All Forum Posts by: Account Closed

Like if you had a home that was (ARV) $100,000 from a homeowner who has only lived there for a year so very little equity.

So as I've stated before, my father is going to mentor me on the buying and flipping aspect of rehab investments.

Now I have been studying a lot of articles here at BP and around the net and have gained a greater grasp on a lot of different aspects of wholesaling. I knew (and still know) it would be a long time before I would be doing any on my own as I still lack a firm understanding of A-Z. I still wanted to start searching and building a buyer list and commicate with other investors. I started communicating with some and one was pretty impressed with my motivation and marketting ideas to reach out to motivated sellers. He then told me he would help me to learn the whole process. I still plan on waiting a few years and just working with him and taking a percentage of the successful leads which I provide and just saving and rebuilding my credit.

I have no problems with this plan because it's more important to me to have as stable and firm a foundation as possible and completing successful wholesales before I decide to venture off on my own. I thought it was pretty nice because when I finally gave up on anyone wanting toactually be a mentor in that area, and was ready to go the route of learn through many mistakes until I learned (which I am sure has it's own rewards but still), one offered me to mentor. Funny isn't it how it works like that sometimes.

Although, I'm still going to continue to build a buyer list even though I plan on waiting a few years. Never hurts to have a huge book ready to go for when the time comes.

Thanks BP community for keeping me motivated to carry on the fight.

Great idea Peter. That seems to make a whole lot of sense since most rehabbers already have specific contractors in place to do their repairs, or know material cost for doing it themselves.

Do most wholesalers have an eye for what needs to be repaired or do they rely on the motivated seller to disclose the majors and minors of what's wrong with the property?

Thank you.

Thank you for your help J. I have sent you a colleague request as well.

Thank you for your help Kevin. I appreciate it.

What all information will your buyer expect to make a judgement on whether they want the property you are wholesaling?

I have read a few such as rehab cost, comp values of houses, FMV/ARV, length of time houses sell in area.

Could anyone provide more please. Thank you for your help.

When wholesaling a property to your prospective buyers, how are you able to estimate the rehab cost to them (and for yourself) so that they have the general idea of what it will cost and their ARV without having performed an inspection which your buyer does? Or do you do an inspection as well before you report your figures?

This is more for outside of BP like if I am wanting to bird dog and build up a list and list on Craigslist or call rentors in the newspaper. What questions should I ask them as to their expectations of what they are looking for so as to be thorough when I am prospecting REO's for them? Also what questions might they ask me so I am prepared to answer them?

I'm not big on surprises and like to be well prepared for anything I set out to do. I also want to be the best at what I do so that both my investor and I stay happy.

Any feedback greatly appreciated.

I have heard that the best way to up your score is to have revolving credit among your credit cards using no more then 30% of your credit limit. When your monthly balance is reported to the bureaus it will not always report your credit limit from what I understand. So lets say I had a $2100 limit and only used 33% at $700 each month. The fear is that if the bureaus only see $700 a month they will assume it to be you max limit. Some suggest to get to max one month on that account so it will show your max and then your $700 limit will demonstrate your 30% thereafter. Other aspects I am told that raises it are being married, having a mortgage, and having a car payment.

I started with a secured credit card when no one would give me an unsecured. Then I got my first unsecured from the Amazon Chase Visa. After that I got approved for an Orchard unsecured Mastercard. All within a year period. So secure credit cards do help.

I hear soon you will be required to juggle 3 bowling pins while riding a unicycle to raise it more ; >

John

Thank you everyone for your welcome. I would be interested in bird dogging for investors. Since my father is starting he is mainly waiting on the sales of his finished houses (2 now) before he begins another project so I have plenty of time on my hands and would love to learn all I can. Thank you