All Forum Posts by: Micah Copeland

If you go to your local REI meetings you can find tons of cash buyers. Also, try going to local cash auctions and picking up real buyers there as well.

You should make as much as possible depending on the deal. The average wholesaler seems to go for about 5k. I like to find what an investor will pay for a property then subtract my purchase price and whats left is my fee... on average I make about 15k per deal.

@RANDALL RITTGERS

Direct mail is my favorite method to find deals. While some other methods may be cheaper, I believe direct mail is the most time effective. I set up a campaign then wait for calls to come in.

@Steve James

Hey Steve if you want to be added to my buyers list to start receiving my deals in Nashville please message me your email.

@Scott Nolan

Hey Scott. As long as its anywhere in the 100k to 250k range you can use the 70% rule if you are marketing to flippers as your end buyers. After you get the 70% number make sure you take off the repair estimate and how much you want to make on that property and then submit that offer. Do not budge on the price if you know it is correct, since their is no point in getting a property under contract that you can't move. Also, if you are marketing to buy and hold investors you can use Gross rent multiplier to determine your asking price. I just made a post about this under how to evaluate a multi family property at https://www.biggerpockets.com/forums/311/topics/231025-how-to-run-comps-on-a-3-unit-multifamily?page=1#p1527257

I use the rent to determine comps on multi families. I have investors that will buy any property in a A, B, or C class area where the rent is at least 1.5% of the all in cost. So, if I have a seller that has a duplex that is making say 1500 in rent for both doors combined that needs about 10k in repairs I will do the following.

1500 is 1.5% of 100,000 minus 10k in repairs = 90k minus 10k to purchase my option to buy the property = 80k so that is the offer I would submit.

This would obviously vary per market, but if you can determine what people are willing to pay by what sold (figure out what percentage the rent is to their all in cost) then you can apply that market average percentage to other multi family properties. 

Thanks and hope that helps.

@Davon Lowery

I have had people that were adamant about using their title company.. so I used them. As long as they can do an assignment I don't mind who we use even though I have one I prefer to use. I assume you can answer your question by stating why you are determined to use your own title company. It is probably the same answer for them.

Yellowletters.com should be able to design them as well as send them out for you.

@Jake Jones

Hey Jake! I am wholesaler here in Nashville, TN. so I would love to get your email to add you to my buyers list. Would love to sit down with you and pick your mind sometimes as well, and hopefully be able to share what knowledge I have of the Nashville real estate market!

@Richard Ayvazyan

Hey Richard! I really love the idea of this and good for you for putting out information that can help people change their lives for the better for free! I would very much like to be apart of your process. Let me know if you have any spots left for a users in your initial launch. 

As far as pain points. I would say the biggest scare for many new investors I talk to is nailing the repair costs. This can obviously make or break a deal. I am wondering how you will be able to do this nation wide?