All Forum Posts by: Stephen Keighery

You need to be able determine the value of the house after its renovated and estimate the cost of repairs so you determine what you need to offer. You shouldn't do this work before you contact the seller as they may not want to sell but you should know how to do this before you contact them. 

I know Anthony Quillen from Quillen Construction does these. He does real quality work as well. 

The mail houses all have templates that are used regularly. You can start with that or at least get inspired from it. I would also skip trace them and give them a call and text message. You have spent the time creating a good list, go hard at trying to reach them. 

NOREIA and Northshore REIA are both quality. They are virtual right now but do inperson when conditions allow

Love to see y'all getting ready to make moves. NOREIA and Northshore REIA are doing virtual meetups at the moment and will start in person again when conditions allow. They are worth attending.

It's not a home run in terms of the cash flow. I see you said you are living there so if its more of a personal decision and that is somewhere you want to live then you should feel comfortable. If you were strictly chasing rental returns you could find a better deal (but you probably wouldn't want to live there). If you are happy and the numbers are ok go for it.

Goals are so important, but at this point you should probably listen to the BP podcast and hear other peoples stories to expand your mind. This will show you what's possible and then you will have a solid base to set some goals. 

If you can buy with cash get with an established wholesaler in the area. They invest their time and money finding off market deals and will generally be your best source. If you are using traditional finance this won't be an option so get with a good realtor. 

If you want to expand your mind on wholesaling I suggest you listen to Steve Trang's Real Estate Disruptors podcast. He is a broker and runs a traditional realty business as well as a wholesaling business. He gives sellers the option that is best for them. In his podcasts he interviews some of the countries top wholesalers. You will find this may help you understand more about this industry. Also check out my blog where I post about deals I do. You will see there is always a story behind each deal in terms of a problem that we solved https://homebuyerlouisiana.com/we-buy-houses-new-orleans/

@Steve Morris please learn more about wholesaling before trying to tell people how it works. I don't know why you are trying to put something down you clearly don't understand how it works. We get better deals because we solve problems. It is true 98% of people should list with a realtor and I tell everyone that. But there are some people that want to trade speed and convenience for  trying to squeeze out top dollar, people who have houses so bad that realtors don't want to touch them. I closed one last week at full retail value.  She still owed what the house was worth so If she sold it through an agent she would have had to come out of pocket to pay realtor fees and closing costs and have to pay the note while it waited to sell. I bought it at full retail subject to the mortgage and am now making the payments. A good wholesaler solves the sellers problems and makes money in the process. My sellers are always smiling on closing day and thank me. 

I close on average one deal a week and have never put up a bandit sign or done a hand written letter. I think instead of spending your energy and time putting something down spend time going a little deeper and learning more about a strategy. Just like realtors there are good and bad wholesalers so its easy to see one example and think that represents the whole industry. If you truly want to know all about real estate go a little deeper and increase your understanding.

I already agreed that wholesaling isn't investing, its just a part of the investing process. I define myself as a wholesaler but I am also an investor and this works really well for me.  As I have already said I am not trying to put you or anyone down, I am just asking you to extend the same same courtesy.