All Forum Posts by: Kobus De Villiers

I like to start at the beginning and work my way up. As a new wholesaler my focus is on marketing for sellers and getting a property under contract. Once I have that I may consider working with more established wholesalers to leverage their buyer's list but I tend to agree with most that just jumping into an existing deal does not sound like adding value.

Bring a deal to the table and then working with more established wholesalers could prove to be more advantageous.

This sounds like a good idea. I've heard other people mention the same thing that they've had much better success selling wholesale properties this way.

It is definitely on my to do list for any wholesale deals I get under contract.

Thanks

I agree with Aaron that I concentrate on a few buyers that I meet face to face. That seems to work better than bandit signs and Craigslist that I use mainly to find sellers.

Auctions and REI meetings are good places to start. For something different try the reverse Craigslist method. I've found 2 good buyers that way. Respond to investors on Craigslist that are advertising to buy rehab and/or wholesale properties. Much easier with these buyers that already have a campaign in place to prevent building a list full of tire kickers.

Good luck.

Jarci,

I know from doing a search that the number of records from ListSource seemed to be more than what I could get through Melissa Data. Also I could not get the list filtered to the precise target that I could with ListSource. Have not used any yet so can't comment on accuracy but Melissa you're probably not going to have as targeted a list as ListSource.

This was my experience for the specific list that I tried to create. Hope this helps.

Kobus

Gene,

Subject To = subject to the existing owner financing. That means you basically agree to pay his mortgage and in some cases a fee or few points so he gets regular monthly income rather than cash at closing.

Option = option to buy at agreed price in the future. Typically can also include that part of monthly payment goes to reduction in agreed principle.

These are strategies to use terms and monthly payments rather than cash at closing to structure a deal that gives the owner cashflow when putting it under contract. There are way too many variations on this to go into detail. I'm sure someone will post a helpful link to an existing thread.

I agree with Sharad that it is all about making life easier for your buyer. Go the extra mile and provide real comps with estimates from a GC to support your repairs. No investor is going to buy on your numbers without doing their own DD. Make sure the numbers are realistic and provide sufficient spread for them and then you'll have a client that want to do business with you again.

And make sure you have it under contract. They will check and it is no use when the property is still shown as active on MLS. Think like your buyer and identify the things that will make their life easier.

Danny,

This is a great thread and lots of valuable info on the blog as well. Defenitely going to follow along and try to learn as much as possible.

Just came back from a visit to San Antonio a week ago. Pitty I didn't know about it at that point or I would've seen if there was an opportunity to meet.

Great info and keep up the good work.

Willingtolearn,

I know the more detailed ways to get to comps that will be used closer to the time when I'm actually considering making an option. What I'm trying to understand is the initial review before even going to see the property.

I'm using a combination of Zillow and Trulia to get a feel for $/sq ft and then comparing to sold comps that are listed on these and other property websites.

That initial evaluation is never a means to make a final decision but only a step to decide if it should go into the follow up pile or trash pile. Just trying to understand what others are doing to see if there are ways to improve my process.

Thanks.

Newbie here trying to figure out how to create comps when I don't have access to MLS.

I'm looking at some leads that are coming in and as any first time investor my fear is that I won't be able to make a decision because I don't have good comps that I can trust. How do you go about researching and evaluating comps when you don't have MLS access? Any help and guidance would be greatly appreciated.

Thanks.

Thanks for the warm welcome.