All Forum Posts by: Russell Ponce

I think Anson Young talked about wholesaling properties from the MLS in his first podcast. It doesn't make much sense to me though, for reasons stated above. I guess if you made crazy low offers and ever got one accepted theoretically you might have a deal, like buyers didn't care for a property so didn't make offers but if they could get it at THAT PRICE. Anyways, I would suggest to listen to every wholesaling-centric podcast you can get your hands on.

Wholesaling doesn't have to take much time at all if you can build a team or leverage someone else's. You just have to talk to prospects and negotiate price. I don't have any affiliation with Peter Vekselman but he just put it out there that he's starting to buy and sell properties in Jacksonville if you prefer to just buy a wholesale house without having to market for them. 

My favorite resource has always been podcasts, they've not only instructed but have led to ideas, books, and other people. You can pick up nuances and context listening to people talk that might not be apparent in print. 

There's an invaluable collection of podcasts here on bp, and there are other real estate podcasts as well. 

I love books too, and there are some good ones here on bp including 2 by J Scott who posted above.

@Tarl Yarber, no doubt I've heard of people crushing that list and if you are too then right on. What I heard about it was: 1. Lots of competition 2. Not a lot of equity, and 3. Salty homeowners. 

But now that the market is soaring here in California maybe it's not a bad idea. As an aside, Tom Krol was talking about sorting by age, said he hadn't done many deals with young people.  I haven't pulled that list myself but I thought it was a fresh idea.

I would think twice about starting with pre-forclosures, they don't appeal to me, personally, but I agree that you can stretch your budget with a little elbow grease. 

It's scary to go into debt for marketing but there have been people who got their start with a little leap of faith. 

Wholesaling has a negative connotation, at times, here on bp. The archetypal "bad wholesaler" is a person who overestimates value and underestimates repairs.

It's true, wholesaling is a gateway endeavor for a lot of newbies and so it follows that they  (we) don't know a whole lot, especially at first, but this idea that gets floated around that you should become an expert at valuations in order to wholesale is ridiculous. 

The lists can be tweaked to your specifications and no, they aren't 100% accurate but you'll reach a lot of prospects 

Any contract is assignable unless otherwise stated, a simple one seems preferable. There are free ones out there, I would use the money for marketing instead of paying a lawyer, but that's just my opinion. As for marketing, you have a lot of great ideas but I was given the advice to focus on one lead source and crush it before worrying about adding more. 

Have you rehabbed a property before? A hard money lender's expertise could be invaluable but the money is expensive. Wholesaling is a LOT less risky and you can learn something from a buyer. 

As for systems I can only speak to wholesaling, just take the contract and earnest money to title and then contact buyers. Not sure if that addresses your question but...

unless you're an agent you can write a contract on a napkin, just get a simple one. Listen to Aaron on podcast #37 I think, he's crushing it in the Inland Empire