All Forum Posts by: Barry Pekin

@David J Curley,

You're definitely going the extra mile.  That will certainly help!

@Isaiah Waninger,

Keep at it.  It will make more and more sense as you go.

I also recommend the book, "If you can't wholesale after this... I've got nothing for you."  It's an easy read and takes you through the whole process.

@David J Curley,

Skip Tracing can be a hit or miss situation.

If you want to take it to the next step(s), it takes personal effort.  Visit the property and knock on the door.  If it's vacant, check with the neighbors to see if they know how to contact the owner.

@Nicholas Monroe,

@Christopher Parsons's suggestion is a great one!

As for meetups, keep looking.  In my area, they are all virtual.  Some of the meetings are still great for networking, while others are rather limited.  But if you pay attention, you will find ways to contact these investors.  Attend whatever you can and push the envelope to make the contacts.  In one meetup, I setup a virtual background in Zoom with "Buyers... Text Me... and my phone number."  And they do.  It's so easy for them to rattle off a text during the meeting.

I actually saw something like this on a trail I was walking recently.  It was on a log, looking like it was guarding the path.  I laughed my butt off!

Other than that, cameras help.

@Tameika Craig,

It's in a bad neighborhood.  That's a problem.  You'd have to know investors that are looking to invest in the area.  Do you have any in your buyers list?

It needs thousands of dollars in repairs. This very vague. You need a much better estimate than that. Even if you just go with a square footage calculation, it's better than "thousands". You can't plug "thousands" into a formula to estimate your MAO.

He wants to sell it without a contract.  Really?  How does someone do that?  A Real Estate transaction needs a contract to even be legal, and you need to have a contract to sell to the end buyer (unless you buy it outright and then resell it).  You need to have a title company do the title work to make sure the seller is legally able to sell it and that there are no liens against the property.

And, obviously, this owner really doesn't even want this property.  It sounds like if he got his $10K, he'd be dancing in the streets.  If that's his opening position, I'm pretty sure you could negotiate further - if it's actually worth it.

@Licia_ Lee,

Listen to @Alan Taylor.

Also, go get the book, "If you can't wholesale after this, I've got nothing for you."  It's not the wholesaling bible, but it does a pretty good job and explaining the entire process.

Good luck!

@Michael J. Ray

If the ARV is $248K, 70% of that (the rule of thumb number) is $174K. Subtract the costs to build, and you're right there. Assuming your numbers are accurate, it sounds like it could be a deal. Just make sure to work with your local builders. They know their numbers better an an

@Demitrius Moment,

That's a huge task.  Many people may pipe in about how to get started, but I think you're best bet is to learn the process.  That are a LOT of resources for this - books, podcasts, YouTube videos, etc.  I recommend the book, "If you can't wholesale after this, I've got nothing for you."  I probably don't agree 100% with all of the details in there, but it's a simple read and a great explanation of the process.  Don't stop there, though.  You'll want to know what your options are in many areas.

I also recommend, once you read the book, that you start by building a buyers list.  Some will say to start by finding properties, but I think having a good buyers lists helps not only with the disposition step, but it builds a lot of confidence in knowing that you're making progress.  After that, I also recommend finding a good title company that is willing to work with wholesalers.  There are some out there that will tell you it's illegal, some that won't even know what wholesaling is, and others who are experienced in working with wholesalers.

Good luck!

@Ryan Sidney Brooks Sr,

This is certainly step 1.  Or, if you're like many, step 1 is networking with local investors so you can build a buyers list.

When you say "once I find a property that I'm interested in," it sounds like you don't really have a grasp of the process.  I could go out right now and come up with dozens of properties that I'm interested in, and you really do need to identify a LOT of properties.  Once you do that, you start the marketing.  You can send mail, call, text, knock on doors, etc.  Finding the owner is fairly simple in most cases.  You can look it up on the county website where properties are listed or you can purchase software to do it for you.  I use PropStream, and it's great for giving you all sorts of information about the property.

Before you do all of that, however, I really suggest learning how to wholesale.  There are resources all over the place for this.  Books, podcasts, YouTube videos, etc.  I recommend the book, "If you can't wholesale after this, I've got nothing for you."  It's an easy read and really explains the process well.  I would also check out other resources as well because there are multiple ways to do a lot of it.

Good luck!