All Forum Posts by: Philip L.

Hey @Anthony L Amos Jr - You can send him a message on FB I would just keep it simple with an introduction and asking the question if they are interested in selling with a way to contact you.

The problem is FB has a message filter for anyone that isn't a friend so they may not see the message.

Creating a business page is free, quick and easy - you could also sent a message from the business page so it will look more professional than just your personal profile. 

@Jerryll Noorden 

There are a lot of variables but to give you some examples and numbers:
My last set of campaigns were targeting post codes in Michigan, with post engagement and traffic objectives. 
I created a set of six videos all with different ad copy (I think eight).
Ran these ads for about seven days and repeated the process twice over a two week period total.
Set up new a campaign based on the previous results but this time change the objective to leads.

End result was 28 leads at a cost of $19.88 per lead 
I believe the leads are decent quality as they were all off market and most were genuinely interested in selling their property.

Here is a better link to this photo>> stats

I am new to wholesaling so someone with more experience would have been able to do better than I did however I did meet two local investors who own pretty large portfolios and I spent the day with one of them and he told me a lot of useful information.
He also gave me five property options to buy at a decent price but nothing signed as yet.

I know I can improve the leads and reduce the cost down further it just takes time. My biggest problem is converting them into deals I suck at that.
   

Hey @Chuck Hupert - Trying to contact property owners directly is going to be tricky, the best way to do it is through the FB ad platform, I've been running ads and getting leads consistently on FB send me a message so I can understand more about your business. 

Hey @Jerryll Noorden - it really depends on what you are trying to achieve as there are so many options, the platform also changes quite rapidly.

I have eight years of experience with facebook ads and marketing message me if you still need help with this.  

@Kelly DeWinter Nice suggestion but I am looking for options in the USA to get started.

If you’re just starting out virtual wholesaling what would be the criteria for the ideal market?
What city's would you suggest for me to start in? (my home city is not an option)

Hey @Kevin Romines
yes that makes sense, I've been comparing and running numbers for most of the day and from my basic understanding you are correct.
I guess my concerns are now that the current mortgage is on a variable rate and the new tenant has the option to buy so nothing is set in stone and I could end up with the property again in three years. Not that any of that is a huge deal but I do need to take it into consideration.

The Due on sale clause makes sense, I agree I don't think this will be an issue as long as I keep up with payments thats what they care about.

I am mindful of the possibility some people will not exercise their option to buy, I am not sure how I will feel about this when it happens. This deal doesn't seem to bad losing 5K but I did get some applications offering $20,000+ 

Thanks for the recommendation of Pen Fed I will check them out in the morning.

@Kevin Romines 
no problem 
rent to own option is $5000 option fee - $1500 a month rent - $75 a month concession - $150,000 purchase price 
3 year agreement - it's not possible to extend the contract according to my lawyer, this is my first rent to own property so I am unsure why, I have a meeting with her tomorrow it's on my list of questions to ask.

My goals are to buy run down property's in decent areas, fix them up to a modern standard then market them as rent to own once the process is complete to refinance and take out hopefully everything I have invested then repeat the process.

With this deal I am testing the waters to see if the business model works and how much of my time it takes up (so far it is working but it is also taking up a lot of my time but I feel like I can streamline this process better with more experience and knowledge)

The interest rate on this mortgage right now is 5.2% and it's a home owners loan I now need it to be a rental mortgage.

the balance is just under $85,000 I am guessing the home is valued at $150,000 

Thank you for taking the time to reply to me I appreciate your help. 

@Kevin Romines I understand - what additional information do you need and I will provide it

I currently have a mortgage that was a 30 year but now only has 16 years left.

I no longer live in the property and I am going to be renting it out as a rent to own.

To improve cash flow I am looking to refinance the property back to a 30 year term, is this a good idea? as from my understanding majority of the the interest is paid during the first 15 years