All Forum Posts by: Brian Woitte

Brian Woitte has started 2 posts and replied 14 times.

Originally posted by @Tom Mole:

Do you have a good idea what you're looking for? You'll need that, so be ready with your shopping list. Pretend that I'm your wholesaler ('cause perhaps I will be if you turn out to be a good buyer). Allow me to inquire:

What locations are you looking to invest in? What areas would you disqualify?
Are you looking for SFR's, multifamily or something else?
Assuming SFR like most folks, how many bedrooms/bathrooms? How many square feet of living area? What size parcel?
Do want major rehabs or minor "floor and walls" fixers?
What discount on ARV do you call a great deal?
Can you do your own due diligence (i.e. do comps and run the numbers)?
What sort of neighborhoods do you consider?
How many projects a year can you handle?
What price range works for you?
What do you plan to do with the finished property? What's your exit strategy?
Do you have the funding to take your project from acquisition to exit?

...and now the big one....

If I bring you a deal that meets your criteria, but you found out that I would be making an unusually large assignment fee, would that make you uncomfortable about going forward with the deal?

The fundamental service the wholesaler brings you is the negotiated and structured deal. They get the deal under contract for you then they sell you the contract. There's a lot that goes into that, so don't take it lightly. A good wholesaler can provide you a deal structured to make you a reasonable profit without you having to spend the time and frustration of finding it. That's BIG!

For the most part when you buy the purchase contract the wholesaler's job is done. Some wholesalers will nurse the contract through closing, but don't count on it. If you feel you need help with the project after the wholesaler has been paid, find a more seasoned rehabber to partner with until you gain a little more experience.

All that being said, keep in mind that not all wholesalers are the same. Many people that call themselves wholesalers suck at the task. Make sure you do your own homework. Vet your wholesaler as you vet the deal. Trust, but verify.

Happy New Year!!

@Tom Mole Great info!

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Welcome @Moises Turcios. You sir are in the right place. Here's my 2 cents: devour all of the information you can. By this I mean these forums, podcasts, books, blogs the whole 9. To start definitely check out these podcasts:

http://www.biggerpockets.com/renewsblog/category/p...

Buy Sell Fix Flip

http://buysellfixflip.com/podcasts/

If not solely for options into the possibilities of what you can achieve in the real estate world while simultaneously maintaining a day job.

Also, you stated that you haven't really taken any action... yet. While I don't advise quitting your day job, I do know that no massive fortune was ever made without massive action. Point being, do something, anything to take that next step forward.

If you have any questions or would like to get incredibly granular feel free to shoot me a message.

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Wow, thank you all for spending the time to view my post as well as responding. Some great information from you guys. There seems to be a trend in which articles, books, and podcasts that I need to follow up on, time to get busy.

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First and foremost my 2 main philosophies:

1. BLUF - bottom line up front

2. Don't waste time

With that being said...

My name is Brian, I am a 25 year old currently living in Southern California looking to abandon all aspirations of getting trapped in the "rat race."

My primary goal is this: Complete financial freedom/retirement by the time I am 40.

The chariot that will carry me to this elusive goal is following a strict plan subject to change depending upon an increase of knowledge in this field or otherwise determining a better avenue of approach. My chariot is currently setup as such:

Step 1

Wholesaling

Step 2

Fix and flip

Step 3

Buy and hold

Step 4

Commercial properties

Currently I am in phase 1 of the plan and have been stuck there for approximately 8 months. (Clearly my formula needs to be revisited) I have loads of experience with talking to perspective sellers and have marketed to absentee investors, probate, and high equity homeowners that may be looking to retire. I have only worked with direct mail so far and started by sending out 500 letters weekly, I am now down to 100.

My knowledge base is from a few individuals in the area that have a proven method of success, books, and loads of podcasts. I have looked into BP however I have never really delved into it; but as I have been at this for so long without any measurable progress I am looking for any and all info I can gobble up that may lead me in the right direction.

I look forward to potentially working with some of you in the future and appreciate the vast knowledge base that BP has to offer, I will definitely be utilizing the wealth of information on here to its full potential and berating as many individuals as I can with seemingly endless questions.

Thanks for reading the post, please let me know if you have any questions.

2 Votes

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All Forum Posts by: Brian Woitte

Brian Woitte has started 2 posts and replied 14 times.

Post: How to get in touch with a Wholesaler in LA?

Post: New member from Southern California

Post: Newbie from Temecula California

Post: Newbie from Temecula California