All Forum Posts by: Account Closed

And kudos for seeking input from investors on how to set yourself apart from other GCs! Sounds like you're off to a great start

• Show up late to a walk through 
• Show up unprepared for a walk through (If i ask for a bid on a drywall job, and you show up, walk through, and then tell me you'll "have to come back and bring your drywall guy over")
• Use "used car salesman" tactics to price jobs. the..."tell me what the other guy gave you for a bid, and ill see if i can beat it" bs. 
• My biggest red flag is instead of providing a scope of work,  the "I'll do it ALL for $XX,XXX!"  ... If you can't give me a detailed scope of work and timeline, we're done. 

ohh..also.. if you show up to bid the job in a Prius, im not hiring you. lol

@Dave P. Taking the step to involve others in projects has taken my real estate journey to the next level. How to broach the subject? Instead of one-on-one, i used social media and just posted deals that i had completed with the numbers for everyone to see, with a "If you'd like to get involved with real estate investing without getting your hands dirty, let me know" type of message at the end. Honestly, I felt like kind of a smug a$$hole putting it out there for all to see, but when i did the offers to partner on deals started rolling in. Good luck!

@Dan Mitchell I grew up on the Harbor, try Precision Remodel & Repair. 

@James Barry

Probably the most discussed and heated topic on BP.

I suggest reading the following two threads IN THEIR ENTIRETY, and after that if you have any questions about the finer details of wholesaling, feel free to ask OR a better choice is to find an investor friendly lawyer in your town, bring a list of all your questions and pay their hourly rate to sit down and ask away. The best $200 i've ever spent. 

https://www.biggerpockets.com/forums/93/topics/583...

https://www.biggerpockets.com/forums/93/topics/184743-getting-busted-in-ohio-for-wholesaling-and-praticing-re-without-a-license 

@Jim Vora

Craigslist

Find a listing agent willing to list it on the MLS for a flat fee

Social media - Almost all of my Sub2/LO sellers and RTO buyers come from local buy-sell-trade Facebook groups!

@Lukas Vanagaitis Make sure your contract has an "Offer Expires Date" and emphasize that in your communication with him.  Follow up if necessary, but don't chase him. Deals are like dating, if you show them how bad you want it, they'll realize they've probably got better options

"Dear Seller, here's our offer, its good for 72 hours. Have a nice day".

@Benjamin Barredo My last Sub2 deal, i took 2 rentals and the seller paid $5k at closing plus closing costs. It all depends on how motivated they are to sell!

The seller was out of state, had family issues to attend to, and had just evicted a tenant after 6 months of non-payment. The house had an ARV of $122k and the principle balance was $115k. It needed carpet paint and some minor cosmetic issues. It was on a 30 year fixed VA so the PITI payment was appx $750 with rent at $1050. I knew that i could do the repairs for $5k, but if she did them through a contractor it would be closer to $10k. So in order to fix it and sell retail she'd have to come out of pocket A LOT just to sell the house. Obviously, this deal alone didn't make sense, but while doing my due diligence i saw that she owned another property close by. It was turnkey and her son and daughter in law had been living in it, and only paying the PITI payment for years.

I told her the only way i would be interested in the distressed property is if she paid $5k towards repairs, and included the turnkey property ($125k) at the principle balance ($75k) and her kids agreed to a rent increase ($580 to $850).

I solved her problem of having to fix/sell a house from out of state (her kids were no help), and i got two cash flowing rentals with the repairs paid for on the distressed house, and instant equity on the turn-key

Otherwise, my min requirements to take a Sub2, are seller pays closing costs plus 2 months mortgage payments (if minimal work is required), unless there's a large equity position.

Bottom line: Understand the sellers motivation for selling, and always make an offer!

A - I definitely don't NEED to carry a gun, but i do anyway..cause..America.
B - There's probably a lot of responsible gun owners in the neighborhood, so i bring my gun just in case someone wants to talk guns
C - I carry a gun because my odds of being robbed have significantly increased.
D - I assume that the seller is trying to lure me to his house to rob me, so i bring a gun..and extra mags.

@Cynthia K. Anderson I would take a look at how much the developer paid per acre for the property currently being developed and use that as your base price.