are interested tell them to make an offer, if the offer is acceptable send them an assignment contract for signature that outlines the details of the closing and their escrow deposit, which should be made within the first few days of signing. Once they sign, congrats you have assigned the deal to the end buyer! You''ll want to send the contracts to a local title company to do their title search and arrange the closing so you can get paid!

8. From here on out you will just want to follow up with the buyer to make sure everything is good with their due diligence and their financing if they are using any, a lot of the time you can coast from here. 

9. The contract closing date is coming up, confirm everything with the title company and on closing day you will receive a nice wire or check!

I hope this helped break down the process, I know it seems like a lot but once you get the process down it can be a very well oiled machine that can be quite lucrative if you do it right, especially commerical wholesaling. Many owners in the 5-50 unit range do not want to work with a broker at all so you will have no shortage of sellers to talk too. You will start to cherry pick your favorite deals that match your buying criteria and close on them yourself or instead of advertising to buyers you will go tell potential partners about the details of the deal. Please reach out with any additional questions I can definitely fill in some gaps and any other thoughts you may have.

@Matt Wilkes hey Matt I would be interested. Want to pm me?

@Matt Smith airbnb is a game of filters so you want to check off as many of their filters as possible. For example, superhost, hot water, parking, pets etc. this will give you the best shot to get the most bookings. In FL it seems October-April is the prime season and the other part of the year is slower but I still get booked just at a lower rate. Get some professional photos taken of your listing as well.