Posted by Barry (FL) on September 21, 2004 at 11:33:32:
I knew you’d see this.
Now get back to work!!! I’d hate to tell your employer that you are conducting your private business matters on company time! LOL
As far as plywood’s concerned, it’s not coming down until November!
I’ve been a slack arse. I’ll chase Voorhees down. I’ve got 2 in Daytona under contract I need to flip. One’s a duplex. Let me know.
Dinner sounds great. Kerr’s off to Australia to surprise her father for his 70th. She’ll be back on 10/12. We’ll do it after that. How about Garlics in NSB.
The way that all the “gurus” say you can, with no money or credit. and in a way that leaves enough profit in it for the person buying it from you. I have spoken to several experienced investors, and none of them buy from wholesalers.
But I’m jsut wondering, many people have told me that its easy, all i should do is wholesale a property to get started, then I ask them if they’ve ever done it, and they havent. Some of them may actually buy the property, then resell it quickly, but i have yet to meet someone who actually does the straight up, no money no credit style of wholesaling does anyone here do that. I’m just wondering. THe tapes make it sound so fast, specifically Ron Legrand saying that you should make 5k in your first thirty days. Just wondering if anyone has had successes with authentic wholesales, and has a good system to do so, i’d really like to discuss that strategy
Posted by Redline on September 21, 2004 at 23:17:59:
YES wholesaling works, and it’s probably the best way for a newbie to get started in the business and make some money.
YES it’s true you don’t need money because YOU’RE not actually buying anything. Now of course it would be nice to have some cash for things like: gas, signs, ads, etc but you get the idea.
THE REASON WHY MOST INVESTORS DON’T BUY FROM WHOLESALERS IS …
Most “wholesalers” are clueless and wouldn’t know a deal from a whole in the ground … OR … if they find a deal they want to make $30k off the flip and leave the rehabber with $20k. Ain’t gonna work.
Just my 2 cents, and yes I’ve wholesaled properties.
Posted by John Katitus on September 21, 2004 at 03:06:15:
As I read these boards, I realize how dependent methods are on your particular market. If you are in a market where there are a good supply of houses needing renovation and a decent number of people renovating, it works. Many people that fix houses don’t want to search for deals, they want to fix houses.
On the other hand, if there are either no or a massive supply of houses that need renovated, it will be harder because the deals are too hard to find or too easy. In southern California, where there are many rehabbers and houses are very expensive and sell quickly for large prices, it’s going to be hard. Likewise, if you have a huge number of cheap, fixable houses it’s going to be so easy to get a good deal there won’t be much room for you to mark up the price. In that case, you have to buy them ridiculously cheap. Chances are you’re not in either of these type markets, so yes, it does work.
I believe that all the methods the gurus expound on will work everywhere, but in different degrees. The secret is to determine which method works well in your area.
Posted by Steve on September 20, 2004 at 21:48:51:
Yes it works and no you do not need any money. The most I have ever spent on a wholesale deal is one dollar and that is because the seller asked for ernest money which is not needed, but most think it is, but it is not necessary unless the seller insists. I have never had a problem and I have done a ton of them. Hope this helps. Yes… once you find a deal, it is easy. The hardest part is having the initiative to get out and just do it.
Re: Does anyone actually wholesale? - Posted by Barry (FL)
Posted by Barry (FL) on September 20, 2004 at 20:18:26:
I do it. Not all, but some. Depends on what my situation is at the time and the condition of the property.
You will need some money, but not alot. Earnest money is all you really need. $500 is standard for me. You also need a good title company or lawyer that will do either a similtaneous close or you can assign the contract for a fee. I’ve done both.
I just got a contract today that I will be wholesaling. It needs too much work for me to mess with. I’ve decided that I’m just a paint and carpet guy and anything more than that is too much trouble.
Last one I did was a shortsale. I assigned the contract to a rehabber that also works fulltime and doesn’t have alot of time to find deals. The numbers looked like this.
Bought for 62k
Seller got 6K
Assignment: 6k for me
Repairs: 17k
Selling price 128k
He’s had that property for probably six months now and as I said he only does it part time. He’ll net around 30k for his trouble, he’s ecstatic. I netted 6k and I was happy. The lady that we helped out got 6k. everbody’s happy.
I usually like to make 10k on a deal, but this guys a real tight arse!!! ;-0 (I know he’ll read this.)
Yes it can be done. You need money, but not alot and you can do it with $10 if you need to.
Re: Does anyone actually wholesale? - Posted by JeffGinFL
Posted by JeffGinFL on September 21, 2004 at 07:26:06:
Well…I don’t know about ecstatic…but I certainly am happy on this one Barry! Closing is set for Friday afternoon. As far as parts of my anatomy being tight…well, my wallet is close to my arse so I’ve got no problems with both being locked up like a drum!
PS - you need to find out about that Voorhees property - the one I have around the corner is going to sell without me having to touch it, so that means more capital that needs to get put back to work!!! Stop taking down your plywood and get out there and find me another property!
