All Forum Posts by: Martin White

I just want to make sure this event is happening this evening before driving out to Long Meadow.  7 pm at Starbucks tonight?

@nathan, Yeah that's what I was thinking.  He may just start laughing and I'll move on.  I hate not knowing if or when the condo fees are going to change. I see a lot of people moving in his neighborhood and the comps are all over the place.  The discount would have to be so severe he's better of leaving it on the market longer to get much more.  Even if he reduces his price he's better off.  I was thinking about changing this scenario to a subject to instead.  Seems like I would have a better chance of making something work.

@Nathan Gesnerundefined

Let me give the breakdown... I was contacted by an owner of a condo who wanted to see if I could help him. The condo is a 2 bed 2 bath, 1430 sqft property that was built back in 2011, so fairly new.  He contacted me because he saw some of my marketing online and thought I may want to invest.  To be perfectly honest, I was really looking for older properties that needed to be fixed up, and not really properties that are over $200k.  I figured I would get more info just to see if there was any way to make this deal work for both of us.  Sooo, he proceeded to tell me that he is aking for $225k (about $5-10k too high even for a retail).  He told me he listed it with an agent and is getting nowhere with his open houses.  He also told me that he owned it free and clear.

I let him know that if he has it listed then all offers should go through his agent (I don't know if he has lost confidence in the brokerage).  I let him know that I don't do deals at retail price.  I even told him he should try to rent it out.  He said he is down-sizing and he already purchased a smaller condo so now he is paying for 2 properties and just wants to get this sold!  He doesn't want to rent it and it seems like even though he says he is motivated, he doesn't appear to be in a situation of despair.  Not to mention, why list it with an agent if you are going to try to sell it yourself?

To me, I feel like this would be a great time to see if he would be interested in seller financing at my price, not his.  I know there are some other plays like "subject to" most likely, but I really need to know what you all would do.  Seasoned investors always seem to come up with things that haven't dawned on me.  I am still growing and this deal seems a little different than what I originally was looking for.  I do like a challenge though.  Here is another thing... I have to give him a call tomorrow and I really want to go in with a good idea of the best plan of attack. So please give me some feedback BP.  Thanks for listening!  If you need more info please comment, I'm sure haven't added every detail.

@Adam Higginbotham there are some good wholesalers and some bad ones out there. It's up to each and every investor to analyze each and every deal presented. It's never a wise thing to do taking someone else's word about either ARV or the rehab costs.

As an investor you have to do your research and have your contractors look at the properties before signing any contracts with wholesalers who have no idea what they're doing, looking for a bail out. Don't let them or anyone rush you into making a decision that can cost you a lot of money or time.

I wholesale, but not the way that I'm hearing in these descriptions. I have a due diligence period with investors that have time to look at the property and figure out values and costs before making any deals. If I don't have a buyer lined up, I don't put the house under contract.

It's sad that wholesalers have such a bad name. I can understand this sentiment from investors who have seen it all.... Step your game up crummy wholesalers! Step your game up new investors, don't get caught with a wholesaler who makes up bad deals, with high fees trying to hit a home run with no spread left for you!

@Josh V. That seems high. Is your property manager able to make these decisions in your behalf? Seems like they may have gone with the first plumber they called. The pricing can vary depending on the quality, but I'm assuming that since it's a rental property you don't want super high quality faucets. I'm no plumber but for $60 or so you can buy them at a hardware store. The installation shouldn't be more than 30 minutes to an hour tops. Even if they charged $150 to install, I'd be okay with that. $200-225 should do it.

As a new wholesaler I am having a hard time setting up a schedule that is effective. This is not because of laziness or willpower. I have a new baby in the house now and my schedule is off. Some days I can start nice and early, while others end up being a late start. I find I'm inconsistent with the amount of time that I can spend consecutive hours in a row. How do I overcome this and keep growing?

I'd like to hear about how you have been able to do it. What are your schedules like? What time do you wake up? How do you start your day? Do you go to sleep early, or are you night owls? What are the keys to your success?

I'm sure there are many ways to do this. The more answers I get may help me come up with something better that can work for me (and the baby of course).

Thank you!

@Douglas Snook

@Douglas, ohhh I didn't know that. I'll find a really good, investor friendly attorney instead. You probably just saved me a lot of frustration. Thank you for your response. I was starting to think nobody would.... blessings to you

I'm a new investor and right now my market is primarily Springfield, MA. I'm starting with wholesaling houses and a friend of mine said he got referred to a great one in Washington state through BP. If they're are any members that could help with finding a good company or that would like to network, please let me know. Thanks

@Frank Patalano, by the way I just moved from Westerly, RI to Enfield, CT. We're not too far apart...