All Forum Posts by: Justin Pearson

I've tried my hand at part-time wholesaling with no success. I've been working for a small REI LLC owned by friends and family for a little over a year. We are in the Austin and San Antonio TX markets which are very competitive and have seen mind blowing appreciation in the past 18 months. This meant that we did a few direct mail campaigns and CRM managed follow-ups and I like to think I know my stuff well enough that I have a good grasp on overcoming seller objections. Despite this earnest attempt we got nowhere simply because the lists we called and the people who answered laughed in my ear. Seeing the value of their homes come up 100k in a year left very few with a good reason to sell outside of the usual death, divorce, etc.

So my long winded question is: when recession hits will this process get any easier? What ways will your methodology change under recession economics? As wholesalers (I'm primarily a project manager and do acquisitions now) what things do you find the most difficult about this process and what ways are you preparing yourselves?

@Jim K. They called their landlord to run interference for them with the cops because they were too high to handle it? Yeah, that's pretty damn high to think that would in any way work well for them.

@Evan Polaski The way our sow was laid out left a A or B option for the contractor to fill out next to each item (Just like your list, demo, framing, concrete, etc. broken out) where they could order the project in any way they wanted A being starting beginning half or B for the second half. 

@Evan Polaski We laid out our payment schedule in black and white and made sure our contract includes approval for any changes to the scope of work ahead of time. We are paying 25% at start, another 25% at half way, and 50% after completion and final walk through. The payment schedule includes a lien sign off for each stage of completion.

@Christopher Campbell This is exactly what I was looking for, thank you. I'm vetting a GC today and this gives me a great jump off point.

Hello BP! I'm working remotely for a REI company and we've got a project going in San Antonio. So far we've been able to get a foundation guy in to do some work, inspection, etc. and a few contractor bids are trickling in. It's gotten to the point where I need to start vetting the prospective GCs and would like to know what kinds of questions you've asked in the past that helped you really find the right person for the job. This is my first time handling a project 100% remote and any advice is welcome.