All Forum Posts by: Margaret J.

I stumbled across this post and found it interesting since I recently acquired the Deal Automator.  It's pretty sad that you found several websites and people using it but found very little feedback from them. Sounds like the typical student that gets lured into the riches of real estate, but doesn't really understand the amount of work it takes to really get a successful business going.  I'm still learning how to use the DealAutomator and it took quite awhile to watch all the training videos.  It does really offer a lot.

On the other hand, I can't imagine being new and trying to learn to wholesale while at the same time trying to learn a system like this.  I've already done deals and I'm trying to push towards the next level and I see lots of potential in the system.  If you're seeing websites with super old deals on them, that just means that person it not being active in taking them down.  On my old website I used to remove the number part of the property address and leave it up there as "sold" so at least there was something on the website to show.  This was partially because I was inactive for awhile, but I knew I wasn't done with real estate.

All these gurus are VERY good at marketing, that why they sell systems so well, that's why they are good at finding deals and usually also have a successful business. 

It's doesn't say much about someone who doesn't answer emails from their own website. Even if I don't have any current deals, I will usually answer an email.  I've learned not to follow every shiny penny new product.  There are so many that offer a new way to find motivated sellers that no one has ever done before.  They have all been done before, just maybe not under that name.  

Earlier this year I did a re-fi of a property that I owned free and clear.  I did not think it was a big deal to get cash out, but it took me months and months and three different banks before they would put the loan through. Not sure why they have such a hard time with this, becasue it's an investment property and not my owner occupied property?  I don't remember the reason WHY being difficult.  For me I was consolidating other debt and taking out enough for.... yep... a down payment for another property. So I went through all that paperwork three times!

Thank you all for your answers.  I can see how the pay you would want to offer would also depend on your volume and what you might expect them to do, but it gave me the basis with which to make a decision.

Thanks

Thanks @Fred G. I was having the hardest time finding that information.  I had in my mind it was around that much, but couldn't remember where I got that number.

Is there a standard pay rate in the industry that people are using to pay an Acquisitions Manager? A Dispositions Manager?  I know it may depend on the volume you are doing, so I would like to hear from people that have hired members on their team.  I am primarily wholesaling right now and am restructuring my business and want to be able to grow and add more people when the volume grows.

@Yolanda Eiland It is not illegal to ask for earnest money.  It is the opposite.  A contract is not usually valid without earnest money.  That is what my title company tells me.  I can email them my contract, and if I don't drop off earnest money within 24 hours they are all over me. 

You say you are new to wholesaling, so you really need to understand the basics.  You are under contract to purchase the property and you'll need earnest money for this.  Then if you are choosing not to purchase the property yourself, you can assign the original contract to someone else or you can double close to sell to someone else.  Regardless, you are entering into a binding contract to purchase with the seller and earnest money for that contract will be held by the title company or lawyer depending on your state.  

I do wholesale properties in Arizona and generally use at least $100 EM.  Most of the time these are desparate sellers and they are not really looking at my EM... HOWEVER... if they ask for more I can add another zero.

Interesting that I should find this article just as I'm about to hire an acquisitions manager and yes, I was going to have him field the phone calls.  The tricky part is when you're starting at a lower volume with the vision that you'll need to hire more people later on.  Which people come first and how much to pay them.

Is there a common industry standard for the percentage an acquisitions manager makes?

This property would make a great rental. Median rent for the area $1100.  Minutes away from Westgate and the University of Phoenix Stadium.

Property is in good condition and mostly needs cleanup. Hot water heater relatively new. A/C has been serviced recently. Tile floors throughout. Microwave missing from kitchen. Washer/Dryer and Refrigerator will be replaced prior to close of escrow. Pool is fenced. Pool filter is in working order. Back door is boarded up, but working with insurance company to repair prior to close.  

CLICK HERE FOR PHOTOS

Email questions to: [email protected]

Thanks for the tag, but I can't possibly put hours and hours of studying into a paragraph.  I think you have to get really good at marketing, figure out what works in your area best and go from there.  You have to get out and hustle, talk to lots of people, agents, investors and sellers.  Learn the numbers and how to do comparable sales.  Find your niche and run with it.  Lots of people when they're new just want to do everything, but you need to find your focus and get really good at that before you expand to something new.  There are so many ways of making money in real estate, but I can't do it all even if I wanted too.  Always be learning.... and never give up.