Challenge to Wholesalers

enough criteria for sure! Will keep my eyes open for you. Tammy

Bump

Pretty simple criteria. I do not know the areas or work the areas but I would say that if it is that difficult to find deals when you have all your marketing and offering systems in place and functioning properly than I would look elsewhere. It's a big country with really active markets elsewhere.

So, in California if my fee is $50,000, you will pay me $100,000 plus $1000?
Are you personally the cash buyer? If so, I'll find you a deal no problem since your criteria does not state required ROI, just a 2+.

Michael

Yes, I'm the cash buyer. I'll pay you whatever fee you desire as long as a minimum of 50K net is left on the table at the end. I'm not too concerned with how much you want to make, what's important is the minimum dollar amount I expect per deal.

Formula:
Eventual Selling Price (minus) Repair Costs (minus) Holding Costs (minus) Your Fee = Minimum Profit

I intentionally neglected the ROI as it is a given with such a low expectation. Any veteran of the real estate trenches would know which side of the bread the butter is spread on.

P.S. These areas are not million dollar neighborhoods. So to answer sarcastical questions regarding the percentage return on investment, such as "are you willing to make 50K on a 1.2 million dollar deal", the answer is no. The profit margin I seek amounts to no more than 10% of ESP.

Bump

I found that people just want to brag and belittle others. No need to answer such sarcasm. Bumping this up for you as well!

I'm from California, I now live on the east coast but I will try this and see if your for real.

Thank you for the support.

I'm for real. You will not find many posts from buyer on this forum. Most are wholesalers who claim to assign properties to other investors. So naturally, I'm surprised few have taken up on the challenge so far. If you're a wholesaler, then you've found your cash buyer who also happens to have a precise criteria. If you're really a pro, then let's start moving some deals.

What is ESP? Estimated Price or something?

Hello,
I'll be looking for you.

I like to use ESP (Estimated Selling Price) in place of ARV. This gives me a better perspective on the actual selling price. ARV is more of an opinion based on current comp data. The ESP takes into account other factors such as the time allowed for rehab and DOM to sell. Factors that will push the actual selling date into the future, which may or may not reflect current price trends.

OK, now we have some actual numbers. You want to net $50k. I got that. I do not know the area as I stated so there was nothing sarcastic about my reply. Your 1st post was totally vague so that only a rookie would respond with "I will look for you". Look for what? A 2/1 that is all you said.

Anyway Paul, I have seen your posts here for quite sometime. Just negative stuff on how this business does not work. There are people that post here that are doing deals in California and making big wholesale fees. I don't work California myself, there are many other areas in the country where wholesaling is much easier. If you can't find deals in the areas you listed try somewhere else!

Do you market to non MLS listed sellers?

Finally, I think your idea of becoming an agent is a good one for you. We all need a good agent, you could help out local wholesalers!

Good Luck,
Michael

I would appreciate a more constructive response. There is nothing negative about offering someone the opportunity to work with a cash buyer. Instead of sarcastic remarks, I'd suggest something more relevant to the topic.

You asked about the specifics about the criteria, only then to ridicule it. If you don't work in California or don't have the intention, then why ask? This is what I call negativity. If you are serious and want to help another fellow wholesaler, then please do your part and refrain from sarcastic comments.

I thought it was something like that!

Really! Cmon man don't waste our time, just put to use what Dean/Matt uses & go get your deals. It's annoying that you would be negative about Michael he was not being sarcastic just simply asking about your vague criteria that's all.

There are scammers sometimes who come on here that is why we ask. Anyway happy investing.

Tony, you are right! Get it done yourself and don't be a whiner! I apologize if my post was thought of as sarcastic. I just thought no one will know (anyone that does more than post or blog) what to look for. I mean really!! Read that first post. I don't like to "think" I know what someone wants. I need to know exactly, don't you?

Paul, send me your POF (not from a TF company)and I will find you something. To say it has to make you $50,000 is limiting yourself I believe.(might be why you are not finding anything?) You wouldn't take $25k on a good cheap deal? Could be there is just not any inventory in the areas you mention.

I don't mean to hurt anyone's feeling for sure, but you do need a thick skin to do this business. I can supply Kleenex's if needed That is a joke, don't take offense!

Michael

The old Paul that we have all come to "know and love" is once again showing his true self.

And you wonder why no one wants to bring you deals? Wow!

Karen

No need to hold on to old grudges forever. Just because I overlooked and neglected to answer a question a few years back does not mean you have to carry it this long. There was a clear explanation of the circumstances, but you refused to accept it. Please get over yourself and make a positive difference. I'm trying to offer a real time opportunity, I don't see you doing that often. If you have something constructive to say then say it, otherwise please live and let live.

Bump & I'll triple your fee plus $2000

Have not seen your POF so I have not started looking yet.

On to the next one!

I would imagine if Matt Larson were to participate in this thread, his first question would be "So how many offers have you made in the last month?"

For someone who claims to be awfully busy making offers, you sure have plenty of time to post disrespecting comments. I guess it just goes to show your true colors. I have remained civilized against all your disparaging and sarcastic comments, but it seems you have an ulterior motive by trying to discourage other members from taking up on the offer. Perhaps you don't want anyone else to outshine you or simply don't want them to succeed? Whatever the complex, it should not be exhibited on this forum.

Actually, not even worth commenting on....oh well.

So far I have made 9 offers this month. 7 have already fell through because of other higher offers and the other two are pending. Most are standard sales off of the MLS, one though is through a local birddog. Actually, that one has the best chance because the owner lives out of state and the property has been vacant for sometime and is in need of substantial repair. It's only a 2 bedroom but has room to add. It's always advantages to find a property where value can be added. 2+1 provides the best opportunity to this type of approach.

Flip sales totaled 969 in December, gaining 1.9 percent for the month, but were down 36.0 percent for the year. Flip sales are defined as properties that have been resold within six months. Flip sales comprised 3.5 percent of total sales in December, down 0.1 percent from November. Flip sales peaked in May 2013 at 5.1 percent of total sales and have declined 49.0 percent since then. Within the 26 largest counties in California, Fresno, Sacramento and Los Angeles had the highest percentage of flips at 5.7, 4.5 and 4.3 percent, respectively.

They just troll here to brag and and pick on whoever is available.

They are both intolerant to any opinion contrary to their beliefs. They're bright eyed and bushy tailed until and when someone says something different. They react with the utmost disrespect and negative comments. It's as if it's their duty to bully anyone not in step with their views. Who gave them the right to moderate this site anyway? This is suppose to be a forum for the free exchange of thoughts and ideas, not a place for critiquing and belittling. I suggest they keep their know-it-all attitudes to themselves and refrain from making anymore childish remarks.

I think the best approach is to simply ignore these types of naysayers and dream busters.