All Forum Posts by: William C.

Im shocked no one has said marketing yet. My eyes have really been opened lately as Iv been able to take a look under the hook of some of the high volume companies in my area. I guess I was just a little naive when I’d hear a podcast about flipping 30 home a month and think wow, they must be converting 90% of the appointments they go on. It’s a numbers game, and the more mail/ads/marketing that goes out, the more leads that will pour in. I didn’t realize the shear volume it takes to hit those types of numbers though. With that said, when your flipping 30 homes a month, the $20,000 marketing budget is just a drop in the bucket.

Personally I’d have to agree with those that have said time. I spend most of my waking outs working on the business. Of course I’m doing it now to build the cash flow so that a few years down the road I can start to take some of that time back. Interesting thread. The answers at way more diverse than I would have thought.

@Trayci Lomax your missing the point. I’m telling you that you can do it. Zillow.com for sale by owner. Find buyers by marketing the property just like you would any other. Google how to sell a home. Listing it for sale (yourself of course, on all the websites that sell homes) though is going to be a great start to the whole buyer producing process.

Something doesn’t add up. This thread went from my first wholesale, to an almost licensed agent and an expired licensed agent teaming up to sell a property, at a loss, in the best real estate market, ever. I’m sorry but my bs radar is going off.

What exactly are you hoping for in terms of tips? when to hold the open house, and where to put the balloons? You keep talking about the “numbers” as if they actually matter. The market will pay what the market is willing to pay, you can run 100 scenarios until your blue in the face, it doesn’t change the outcome. List it as close to market value as you can get, and watch it sell.

Anyway, I wish you the best of luck. I think the only advice that needs to be given at this point is to listen to yourself, and just DO IT! I guess if your goal is to “wholesale” it, as somewhat of a test run as your first deal, then sure man, call it a wholesale all you want. We both are not gaining anything out of this conversation, so it’s pointless to keep going back and forth. I hope you succeed, and it’s the start to a budding real estate career. If you plan becoming a regular member and poster on BP, I suggest starting out your OP by giving as much information as reasonably possible, without sharing personal, or information that could affect the deal. That way, people can give you sound advice, based on the situation you are facing.

@Trayci Lomax Jay hit the nail on the head. For some reason I wasn’t seeing it in thread before I posted.

@Trayci Lomax I'm not telling you what you can and can't do. When you say "wholesale" to me that sounds like you are putting a home under contract at one price, and selling it to your buyers list for a price higher. Since it's your Aunt, I don't see the need to go through all the trouble of an agreement of sale, then disclosing the buyer your not the owner, but you have "vested interest" but she's also your aunt, but your also an investor....you see how it becomes convoluted? I doubt anyone with have an issue with you being compensated for helping an aunt sell a house. So just sell it, and have her pay you an extra large bday present this year. I'm half joking, but I can think of 3-4 ways of helping her, that don't include wholesaling. How do you know she is going to lose money? You admitted you are unsure of the ARV. It could be $50k more than she owes.

Bottom line is this. Price is a function on supply and demand. If you plan to “market” this with ads on craigslist, I’m not sure what type of demand you will create....therefore, driving the price up will prove difficult.

Why don’t it just list it on Zillow for sale? If you under price it, you’ll get multiple offers. If you over price it, you won’t get any offers. Selling homes is the easy part. Getting it to settlement proved to be a bigger challenge. How do you anticipate handling escrow, inspections. Contingency periods? OP should

Say my aunt wants to move sell her house and move to Oregon, how do I net her the most amount of money? Then you’ll get the answers you are looking for. 99/100 people with suggest finding a good agent to sell it for her, no matter the “loss” she is taking. If you mess something up because you have never done this before, she could end up losing even more...

@Trayci Lomax Finding buyers is not some secret magical formula. Buyer look for homes for sale, list the home for sale by owner on Zillow. Done and done.

 Wait, the seller is your Aunt?  So why call it a wholesale?   Your just helping a family member sell a property.  

Motivation does not equal execution.  And usually education would not require a forum post asking where to find buyers... Buyers are easy to find in todays market.  Sellers are diamonds in the rough.  I suggest you do your Aunt a favor and find the top agent in her area....

 I understand she wants to move back to Oregon.  What I am asking is, what about her situation make wholesaling a good option?  For example, does she need cash fast?  Or is the property falling apart and full of mold?

Well my first advice would be to find the ARV asap before you spend anymore time on the deal. To be honest, I go to zillow, type the address in, find the zestimate, and boom, now I have an ARV! Obviously youll want to verify all the info in zillow is correct and dig in a little further to get an even better estimate if we fee there is a deal there. But at least you'll know roughly where you stand. If they want $100k, and it needs 20k reno, and its only worth $130k, now you saved yourself time and energy and know to move on.

Why is the seller going the wholesale route, rather than say list it with an agent?  

 I couldn't agree more.  Die is probably the wrong word to use and "evolves" would be a lot more accurate.  Wholesaling as we knew it before, is in fact dead.  There will always be opportunity in real estate to buy low and sell high.  I'd argue the true wholesalers that are worth their salt, are forced to actually bring value in some shape or form to the table, rather than the "sign, remarket for more, and assign" days.   I'd even go as far as rebranding myself as a real estate marketing and lose the wholesaler if I were in the business and planned to be into the future.  As the generations before us that did not grow up with technology begin to die off, and it becomes easier and easier for the general public to access vital property information, and reach home buyer directly,  the game itself become completely different.    I couldn't be happier.   It's fascinates me it has take this long to come this far, but in the grand scheme of the things the internet has been around for 20 years which is essentially 20 minutes, and I'm already noticing a shift in the guru model away from the old styles of wholesaling, and coming up with 2019 versions like "Astroflipping".   I personally have already began giving homeowners a new and different option to the old "cash now" model, so yea you hit the nail on the head with the adapt or die cliche.  

Where you find buyers is going to depend on the type of deal it is. Can you share some more details? Single family? Fix and flip or buy and hold? Estimates on sales price, renovation cost and ARV?