All Forum Posts by: Stephen Morales

Check out Jeremy Beland, he's here on BiggerPockets. Runs REI Freedom, he has some helpful insights and info on his website.

I'm sure they have some groups on FB that do meet ups every month or so. Los Angeles Real Estate Wholesaling Group (LAREW) on FB is hosting one in two days. 

Hey William, 

I would look at attending some local REIA events and joining FB groups. There are a ton of groups for South Florida with real buyers on there.

You can also pull list of cash buyers on many prop data sites. Feel free to reach out if you ever need help building a target list of buyers. 

@Ryan G.

You should check out some FB groups that wholesale in Pittsburgh. If you find a good group you can literally get dozens of solid wholesalers that can work with you. 

Also I'm sure Pittsburgh has some local REIA events.

Going to add these to the list: 

"How to Win Friends and Influence People"  - Dale Carnegie: Title says it all

"Atomic Habits" - Jame Clear:  Similar to The Compound Effect How small "atomic" positive changes to your habits can have compounding positive effects going forward. A must for any entrepreneur IMO that that loses faith when they don't see results right away. Total mindset change. 

"Compassionate Capitalism" - Richard Devos: It's been 13 years since I've read this one and it was given to me by my dad but I still remember the message as it has helped me in my endeavors today. The true secret to security and happiness lies in combining compassion for others and offering them profitable opportunities. Knowing that your actions make a meaningful impact give you a sense of worthiness for the privilege and comfort that wealth brings. Even before wealth arrives, having a compassionate mindset along with strong business skills (which should continuously be developed) greatly enhances your chances of achieving success and influence.

Which looks like you're doing a great job of already Jeremy! I think you'd like this one a lot. 

I'm a REI, a Wholesaler and REA.

As a REA I empathize with you because I was a REA before I became a wholesaler. I did not understand why I was losing investor clients to these unlicensed jerks lol.

Now I rarely need to use my license unless it's a COI lead, a referral or a wholesale lead where a wholesale offer doesn't make sense.  

I agree with you that wholesalers need to be more upfront with agents. Any wholesalers that ask me for advice I tell them to do this if they call on active listings. Transparency is key to building long term successful relationships. 

I will say this though, there are a lot of wholesalers out there who know WAY MORE than your average real estate agent when it comes to investing. I will also say that unless you are working as a single agency, I NEVER refer to my customers as "clients" because as a transaction broker we do not represent our customers in any fiduciary capacity. Misusing that term when you are operating as a transaction broker can get you in trouble. As a Real estate sales associate, I still have to uphold certain standards with a customer but not at the same capacity as a single agent. 

But the key takeaway here is as how you ended your post. Real estate is a business all about relationships and transparency is key. 

Hi Ashantia,

I would definitely consider revisiting your numbers. If you're looking to hire 2 VA agencies and looking to create 2 separate teams your going to need more than $12k over a 6 month period. I would at least 3x that amount going in.

That's awesome Brendan! Congrats! I'm sure it will turn into a contract!

There's definitely a ramp up period of a month or so and it also depends on how big your lists are that you're giving them. If they're using a triple line dialer they should be knocking out 800 dials+ per day, a few dozen actual conversations and average 2-4 leads per day. You'll get some goose eggs here and there but it should average out. 

As long as you have a good follow up system in place you will have a nice pipeline by month 3. 

We do both net listings (in FL) and novation agreements. They are both very similar but they are not the same.

The true use of a novation agreement is to improve a property for the Seller without taking ownership. A great example of this is when we work with land owners and offer to develop the property further to resell paper lots or sometimes we go vertical with either a new home or a small multifamily building. In the easiest sense of doing a novation, you would just be doing a moderate rehab to get the property to ARV to sell.

We like offering an additional split to the Seller when we get higher returns than expected. Let's say a property is worth $250k and the seller is happy with $150k. It needs $30k in rehab and we pay all closing cost. We end up selling for $260k or $10k more than what we thought the property was worth. Any of those additional funds above our target mark would be split 50/50 with the Seller or sometimes we offer a more favorable share to the Seller to get the deal done. 

You can pretty much learn everything you need to know about wholesaling for free online. If you really need hands on training, I would work with another wholesaler that needs help with acquisitions or dispo and get paid a percentage of the assignments.

I understand some people prefer a course and that's fine, but a lot of these people doing courses are charging 5k-40k to people who can't afford it and pressure them to max out their credit cards. Which is obviously, very unethical.