All Forum Posts by: David Wright

Estelle a great site for all the data and information you are looking for is called Neighborhood Scout.  Click the click here to see: https://www.neighborhoodscout.com/.  I hope this helps.  Much success.

Gerald, the first challenge you are going to find with this deal as it relates to lenders is the small purchase price and therefore small loan amount.  Many lender have a minimum loan amount of $75K, some go as low as $50K but not many.   

There are several medians to acquire motivated sellers, and normally the person or organization selling the service or program to generate motivate sellers will give you all the reasons why this is the best way, with a price tag of coarse. 

Every median I have seen and paid for to generate motivate sellers was a good source.  However, in my opinion, the best median to acquire motivated sellers, is the median you can afford to do consistently over and over and over again.

Generating motivated sellers from my experience is not a one and done thing or a whenever I need a motivated seller I will use this product or service.  You have to be using whatever median you decide on consistently every month at least to get the best results, in my opinion.

I hope this helps.  Much success.

Brad, First I wish you the absolute best.  Wholesaling can be very rewarding but as you probably already know, it is very simple, but not very easy.  So do not give up if this what you are determined to do.  Bigger Pockets is the right place to start.  Much success!

Dane, I do not have a specific lender that I personally know in Orlando, Florida, that I can recommend to you however, the advise I would humbly give you is not to limit yourself to just lenders that are physically located in your area and definitely do not limit yourself to working only with banks and credit unions.

Banks and credit unions offer real estate investors some major benefits (lowest rates and very good terms)  but their are a few major draw backs (limit on how many properties they will allow you to finance, lengthy times to close, a lot of documentation).  But again, if you can get a very good relationship with a few of your local banks and credit unions that is great.  Just do not put all your eggs in one basket, because you will discover you will need several lenders the more properties you acquire and the more successful you become.

I hope this help and I wish you the best!

@ Nick Holmes:  Nick I wish you the absolute best.  If it is anything I can do to help out with answering any questions just reach out to me.  There are way more experienced people on Bigger Pockets than me, so search and read and you will be fine.   

@Sandy Virk:  Hello Sandy , yes I have.  I hate to be negative, but I also hate to not tell the truth. 

My experience with Pin Point Profits, after calling over 1000 names in the Florida market about several months ago while I as actively doing wholesaling; is on a scale of 1 to 10 (1 being horrible and 10 being great); I would have to give Pin Point Profits a 2.

Now my experience does NOT mean you will have the same experience.  My bad experience could be because of the market I was in, the timing, and maybe 1000 names was not enough to gauge it's effectiveness.

The thing that really alarmed me however, was how outdated the list they had in their database.  Out of those 1,000 names a very large percentage was bad numbers or wrong numbers.  That is not a good sign.

I hope this review by me helps you make a decision.

Hello Below are some questions that will help you determine which real estate agents to work with as a real estate agent.  You may need to interview several before you find the right fit and make sure you have at 3 on your team.

Read below here are the questions, I hope they help:

Investor Friendly Real Estate Agent Questions:

How long have you been working with real estate investors?

Are you currently investing yourself in properties, if so what kind?

What are some of the services you offer investors?

Are you willing to submit creative or low-ball offers for me on distressed properties or properties that have high days of market?

If I give you all my listings (of properties I rehab), are you willing to list them at a small discount?

Do you have the ability to make offers on HUD properties?

If I need you to research or comp properties how fast can you get the information I need back to me?

Are you willing to show me "how" you comp properties on the MLS? Can I look over your shoulder while you comp a property and research tax records?

Which investor friendly closing agent do you suggest I use?

Can you refer me to any hard money lenders?

Can you refer me to any investors that you’re currently working with?

When I use to wholesale I would get many properties under contract for $10 dollars earnest money deposit.  But I also, would get many sellers who had a problem with this as well.

Calus, put yourself in the seller's shoes.  If you were selling a property you owned would you be comfortable with seeing an earnest money deposit for $1.00 dollar or one for $1,000 dollars?

1.  In order to make the contract binding there has to be consideration and the earnest money deposit is consideration.  So what ever source told you, you do not need to have an earnest money deposit, I would, even if the seller is willing to accept and sign the contract without an earnest money deposit, I would still have an earnest money deposit for the reason I just mentioned.  

Also the earnest money deposit not only protects the seller, but it also protects the buyer (Wholesaler in this case); because without the earnest money deposit, the seller can technically pull out of the deal because there was never an earnest money deposit, therefore there was no consideration to make it a legal agreement.

2.  Here is what I believe will avoid you having an issue with the vast majority of sellers regarding the earnest money deposit amount regardless of the amount $1.00 or $1,000 dollars.  Find Motivated Sellers !

Many Motivated sellers really don't care about the earnest money deposit, they just want to sell this property not because they want to or need to, but because they HAVE TO.   The key to overcoming the earnest money deposit is to find motivated sellers who HAVE TO sell, and that is not easy.

I hope this helps.

@Leroy Feireira-shearin Everything every one said that I've read is true. But I think the number one thing they (the gurus) don't tell you is how difficult wholesaling is for so little profit in return on average and how much it will cost you. They say you need no money to wholesale but marketing is not free, its very expensive. Now that does not mean wholesaling is bad it's just a huge let down for many who buy the hype. As long as your expectations are true and realistic wholesaling is a good strategy.