My price range is $55,000 and below, along with a $25,000 rehab cost. I am intentionally overstating the rehab cost because I want to be sure, plus for some reason, my HML doesn’t give me the last 20% of the rehab money until after the rehab is complete. (which probably makes just as little sense to you as it does to me).
Here’s my sticking points:
I am “shying away” from anything that is a wood framed exterior? Should I be scared of these because I don’t understand them or should I grow some balls and consider them, too? Why does wood exterior scare me? Because it’s unusual, plus I’m not good at determining termite damage.
Also, if the MLS listing tells me that the house has a current tenant, that is making me not choose it. How can I rehab something that has a tenant in it? And as far as I’m aware, I must honor the lease of the old owner, which I think is stupid, anyway.
Have you considered fixing and flipping mobile homes? You mentioned you work at a mobile home park. Mobile home investing can be profitable.
Actually, someone at a local REI club heavily suggested wholesaling because it is much more profitable.
He’s going to mentor me personally.
So no fix and flips for me, unfortunately. This will save my back also.
Can’t you also wholesale mobile homes?
Can you describe how the mentorship developed and how is that going to work? (kind of a broad question but I am interested how you think the mentorship will pan out)
All-Ears, Listen up. I send out about 2,500 post cards to absentee owners in a nearby County. It cost me about $1,500 This was my third mailing to this same list and I think I paid $220 for the list.
I only got a handful of calls, it was this one call that got me slobbering all over myself. A lady with a double wide on a 1/4 acre lot that needed 5K in repairs. I got it on contract for $30,000 and then nobody wanted it. I started advertising on Craig’s List and finally got it sold for $48,000
So yes Grasshopper, You can wholesale mobile homes. I’m making $18,000 on this one deal, it shud close this or next week.
Now get out there and do it.
If this old Okie with No High School diploma can do it, then you surly can.
I posted an ad on Craigslist saying that I wanted to work with house rehabbers. I told them I would work for free just to see how it’s done.
I got busy and didn’t get back to him for a couple months. He said he had no rehab projects currently.
I told him I had $20,000 and was looking for a house to rehab. He asked if I was in love with rehabbing or if I wanted to wholesale because there’s more money in it. I told him I’m all about the money. He said he would instruct me exactly what to do. He told me to text him tomorrow and meet him at his office, which I will do.
You got $20,000? Come over to my office tomorrow and I’ll tell you exactly what to do. Oh, and bring the money.
I’ve been telling you to wholesale Real Estate for a year. What will you be chasing tomorrow? Is the words focus and perseverance just words in the dictionary?
Wholesaling is so simple a monkey could do it. Do you really need a mentor to tell you to find distressed houses & sell them to Rehabbers/cash buyers?
Did you read that book I sent you? Maybe this Mentor will set ur testies on fire. Maybe some day you will actually do something.
Maybe I’m being too hard on you. Do you have ADD?
I have dyslexia and I procrastinate and I’m addicted to caffeine, sport planes and other maladies, I have negative family members.
What can I do to get you doing deals?
I’m going back to my cave, I’m going to hibernate thru January and February.
I’ve tried to help Redstar, but his thinking is skewed.
Tell me what to do with the $20,000 on here. Start a mailing campaign and buy some signs? That’s what I’m about to do.
I’m about to build a spaceship and sail it to Mars…
It’s all bullshit until I actually do it.
I would plan it all out. Sit and draw up a plan for the $20k. Set goals. Put a time limit on the goals.
Me, with $20k, I would get a stack of business cards and fliers, and then just drive for dollars and knock on doors non stop until you find a winner. Call as many distressed homeowners as you can. Once you find a winner, wholesale it, or buy the house (if you can) to fix up. But id just drive for dollars all day everyday, knocking on hundreds of doors, talking to hundreds of people, and throw down a few bandit signs until reaching your goal.
Id just keep hammering away at it relentlessly and manually until a deal appears.
My goal would be to successfully wholesale a residential property of any size, and to turn a profit. My goal would be to make at least $1 profit after deducting all the expenses (gas, advertising, time) involved with completing a wholesale. I would track you expenses to the penny, and track your mileage too.
Basically looking to just complete a deal successfully without losing any money.
Once I get a few deals done that way and earn better money from the deals then I would start mailing campaigns and do more work by just sitting back at home and waiting for people to call and come to you. The mega massive mailings seem like something a newer investor is not ready to do yet.
How about you wire me $10k and keep the other $10k for yourself
Then we make a game out of it. Whoever wholesales a house first wins
It will be like hunger games, or TRON…