All Forum Posts by: Lakeem Anore

Well before you back out of the contract you might want to consider renegotiating with the seller. 

I'd explain it to the seller exactly like you did in your post:

"didn't have good enough comps I thought it was worth about 85k arv and it seems to be 65 after doing more research" 

Work the lead until you know it's dead. 

We're looking for Boots on the Ground in San Antonio, TX. 

This a chance for you to learn real estate and earn some money on the side. We're looking for 3-5 people (gender, race and real estate experience do not matter).

What you'll be doing: 

• Visiting properties to take pictures and videos
• Prospecting for deals
• Dropping off contracts to sellers
• Learning real estate with active investors teaching you (scripts, processes, strategies, etc)

NOTE: This is not a coaching or "guru" program, there are no fee's to pay or anything like that. PM for more details. 

Ask the seller what they want to NET from the sale (the actual amount they want to walk away with in pocket), not what they "want for the house". 

Never give an offer until a seller makes you 3. For example don't say "I can pay you X amount" instead ask things like "considering that I can close quickly, pay cash, etc etc what's the best you can do on the price?" 3 variations of that and then I'll reveal my cards. Always stay in control.

Follow up

If you did get to the point where you did throw out an offer number type up a Letter of intent and send it to them to establish credibility and show them you're serious.

I could go on and on...

It's so easy to avoid the "wholesaling problem" in Ohio that it's kind of funny people let it hold them back. Don't fall for the propaganda and the fear tactics. 

The problem is that people market properties that they have no intent to actually purchase. Change that by using things like transactional funds or subject-to to purchase and sell as you normally would. 

I think assignments are a great way to start out, everyone hates wholesalers until they bring them a good deal, so get good deals.. and if you have to, because some realtor in Ohio got jealous when they saw what a wholesaler was making, just double close. 

I am not an attorney but I sure do work with a pretty expensive one. 

Speak with an attorney. It's worth it. There's always a gray area when it comes to assignments and marketing a property. For example I'm absolutely going to begin marketing the property during the escrow period because it says I can in my contract and because I have the intent and ability to close, most wholesalers don't. 

Marketing a property that you have no intent to actually purchase before you resell is illegal. Assigning a contract isn't unless the contract says you can't.

to answer your question the best way to close a deal is to do a concurrent or "double" close. 

The best way to start depends on you and your end goal. I prefer wholetailing. 

I'm looking for someone to visit properties, take pictures and videos as well as hand over the contract to the seller to sign and fax it back to me when signed. 

This is an excellent position for someone looking to learn the business while making some cash on the side. 

A question I often here from newer wholesalers is: "What comes first, the seller or the cash buyers list?"

I say neither one is correct. A Market Analysis should be your very first step before you begin prospecting for buyers or sellers. Analyzing your target market has a number of benefits, I'll list a few: 

Benefits of conducting a market analysis first: 

• You won't waste your time or money prospecting in the wrong areas
• You'll have a better idea of what an actual "good deal" looks like
• No more worrying about not being able to find a buyer
• You'll be able to weed out unrealistic sellers quickly
• You'll develop an expertise in a specific area over time

Learn your market, you'll get off to a better start. Here are are some things to look for in your target market: 

1. Number of SFR's with 30% or more equity
2. Number of free and clear SFR's
3.  Number of cash transactions over the last 1,3,6,9 and 12 months (graph the trend)
4. Average Days on market
5. Rent and price trends
6. Median home price
7. % of homes 2/3 under median value with 30% equity or more
8. Any large development projects going on
9. total SFR inventory
10. number of out of state absentee owners with 4+ years of ownership
11. number of in state absentee owners with 4+ years of ownership
12. number of out of state absentee owners with 10+ years of ownership
13. number of in state absentee owners with 10+ years ownership

The numbers will tell you a story. 

@Dan Redd 

PM me and I'll send you the documented process. 

Didn't have enough time to go into detail. Facebook was just an example, if you read back to my original comment I basically stated that a business your best long term investment; that business can be through partial ownership via shares of stock or private ownership. 

Bill gates, warren buffett, Jeff Bezos to name a few, they all contribute a large majority of their wealth to owning a large share in a business. 

doesn't matter if it's private or publicly traded being a business owner wins over time, every time. 

Why is no one teaching this?