All Forum Posts by: Wesley Merville

Obviously I want to keep my relationship with both and my professionalism to the max - what should I do as an investor when two wholesalers send me the same deal?

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Originally posted by @Azeez K.:

@Wesley Merville

Other Options - Seek Equity partners, get private money or cash partners, speak to a commercial loan officer

Hope this helps

Amazing response, thank you so much!

Quick question - what is the difference between equity partners and cash partners?

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Originally posted by @Joel Owens:

Hi Matt,

I specialize in NNN all over the country and retail.

LoopNet is one source but brokers in the business will have off market inventory direct from regular owners, developers, other brokers etc.

Let's flip this around.

A good broker will qualify the buyer.

Are you an individual with high net worth and liquidity??

If not are you a group of people that already know each other, a blind per property syndicate, a fund??

What deal size are you looking for 2,5,10 million?? What kind of cap rate?? Are you looking for cash on cash return play or an equity growth play as well?? Are you buying all cash or paying some down with a loan??

Are the proceeds sitting in a bank ready to deploy OR is this part of a 1031 or IRA money etc.??

Lot's and lot's and lot's of questions before a buyer gets to see the deals. If they do not share that information then they do not get to see the deals.

Hope It helps.

Can you explain the difference between a cash on cash return play versus an equity growth play?

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I've been trying to research how to get bank financing for smaller multifamily commercial buildings aka small apartment buildings - but it seems that Fannie Mae doesn't do it for under 750,000.

How do you finance these "inbetween" deals, above 4 units but before the million dollars?

Can I try for a jumbo loan like I'd get on a 4 unit when it's actually a 6 unit building? What other options should I be looking for?

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Originally posted by @Jessica Lewis:

Since I have recently moved here, I am overly excited about beginning deals, having found several already and ready to close the deals.

Wow! How did you find them so fast!? Congratulations!

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I'm also in the same market! There is actually a REA meeting in NJ this wednesday in Totowa NJ!

What strategy are you looking to employ?

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So I live in NY and went to my first REA last night in NJ, it was amazing! I met a whole group of people and it was twice as exhilarating to meet so many people.

I also realized I had been over complicating things and that getting started was going to be significantly easier than I had expected from having read too much.

While there someone mentioned a strategy I hadn't seen before - Giving multiple offers to the same seller. Essentially a house that's been sitting for a long time without selling, you give them 3 different offers at once, and they're more likely to say "which offer should we take" instead of "should we take the offer."

Not only that but you can give them a few different creative offers, the first could be seller financing, the second could be sub2, and the 3rd some other creative variation or maybe a lower cash offer.

I'm curious if anyone has done this and could perhaps explain an example for how to do it successfully. Would a RE agent do this for me or would I need to get my own RE license since no self respecting agent would have time for this?

How much time goes into writing an offer?

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Originally posted by @Rick H.:

Had a guy that tried to sell me probate leads and I kept putting the "non-profit-for-me" project on the back burner. I'm not sure when it was but my nose twitched every time I thought about the guy.

Sorry for my confusion, but if you don't pay for leads like "@Dave Metsker" suggested, how do you find them? (Sorry, coundn't figure out how to @mention him)

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Originally posted by @Dave Metsker:

@Wesley Merville I lend to the heir(s) up to one-third of the cash value of the estate, as a lien against the proceeds, which, of course, come from the sale of the house. This gives me leverage to make sure I get first shot at the purchase of the house. This can be done in just a few days, as soon as the equity in the house is confirmed.

That sounds amazing! How do you find out about these probate deals consistently enough to turn it into a focus for a business?

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Originally posted by @Dave Metsker:

@Eric Z.

I also offer an inheritance advance referral source in my marketing materials.

Can you explain what that is?

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All Forum Posts by: Wesley Merville

Wesley Merville has started 4 posts and replied 27 times.

Post: Multiple Wholesalers sent the same "exclusive deal"

Post: Financing on more than 5 units under $750,000

Post: Commercial Real Estate Broker Charlotte, NC

Post: Financing on more than 5 units under $750,000

Post: Greetings from Georgia

Post: Newbie from new york / new jersey

Post: Giving Multiple Offers to the Same Sellers?

Post: Do inherited properties make good subject to deal?

Post: Do inherited properties make good subject to deal?

Post: Do inherited properties make good subject to deal?