All Forum Posts by: Wayne Woodson

Originally posted by Mark S.:

Wayne Woodson , so what does F class + B class equal?

...a person who works 9-5 plus.

Originally posted by Will Barnard:

There are several threads running about A B C D Class properties and how to define them. Perhaps the best explanation is:

A class = BP Pro

B Class = BP Plus

C Class = BP Free

D Class = Not on BP!

F Class = Working a Job 9 to 5

Hi Mat and welcome to BP, my advise would be to keep learning and keep doing. A lot of people loose focus and get sidetracked by the other shinny objects in Real Estate. If your goal is to own multifamily unit's then stick to that goal and not flipping commercial properties or selling vacant land.

Hi JT and welcome to BP. Yes the deals are hard to find but they are out there. Rentals are a good place to start and I highly recommend using a property manager for your first few rentals. I mostly wholesale but I may get into rental eventually when I find some good cashflow properties. Good luck and learn all you can.

I thought a Realtors job was to put a sign in the yard, put your house on the MLS and wait. You mean they actually market? lol, JK

To answer the question a Realtor doesn't need to be and shouldn't be involved in a wholesaler transaction. It almost always messes up the deal and is just not necessary.

As Jared mentioned it sounds like this dude is doing short sales which take forever to close and get paid on. It's good to have all types of buyers but I would not just limit my business to this guy.

Typically when you have a property you will be the one to provide the contract and not your buyer. This sounds fishy to me and I never sign anything from my buyers unless I am at the closing table in front of my attorney.

What I got from the book was the importance of creating systems in a business. That and also not working in your business but on it "the technician".

It's a great book if anyone hasn't read it in addition to the 4hr Work Week by Tim Ferris.

Hi Treesa, and welcome to BP. What types of rehabs properties are you looking for. Maybe I can be of some assistance.

I agree with Michaela Graham but I have to give my disclaimer that when you do things like cloud the title you open the door up for other things to happen. I have had other wholesalers in my market go to my sellers and bad mouth me and my company just so that the seller would back out. I use memorandums and non discloser agreements too but be careful and use good judgment.

If the seller has a good reason "like tenants won't leave" or if I can't lower the price I will just let the seller out. I may loose money by doing that but you can't put a price on your reputation.

@Lisa I assume you are going to wholesale this milliondollar home in which you would need a milliondollar buyer to do so.

1. Most buyers have access to or know someone who has access to the MLS. If they are like me they see a MLS deal they run. When I see a wholesaler with blasting an MLS listing it just screams noob.

2. With a million dollar listing you can bet the agent will run you through the ringer with Proof of Funds, Verification of Deposits and Numerous Background and credit checks. As Edward mentioned do you have $10k that you can afford to loose?

I highly recommend as a new wholesaler that you say in property's below the median home range for your area. If your market is like mine "which I believe it is" the median home value should be close to $140k. My advice is for you to find houses below that number and not only will you be able to find buyers but you will do more deals as well.

Good Luck