All Forum Posts by: Jose Flores

Hey @Benjamin Barredo I have used http://peoplesearch.com/ with some success.  Also, messaging them through Facebook has worked well.  Good luck.  

I agree with @Cameron Tope send to both.  

Hey @Account Closed First I have friends who swear by mentors and that one person who you can learn from. But for me I never felt that way. I like learning from a lot of different people without the expectation that one person is going to take me under their wing. But no matter what your perspective is there are many ways to get that support and guidance you seek. Here are a couple of ways:

1. You don't need to meet someone to be mentored by them. When I was getting started and still to this day I am mentored by people I have never meet. Through books, memberships, and podcasts I gotten peoples' best thoughts and ideas. The best part is that they are there for you to review and revisit as much as you want.

2. Don't look for one look for many. Don't put so much pressure on one relationship. If you're only getting advice from person you're missing out on different points of view.

3. Be specific not vague. Ask very specific questions here on bigger pockets or else where and you will shorten your learning curve.

4. Earn respect and trust through action. If there is someone out there that you really want to learn from you have to be a devoted fan. So buy their books, join their programs, engage in their community.

5. Work your butt off. Hustle, problem solve, be resourceful, and be consistent.  

Hey @Eddie Wright Let's start with question one. How do you estimate repairs. One is that when you walk into a house you need to know what the major components to look for are. Second is as you are looking at those components you need to know what the materials would cost at Home Depot and if you were to call a contractor what would they charge for labor. I have generated a list of all the material cost that you would expect to pay at Home Depot. Now that you know what material cost is we can move on to labor. There are two things you need to understand about labor cost. One is that many contractors will include material and labor in their estimates. That is why the material list is important because it allows you to easily subtract the material cost from the estimate to calculate labor cost. Second, is that there are two types of labor prices; retail home owner and investor friendly. Know what to look for; know cost of materials; and know cost of labor. A rehab checklist helps you accomplish this. So find yourself one to use as a guide. 

    Second question was how much should I offer on the wholesale deal. This question is covered extensively on Bigger Pockets. I recommend you search the 70% rule and read those explanations. Also check out the article below. Hope this helps.

70% Rule Article

https://www.biggerpockets.com/renewsblog/2014/02/14/70-rule-bible/

Hey @Jack LaGuerre I have struggled with getting that list myself.  However, I went down to the city court and asked where the eviction hearings where and as people where waiting in the hall to be called in I introduced myself to number of landlords. Explained that I was an investor and would pay cash for their home.  Bought two houses that day.  I have been doing it once a week for a number of years now.  Highly motivated sellers.  A little more work but definitely worth it.  Good luck!!

Hey @Alexander Forrester here is the criteria I use from list source.  

- out of state absentee owner

- in state absentee owner 

- 100% equity 

- target zip codes where cash sales are highest 

Remember 90% of the deals are in the follow up.  Therefore, set up a simple CRM as soon as possible.  Hope this helps. 

Hey @Eddie Wright what it seems like is that the investors you are working with want you to determine how motivated the seller is. Experienced investors only want to work with motivated sellers meaning that they have to sell now. Here are some characteristics of a motivated seller to look for.

- Inherited the house and can’t afford it

- Inherited the house and are tired of taking

- Divorce and got the house

- Owe Taxes

- Can’t afford repairs

- Facing foreclosure

- Need money for new business

- City condemned house

- Job transfer

These indicate that we might have a motivated seller. Now the "How". First build rapport with the seller by finding something in common or quickly discussing the game yesterday. Be friendly and then ask the most powerful question to find their interests, needs, and motivation. "Why are you selling?" Then listen for their interests, needs and motivation. Next, is to paraphrase. People want to know that they are understood. Last piece of information you want is what they would take if you paid all cash and closed quickly. If they say 60k. Then you say "what is the best you can do?"

Tell them you have money partners that you need to discuss and show the house to and you will be in contact with them in the next couple days.

Take this information back to your investors with pictures of the property and ask if they think we should follow up on the deals. Hope this helps.  

Hey @David Segatti Sounds like your typical guru up sell latter.  Be careful they can be very persuasive and before you know it are taking out a second mortgage to pay for the same education you could have got for free.  

Hey @Breon Smith I'm sure an agent would sell that house.  An experienced agent would take into consideration that the house is distressed and in a bad neighborhood and price it accordingly.  Some of the best ROIs are in bad neighborhoods.  Hope this helps.  

Hey @Carlos Valdes  I have been thinking about this idea of mentorship a lot lately and how I got started wholesaling. So first I have to say I have friends who swear by mentors and that one person who you can learn from. But for me I never felt that way. I like learning from a lot of different people without the expectation that one person is going to take me under their wing. But no matter what your perspective is there are many ways to get that support and guidance you seek. Here are a couple of ways:

1. You don't need to meet someone to be mentored by them. When I was getting started and still to this day I am mentored by people I have never meet. Through books, memberships, and podcasts I gotten peoples' best thoughts and ideas. The best part is that they are there for you to review and revisit as much as you want.
2. Don't look for one look for many. Don't put so much pressure on one relationship. If you're only getting advice from person you're missing out on different points of view.
3. Be specific not vague. Ask very specific questions here on bigger pockets or else where and you will shorten your learning curve.
4. Earn respect and trust through action. If there is someone out there that you really want to learn from you have to be a devoted fan. So buy their books, join their programs, engage in their community.
5. Work your butt off. Hustle, problem solve, be resourceful, and be consistent.   Hope this helps.