All Forum Posts by: Tommy R

Let's say one house is only upside down like 20k, and another house is upside down 200k. I know you can probably do different things with each (say the value of each is 250k)

Is there anything you could do with a house upside down 200k other than short sale?

Why aren't you selling it 70x ARV - repairs?

You could make like 15 grand more! (right now you're only shooting for 5 grand??)

-yeah I would go to real estate meetings and pitch your property man.

-as for your 2nd property, made me laugh :) You have a good tenant inside? awesome.
a lot of people would like that, it's already ready to go!
to value that property you want to figure out the cashflow and divide by 7-15, 7 being if its in a nice area, great tenant, towards 15 if its like a trailer park type situation.
-check out loopnet.com for more, but assuming its about a 10% cap rate.
Say $450 net cashflow is $5,400 yr, x by 10 and it comes out to your same property value of $54,000. Just so you know, IF you got a tenant in there paying more the property value would increase, thats another way to make bank.

good luck.

Danny, I don't imagine a legal team would need to be involved, simply some good sales skills/rapport with the seller.

I would imagine this being done as an option. If it was an enormous deal, say a 1B ARV property (the value of a casino in Las Vegas) I could offer say 1m as an option to move it in a month.

If I was really good, I wouldn't even need to use an option to tie it up especially if I had a very motivated seller.

Same principles as a small deal. Just bigger/possibly a little bit of capital involved on your end.

Potential reward? Enormous.

I want to know your best ideas for marketing to have people call to give you leads.

Why? Because yesterday I was driving around for an hour looking for deals. I didn't find a single abandoned/obviously distressed property but more importantly I realized that is not how i want to spend my time.

I want to spend my time doing ABC:
ALWAYS BE CLOSING

So I need leads coming to me.

Current ideas/strategies:
-Posting craigslist ads, offering $ for the location of these houses(some upfront, or perhaps say $500 if I close the house)
-awesome bc it's free

-Posting in newspapers

-Remnant time on the radio

-Also bandit signs saying "buying houses for cash"
and to take it further, billboards (I recall seeing one that said "I buy ugly homes" years ago, now it's very clear to me lol, that would require capital though.

Share your best ideas especially ones you've had a lot of success in:

The whole reason I'm looking to get into wholesaling is to apply the same/similiar skillset on a much larger level- ie skyscrapers... Or maybe groups of them.

I want your guy's feedback on how high you can take wholesaling. Yes I know that naturally it may be a little more complicated the higher you move up- I'll deal with that

I know there's other occupations similiar high paying sales occupations too like land-brokering, but it seems like you could just as easily wholesale a skyscraper (if you catch the deal at the right time, the seller likes you, and you can find a buyer/have one lined up)

I know there's many ways, I want to see the most effective ways you guys use-

For one I always ask the neighbors for contact info-

Setting up llcs are actually pretty cheap and easy- the $800 franchise fee in Cali does suck though.

Incfile sets it up for $50 + state fee = ~$150-200 depending on the state

Rob,
I would greatly appreciate getting a copy of them (whatever you use) (how many different contracts do you have for purchasing and assigning?)

Hey this has been awesome to read. Way to hang in there OP! Kinda off topic... But I'm looking for good contracts to tie up a property. Can anyone me PM me theirs for reps? __Thanks in advance!__

Hey there, I'm kind of a newb, but why don't banks like people doing creative wholesaling? (you said they have no assignment clauses)- -isn't it in their best benefit to get the deal moved regardless?