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03-10-2010, 05:38 PM #11
03-10-2010, 06:17 PM #12Member
- Join Date
- Aug 2009
03-10-2010, 09:15 PM #13
03-12-2010, 07:24 PM #14
The guy I'm working with is a broker, and as far as disclosing the fact that I'm (gonna be) a licensed agent, that shouldn't be an issue either.
What I'll be doing with this short sale thing is being done right now, but he wants to expand and take on more leads. I'm really excited about this, and still working away at the wholesaling thing as well...
What I'm trying to work on now is determining ARV's (After Repaired Value) of properties, I wouldn't be having any problems with it except that most of the properties that people are contacting me about are odd ball properties... Lots of land (2.5 acres vs ~.5 that most of the houses in this town have), unique locations (golf course), etc., so coming up with accurate comps is a little more tricky than, say, a 3/2 ranch on .4 acres in an older neighborhood or whatever. Just makes the learning process more interesting!
03-13-2010, 12:27 PM #15Junior Member
- Join Date
- Oct 2009
- Bucks County PA
Its a tough market around here.. alot investors who would purchase wholesale from a guy like you are holding on to their money. You picked a tough time to get started.
I would definately get my licence so you can also work the retail end of it to suppliment your income.
We / I try and find those properties, sell them to investors and then when they are finished rehabbing or are ready to list, we try and make them a deal to have the listing.
Double dip. commission when aquiring the property and when selling. Also if you wholesaled the property it to them, you get the money on the paper flip.
Last edited by Hardware; 03-13-2010 at 12:29 PM.
03-16-2010, 09:53 PM #16Junior Member
- Join Date
- Jan 2010
Funny I stumbled across this thread. I am actually in a similar situation to you SpeedinPenguin. Haven't done any mailing campaigns yet, but I have put out 50 bandit signs. Response has been better than I thought, but the problem is that most people that call me have no equity in the house and are usually upside down. I outsourced those to a guy doing shortsales but its tough to try to do shortsales on low end, cheap homes, and not really worth the time and headache.
I am actually going to go out tomorrow to do what has been mentioned in this thread already, and that is to drive the streets and look for abandoned/boarded up, and ugly homes. and like you mentioned, I have plenty of buyers calling me looking for deals with cash in hand. Selling a good/great deal won't be a problem.
PM me if you want to chat about it some more.
05-30-2012, 10:10 PM #17
I am still confused on this wholesaling?
So a man goes looking for deals, sometimes to people not even looking to sell, gets a contract underway, than finds an investor to buy the contract and profit some cash? Why isn't the investor just going to look for a similar property because there are so many available in today's market?------
The only place where success comes before work is in the dictionary
08' X5 4.8i
05-30-2012, 11:01 PM #18Junior Member
- Join Date
- May 2012
- Bay Area, CA
Im located in the SF Bay Area and I really want to start wholesaling property(and eventually I would like to invest in some cashflow properties just like speedingpenguin). This thread gives me a better understanding on how to wholesale. Im looking for a mentor though to help me through these first stages. Does anyone know someone that is located in the SF Bay Area??? Thanks!