All Forum Posts by: Jordan Solomon

@James Wise, just wholesaling for now. 

@CK Hwang, Okay, thanks! So, it sounds like the way to avoid wasting a lot of my own and my agent's time is that I can't! But, I guess that's part of the deal (for both of us).

Ha, well, that's great for a veteran, but unfortunately I'm just starting out! In other words, that's knowledge that I have to acquire as I gain experience. Plus, I'm talking about pre-qualifying a deal BEFORE having to go with an agent to see it. How can I estimate rehab without seeing the house? Just from the pictures and comments? 

Is there any way to pre-qualify MLS deals? That is, I know that with properties you find from direct mail, online marketing, etc., the idea is to first speak to the seller over the phone and determine if it's worth going out to see the house. But with a listed property, it sounds like I can't speak to the seller directly. That being the case, is the only way to figure out if it's a possible deal or not to go with the agent to visit every property you're interested in? Just seems like that could be a lot of wasted time (for both me and the agent, not to mention the sellers). Thanks!

Thanks everyone for the ultra-fast responses! @Eric Black, yes, my question does pertain to wholesaling a deal, as that's all I am focusing on for now. Sure, the ideal scenario would be to not put down such a large EMD, but my understanding is that if I'm making an offer on listed property (as opposed to FSBO), and especially an REO, I don't really have a choice. And that's why I'm trying to figure out the math involved here. Not that I'm even at that point yet, but needless to say, when such sums of money are involved, I don't want any surprises!

One thing I'm confused about is earnest money deposits and how to account for them when coming up with my offer amount. Let's say, just for an example, that an earnest money deposit of $5000 is required (we're obviously talking about a hypothetical listed property here). Does that mean that for me to make $5000 on the deal, my spread has to be $10,000? Or, otherwise stated, that if my spread of only $5000, I'll only break even on the deal? Thanks. 

Hi Daniel,

Thanks so much for the response. Okay, I'm probably just overcomplicating this in my mind (which, unfortunately, is something I tend to do with this stuff). So even though I'm theoretically buying the property, I'm not really considered to be selling it? If so, good -- obviously that's one last expense to worry about. Thanks again.

If a wholesaler does use an agent to find properties, I assume you would have to use this agent to sell the property as well, even if you're doing an assignment (or else there's nothing in this for the agent). My question, then, is how does the agent's commission factor into my calculations? That is, I would obviously hate to have my entire profit get eaten up by the commission! Do you just subtract the commission from the usual 70% ARV minus repair costs minus my profit? Hope this makes sense. Thank you!

The role of wholesalers is obviously to find deals for either rehabbers or landlords. I've also, though, heard the term "bird dog," when it comes to real estate, and it seems like bird dogs can find deals for wholesalers. That is, that bird dogs are to wholesalers as wholesalers are to rehabbers/landlords, I guess you could say. Well, I would gladly give up some portion of my profit on a deal in exchange for having a prospective deal handed to me like that. My question, therefore, is simply how does one FIND these bird dogs?

By the way, I know this is not the Marketplace forum and I do NOT intend this to be a solicitation for bird dogs! In fact, I figure that most people on BiggerPockets wouldn't even be interested in bird dogging and are pursuing more "advanced" roles in real estate anyway. So, I really am just looking for advice on how to find people who ARE willing to take on this role. Thanks!

Brian,

I saw your comment regarding this development in my "business cards for wholesaling thread," and then fortunately I found this thread as well. For you or anyone else reading this, I don't quite get what this implies (admittedly I'm not much of a techie). Bottom line -- does this mean that a currently-existing Google Voice number will no longer be valid (thereby making any business cards I have with the Google Voice number on it useless)? If these numbers do, in fact, stop working, I would have to think that would be a problem for many investors (even J Scott recommends it in his book).

If so, any alternatives that you like? Obviously, I just don't feel 100% comfortable giving out to so many people my "real" phone number!

Thanks.

Brian,

Thanks for posting that. This could probably be its own thread, but since you brought it up here, I don't quite get what this implies (admittedly I'm not much of a techie). Bottom line -- does this mean that a currently-existing Google Voice number will no longer be valid (thereby making any business cards I have with the Google Voice number on it useless)? If these numbers do, in fact, stop working, I would have to think that would be a problem for many investors (even J Scott recommends it in his book).

If so, any alternatives that you like? Obviously, I just don't feel 100% comfortable giving out to so many people my "real" phone number!

Again, sorry if this is a bit off-topic, but then again, if this thread is about business cards and one's phone number obviously goes on one's business card, in that respect it's perfectly topical! Thanks.