All Forum Posts by: Rickey Miller Jr

@Steve Anderson When I first started I attended REI groups, went on Facebook, went to local auctions, messaged individuals on Bigger Pockets, used Propstream, Bandit Signs, Trading Buyers List with people that are in the same area. There are just so many ways to build a buyers list but it comes from a personal relationship. Instead of just knowing them by email, try to build a relationship and talk to them over the phone or in person. This will establish trust and allow you to become a stronger Wholesaler/Investor. Hopefully that helps and good luck!

Hi @Damian Salto so if you like I can send you the sparknotes of that book that I took in my notes to allow you to have an idea of the topic. It's the book I read back in July of 2019 and since then it's been a great starting point. Plus look into YouTube video and podcasts. Honestly you shouldn't have to pay anyone for mentorship on this topic it's really simple. The number one thing most people do when they start (even myself) is over analyze. If you just have consistent action in this business I can assure it will change your life so later you can invest into properties to buy and hold. Hopefully that helps.

But message me if you'd like an analysis of that book sent to you. 

@Bryce Strange I would recommend following a few people on YouTube and you'll get guided much faster. Personally my team has done a few Wholesale deals (virtual) this coming weeks due to the Covid outbreak. Luckily it was an easy transition for us. We haven't really changed the business. Just requesting sometimes the seller to take photos of the property, or hiring someone that's willing to do it, if we don't want to do it. 

Reach out to me if you have any questions Bryce, but possibly see if your market works for Wholesaling you can possibly JV with someone to get the ball rolling.

Title Companies check for property records, liens and identity of parties involved so that you have a legit real estate transaction. You may have to call 2 -3 to find ones who work with investors and are comfortable handling double closings. Just reach out to many different ones in the area you are prospecting and establish a relationship. 

Questions to ask Title company:

“Hi, may I speak with a closing agent?”

“I’m calling to see if you can close an assignment of contract or a double closing?”

“How long does it take to finish a deal?”

“Can I copy of your for sale by owner contract, I’d like to use your copy if I can borrow.”

Honestly treat them like there your best friend, they will help you get to a closing. Some states due Title companies others go with Attorneys. Hopefully that helps to have you understand more. 

Great question, so personally I'd want to mention their isn't a best list. I would say whichever list you go after I would try to be consistent on whichever is your marketing campaign. If you want to maybe try the storm that may possibly happen in the future possible look into (Tired Landlords), (Multi-Family) and (Ticking Time Bomb). 

Tired Landlords: 5 or more years of ownership, not listed on MLS, Location out of State and Local, Estimated equity 50% or more, owner type individual. This can be pulled from Listsource, Propstream all kinds of places.

Multi Family that are close living Quarters: Residential, Multi-Family/Condos/Town Houses, 50% equity or more, owner - individual, location out of state and local, not listed on MLS.

Ticking Time Bomb: Vacant, not on market, residential, SFH & Condos, 5 Years minimum of ownership, estimated equity 50% or more.

Hopefully that helps, I'd just honestly recommend if you haven't gotten your first deal whatever list you start with just make sure you finish it to maximize your results and don't forget to follow up!

@Landon Green So I’m assuming you have a property under contract? If not still totally okay if your just wanting to build your buyers list. There are a lot of ways actually.

Going down to the foreclosure auction in your area.

Posting ghost ads on Craigslist (personally not what I do)

Contacting your investor friendly title company

Bandit Signs

Pulling a cash buyer list from List Source and skip tracing their phone numbers and just call them.

Utilizing Facebook groups

Networking with other wholesalers

There are many ways to do it but honestly just make sure you build rapport and relationship. Hopefully that helps and good luck!

@Yenisel Avila Look into using the 70 percent rule. It states that an investor should pay 70 percent of the ARV of a property minus the repairs needed. The ARV is the after repaired value and is what a home is worth after it is fully repaired. So just minus your assignment fee on what you could like to make.

Example: Client has a 1965 home that's ARV is $100,000, let's say it needs about $20,000 in repairs, and you want to make $5,000 off your "assignment fee".

You’d take the $100,000 x .70 - $20,000 than minus your $5,000 and it’ll tell you your max offer to the Cleint is $45,000.

It’s simple math but the other part is making sure you listen to “motivation” from the seller/client so their willing to trade equity over convenience. Hopefully that helps and good luck!

Absolutely, you can practically wholesale anything in Real Estate. It could need minor work, a full gut job, it could be all original and just needs updates. Remember with Wholesaling your finding a motivated seller. Then discussing information about them and later discuss price on the property and your wanting the price to be under contract well below what an investor pays. So that the moment you get the property under contract you sell the rights to the contract to an end buyer and you collect your assignment fee. Hopefully that helps! 

@Charles Carillo Thank you by the way for your information, I'll keep that in mind and see what we can do and just keep a constant relationship. Then doing so reach out to other investors and see if there still interested in adding to their portfolio. 

It's totally optional. That's the number one thing people start to ask, in this during market situation what's going on. Personally I would start building a buyers list, because a bunch of buyers have been sitting on the sidelines due to the Covid. I would reach out to people that have been buying and actually ask them if their still buying. Once they give you a yes, you ask them "Okay what's your buying criteria, what can I help bring to you and show you something that would be of interest". You do two things you build rapport/relation and then know what to search for as far as deals. The last thing you want starting off is not being able to disposition a deal. Hopefully this information helps and best of luck!