All Forum Posts by: Russell Ponce

I'm fascinated with this idea of 'wholetaling' or whatever people want to call it. I know your formula by doing a little research but my question is how do you determine 'as is' value or can we modify the formula based on ARV? Can we buy at a rehabber's price (70% ARV minus repairs)? Or do we still need to negotiate a wholesaler's price?

And finally, are there criteria that spoil this strategy like certain price points or the amount of repairs needed? I mean, it seems like we are servicing the sector of investors who built their business model around REOs on the MLS. Those properties were getting a dozen or more cash offers so why not 'wholetale' is what I want to know.

Just listened Michael, it was long overdue and you definitely delivered great content. Looking forward to the next one!

Yes, you want them to gv number first.

Lets say your lowball offer would start @215, I might say something like "You know i havent seen the inside yet but we'd probably be able to pay a little over 200 but Im not sure how much more. Are you comfortable with any number in that area?" 

Ok cool. I don't do driving for dollars but I always thought if I did I would run addresses through records to make sure I was mailing the owner.

You might get 1 out of 50 offers accepted so keep on the grind.

It took me a year of marketing to get first property under contract and then 2 more months to close. 10 offers is not that many. Are these listed properties?

First of all you have to market for motivated sellers, plenty of info here on that subject.

There will always be circumstances that create motivation, you have to get your marketing in front of the right person on the right day, and then you can help their situation.

REO agents hv buyers, auctions, hard money lenders know buyers. You can go on listsource and get names and addresses of investors who have purchased properties recently.

Well done

I've heard a few w'salers talk about this. I think Aaron wrote somewhere his avg purchase price was 52% ARV and that it was hard to make a mistake at that number.

I think he uses google street view to see the outside.

I just started marketing to another county and I dont have any plans on going out there. 

I agree, the podcasts on wholesaling are terrific. Ive recently gotten back in the game as well and my 2 focal points are: 1) have a marketing budget and 2) trust the marketing.

Pre printing some forms now to have at the ready.

Ouch