Wholesale deals going no where!!

Don't pay attention to the asking price. Base your offers off the ARV and what your buyers need to make the numbers work. It's not a question of getting offers accepted, its about getting deals your buyers will accept. I have found that agents are being unrealistic in telling the owners what the properties are worth just to get the listing. Last property I offered on before it hit the mls. I offered 400k. They said they wanted to talk to a realtor. Property was listed at 499k, one month later 469k, one month later 439k. Finally sold for 410k. Had they taken my initial offer, they would have netted 16k more 3 months earlier. Another property I offered 400k on. Again realtor listed it for 489k. Four months later it sold for 437k with a 5k flooring allowance. Factoring in the commission and 4 months of lost rent while trying to sell, again the seller would have netted more from taking my initial offer. Just my opinion and what I have been seeing from my personal experience. I may start asking sellers to ask if the realtor will guarantee they will net more than my offer.

You are right as usual!

Michael

Said my friend I am the other wholesaler you are talking about have put out 60 bandit signs for sellers & well I did just get a call tonight n have an appt tomorrow night to go see the prop so well see.

but yes it's been tough on the signs, although Michael was telling me to change up the signs to black marker on white signs & order smaller signs too & have them tied to light poles, stop lights & signs right Michael?

Thomas-didnt' know that was your name-yes MLS is tough here no doubt I completely agree with you on the competitiveness & realtors inflating ARV's, it's frustrating I know. 25 -1 is hard here no doubt, I did just get a counter offer that my buyer said would work on a deal I told her about so again we will see

It would be good to talk Thomas & network since we are in San Diego, and Said buddy hang in there & keep offering & keep building the buyers list as you are I'm sure, let's talk soon.

Tony...I'll probably be at the meeting Dec 8. Will you be wearing the fedora?

thanks you for the advice, you are right! Pls lets look for each other on Dec 8, Scottish rite center, I have my name tag as Said Wholesale, is your name Thomas, do you know Tony?

Dearest friend Tony
I WILL NOT GIVE UP!! I'll keep making those offers, I already burned couple agents and switching to the new ones, LIFE IS GOOD!

Hi, I'm having a dilemma I found a property and a cash buyer, but the property is an REO I have no money and I was told by the agent that I have to have the earnest money once they accept the contract. I'm lost I have no money so how can I get my buyer to pay it without any problems?

You're exactly right that's how it is in Denver. As a matter of fact my partner and I just got a deal off market for $145,000. It was a townhouse here in Denver and we went back and forth on the offer from $125k to $145k which was my break even maximum allowable offer. ARV $223,098.30 and anybody in Denver would be flipping out over this deal but my partner and I come across two to three of them every month you know why? Because I invented a new phrase that is truer than true, "THE TRUTH COMES OUT IN THE OFFER." He didn't even give me an asking price at first which is funny because most people would have probably offered too much.

Anyhow even with all this good news it's never a deal until it actually closes. So I call the seller to follow up with our inspection date and he says, "don't even worry about it deals off! Thanks anyway and don't call again." Had no clue why so I waited until that evening to call him back while his emotions were down and all he said was, "I found out the home could sell for a lot more so that's why I don't want to sell until June when the market should be more ripe. I heard this is a slow period in real estate." Etc Etc and it sounded like a bunch of Realtor elephant *add curse word*. I promise with everything that's what happened because these Realtor's are so desperate with making a high commission they'll say anything to get a listing. But don't lose hope because I'm willing to bet I'm going to touch base with him before January and he'll still sell to us because of his motivation. He owns it free and clear and is 85 years old and want's to sell so he can travel. Do you think he's going to let 7 months stop him from traveling? We'll see!

It's very hard to wholesale deals from the MLS. Realtors are a pain, trust me, I am a Realtor but Investor first!!! Look for the off market houses. You will have to make contact with the sellers directly but the work is the same as far as negotiating a price point. Go to the Title Company and ask them to set you up with an account so you can research the properties yourself and know everything you need to know to get in contact with the homeowner.

Hi dear
Can u clarify a little bit more in detail what I should do with the title companies, greatly appreciated.