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Author Topic: Understanding my wholesaling contract...  (Read 15030 times)

Offline Gold River

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Re: Understanding my wholesaling contract...
« Reply #30 on: May 11, 2016, 05:26:29 am »
Hi,

    I really look at Rando, Jay and some of the other guys for current methods and their advice and knowledge. It has really been years since I wholesaled property but maybe more recent experience was flipping properties retail in Las Vegas in 2004 - 06 when contracts for retail prices were gaining a premium of $10k or $15k in 15, 20 or 30 days.

When I wholesaled in the mid to late 90's it was a different time, property was not quite as expensive and the advent of the internet really helped propel wholesaling into the 21st century. When I got started wholesaling we were transitioning from bus tours into list's of property (Sellers) and potential investors (Buyers) available all the time rather than grouped together and presented to a tour of people every few months.

When I was wholesaling and flipping I was using every advertising method and every list available to move property, I would use online advertising combined with posting signs and placing door hangers / cards and sending letters to lists of vacant properties, divorces, deaths and bankruptcy's.

The problem is how big do you want to get? If you are happy turning a hand full of deals a month then bandit signs, some ads and sending out some mailers every few months will probable do the trick. If you want to turn more property you have to use more advertising and marketing strategies to drive traffic.

Think about Craigslist, it might be a poor medium for advertising in your area and a great medium in someone else's area; that's just the market we live in and whether online advertising is a go to platform to sell or buy real estate. In other markets bandit signs are great, there seen easily and it tends to put that old property of Uncle Franks back in your mind, especially if the property tax bill or insurance bill just arrived.

Wholesaling is relatively easy especially if your in a good market area, it only takes a few hundred to a few thousand dollars to get going, but it takes commitment and steady solid work ethic to get it going, the more you put into it the more you get out of it!

Probable the most important thing in wholesaling is recognizing the trash from the treasure! You have to have some comps to know the FMV in order to assess current value, without it it's like trying to climb a building without a ladder!


                    GR

 


Offline Redstar1324

  • Member
  • *****
  • Posts: 1000
Re: Understanding my wholesaling contract...
« Reply #31 on: May 11, 2016, 06:52:26 am »
Hi,

    I really look at Rando, Jay and some of the other guys for current methods and their advice and knowledge. It has really been years since I wholesaled property but maybe more recent experience was flipping properties retail in Las Vegas in 2004 - 06 when contracts for retail prices were gaining a premium of $10k or $15k in 15, 20 or 30 days.

When I wholesaled in the mid to late 90's it was a different time, property was not quite as expensive and the advent of the internet really helped propel wholesaling into the 21st century. When I got started wholesaling we were transitioning from bus tours into list's of property (Sellers) and potential investors (Buyers) available all the time rather than grouped together and presented to a tour of people every few months.

When I was wholesaling and flipping I was using every advertising method and every list available to move property, I would use online advertising combined with posting signs and placing door hangers / cards and sending letters to lists of vacant properties, divorces, deaths and bankruptcy's.

The problem is how big do you want to get? If you are happy turning a hand full of deals a month then bandit signs, some ads and sending out some mailers every few months will probable do the trick. If you want to turn more property you have to use more advertising and marketing strategies to drive traffic.

Think about Craigslist, it might be a poor medium for advertising in your area and a great medium in someone else's area; that's just the market we live in and whether online advertising is a go to platform to sell or buy real estate. In other markets bandit signs are great, there seen easily and it tends to put that old property of Uncle Franks back in your mind, especially if the property tax bill or insurance bill just arrived.

Wholesaling is relatively easy especially if your in a good market area, it only takes a few hundred to a few thousand dollars to get going, but it takes commitment and steady solid work ethic to get it going, the more you put into it the more you get out of it!

Probable the most important thing in wholesaling is recognizing the trash from the treasure! You have to have some comps to know the FMV in order to assess current value, without it it's like trying to climb a building without a ladder!


                    GR

 



I have a realtor that sends me CMA's on any property I find as well as ones that she finds.

I am committed to making this work.

A few houses per month is enough to get my income to $300,000/year, which is much better than the $25,000 I'm making as the RV park manager.

Still waiting on my bandit signs in the mail.

 




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