All Forum Posts by: Nicholas Testa

Hello, I'm looking for any wholesaler or wholesale companies that have a lot of deal flow. I could forward them to my investors. I wouldn't split the assignment fee, I'm licensed with Keller Williams so I'd profit with a commission from my buyer.

Thanks!

Nicholas Testa

bulwarkrealty.com

Hey guys, I'm a new wholesaler and I'm looking for cash buyers in Houston that want me to add them to my buyers list so that I can send them any good deals I find. If interested would you mind filling out a small form on my website so I know a little more about what properties you'd like me to send you? Heres the link: http://bulwarkrealty.com/investor-application Thanks! Nicholas Testa Bulwark Realty

@Wayne Brooks ohh gotcha. so on on a 100,000 property with 30% equity, ideally you'd get the subject-to purchase price at 70,000? or as close as possible to that figure as long as the purchase price covers whatever is owed on the mortgage?

@Brent Coombs yes that cleared it up! now what would the buy price be? Since I'm just taking over payments would the buy price just be whatever price the owner bought it at originally? or how is that set up?

hello, I'm curious about subject-to deals and how they work. I understand that you take over the payments and pay what ever payment have been missed. my question is what happens with the equity already in the house? what is normal practice? do you keep the equity when you sell the house or is returning the equity back to the previous owner part of the deal and we just keep the profit from the flip? how does that work?

Thanks!

Nicholas

if you have a property that you're having a hard time selling let me know! I don't have anything for my buyers and they're hungry for deals. We can do a 60/40 split

Thanks!

Nicholas Testa

@James Messa yes! I have about 20 very serious investors, about half of them if they're not interested will forward the deal to their network and split the profits, although I'm still working to build more, I'm not going at it as diligently as finding a deal.

I'm also working on contacting wholesalers and working together so that if they have any properties they can't sell, i'll connect them with a buyer and we can split the profits.

Awesome! yes I'm curious so I'll contact you right now.

@Hattie Dizmond that sound great! I've heard a little about it but never actually got to using it. I just signed up, thank you :)

let me know! I can connect you to one of my buyers and we can go 60/40 on the deal, you keep 60.

Thanks!

Nicholas Testa

@Jeff Rappaport that was insanely helpful! thank you so much and I will definitely be taking your advice!

@Cody Stone awesome! I'll be checking that out, because i always get random calls on my phone that i don't answer and it would suck if it was a prospective deal.

@Account Closed thats my point exactly, I needed advice as to how I can use those $130 as efficiently as possible so that when I get my first deal I can go for that $1000 budget you recommend.

Hello! I'm Nicholas, I'm a rookie wholesaler and I've yet to get my first deal. I have a very very small starting budget, essentially I'm going for no more than the $150 a month mark. would you critique what I have planned and tell me where I can improve?

I found that deal flow is essentially a function of how much marketing I do, since i have such a small budget i have to be very efficient with my marketing, so I'm using a "targeted" list. I'm licensed so i compiled the list from a tax/property info database available to us in Texas, so i can save from buying list on listsource. the list is all absentee owners, 3/2, 1970-2000, no recent mls records, price range from 80k to 200k. I've cleaned the list up so that I only kept the ones in good neighborhoods. 

at this point my list is around 130 properties. I read that the best way to get a deal done is being persistent and hitting the same leads around 3-4 times and i should get at the very least a 1% response rate.

at around 25 letters a week, i can hit 100 properties a month. I'm looking for a better job at in phone sales (t-mobile, att, verizon, sprint) so that i can make more and up my budget. if i get a job at one of these places i can go from 100 letters to 500+ letters a month easy.

so at 500 targeted letters a month, at a 0.5% response rate, i should at the very least get 1.5 deals done or so a month. maybe averaged out to about 15 deals done by the end of the year.

does this sound accurate and plausible?

now assuming i get the better job (i'm currently at starbucks making less than $8 a hour) I'll have money left over to do more marketing. I was considering investing about $15 a day on Facebook ads. so around $450-$500 a month. can you think of something better or more efficient that i could use that same amount on?

this is strictly for my getting started in wholesaling. my goal is to get at least 10 deals done in wholesales so that i can have enough money and have learned enough from shadowing investors to flip my first house, preferably in a subject-to situation but will most likely be using hard money.

sorry my post is a little messy, but essentially I'd like for you to tell me what I'm doing right, what I'm doing wrong and what I could do better?

I really appreciate your time and advice!

Nick