Looking for wholesalers who have successfully flipped apartment buildings.
My bird dog Richard and I did a total of a half dozen deals. Then he went out on his own and flipped a small complex and made $11,000 I was furnishing him with knowledge and even my contracts, advice and encouragement.
But now he’s back doing General Contracting since work is picking up. Of course he’s struggling with his bills and dealing with customers etc…
I like to send him photos of my checks on every deal and try to get him on a more profitable path. But he seems stuck in that hand to mouth week to week grind. He always seemed to have a bad attitude.
We did a direct mail campaign together and did 4 deals that paid off really well with a great return on investment. However I did 99% of the work, he refuses to learn computer skills and help recruit and manage the letter writing girls. I have also sent him several books on wholesaling and he refuses to read them.
He’s a good guy, and I like him, but he seems to lack the motivation.
This year he wanted to start up another profitable campaign, I told him he needed to the do more of his share of the work. I purchased a post card system that cranks out post cards in a custom font that looks like it was hand written and uses mail merge to pull each name off your excel lists, but he’s unwilling to learn how it works.
It’s frustrating trying to get him in gear and up to speed. He’s using an old laptop that’s slower than a cement tird.
I suggested he get a new computer and take a class on how to use a PC at the local adult night school.
I’m now deep into my mail campaign, if I’m doing 100% of the work, guess who’s going to keep all the profit?
I don’t mind helping a newbie but I want someone who has a passion and a good attitude.
Let’s make some MONEY…
What Rando was trying to say is apartment complexes are sold based on income and expenses / NOI. So if a 45 unit complex only has 30 tenants it will sell for 66% of full value, but it will take some time to stabilize and fully rent out all the units. There is very little wholesale market to apartment properties and typically knowledgeable investors don't buy through middle men because there are lots of properties and the best buyer value is principle to principle.
Even fixers will sell for what it takes to bring back to good condition but rarely does seller or buyer leave much / get much on the table! Apartments are sold based on income / expense / NOI so rarely does a seller say “Geeze my property is worth $1m but I’ll take $700k because I am such a nice guy”!
Really? Really? it just doesn’t happen that way! Wholesaling is mostly residential property 1 to 4 units as this is where personal financial position, condition and circumstances take place and people for what ever reason will take a loss to get out from under a bad situation.
Unless it’s managed by me, then they would be full in a week tops and at higher than market rents. I do this right now in my RV park.
99% is unacceptable.
Only 100% will do.
But we’re getting off topic… I don’t want to become the forum troll…