$7300 net profit on co-wholesale

Hi Mike,

Another sweet deal.....and in such a short amount of time.......Nice......As everyone agrees....Another reason why a Buyers List is so very important.....

Regards,
Sharon

Right! You HAVE to have cash buyers if you are going to wholesale. AS soon as you do you have to provide the deals for them! I have more buyers than I have deals! That has been my problem from day one. Any one with a good deal in the Denver area I'll take it!

Michael

Hi Michael, so when you co- wholesale do you split profit 50/50? What is the norm in co-wholesaling or is there a norm? of course this will be what I am working to do next and not just in my own town. Do you also co-whlsal in other towns or just in yours? Thank You for your help and direction, it has served me well.

Working on several co wholesale deals in other states as we speak.
I usually do a 50/50 split. It depends on how much margin is in the deal. I have done and will do 70/30 if the money is right. I never add on to my fellow wholesalers asking price, but that is just me.

Michael

I would like to co wholesale too. I haven't had much luck getting a team here in my home town. Some don't quite get the term...

when I responded to a bandit sign that was using the terms ARV and Profit, I finally thought aha,,someone that finally speaks the same language. I called it and met with a guy who is looking for buyers, he is a wholesaler and tried selling me his latest deal. So I told him what I do(samething) but probably in a much smaller scale, he works for an acquisition team of investors and I gathered he brings in the buyers, retail ones as well. So I brought up the subject on co-wholesaling and if I brought him the deal and he had a buyer we could team up together and I would share my assignment fee with him 50/50. He agreed and said he was primarily trying to do as much wholesaling as possible for now.
He mentioned that the problem with working with other wholesalers was they tend to add too big of a fee...etc I didn't quite get it at first.
I asked if he could send me his contract on the recent deal he had which is why I called him in the first place. so that I could look at it for myself and or wholesaling it with him, he was all gun-ho about it and yes he would and then never did?
How can I do this better without waisting time talking with those who do not intend to follow through.... This is a longer story but Just giving it short version. I get the feeling it is just a process of elimination.

There are a lot of big talkers that really don't have the capability or knowledge to get real wholesale deals under contract. So like you said, it is a process of elimination. Always get a look at the property or have some one that knows whats going on look at it for you. Verify the wholesalers numbers. Usually the ARV is high and the rehab costs are low. Don't put out over priced junk to your buyers!

Keep networking!!

Michael

it's so nice to hear about your co-deals!!! It's definitely a double-win!!!

Keep inspiring us!
Val

Congrats on the deal. I would have to say that's a real good co wholesale split on the profit. I'm always networking with the wholesalers in my Real Estate Investing Club. I can't wait until I get a sweet deal like that brought to my attention from a wholesaler, I would be more than glad to shoot the deal to my buyer for a split profit.

Thanks guys! On to the next one.

Michael

Once again showing us how it's done Michael. This is a great time to be an investor. Yes, it may require a bit more effort to find the deals but once you do they are a breeze to unload. Not only that but you're showing us how to make a good amount of money as well. Thanks!

Good UPS!

Thanks for posting this. You keep me motivated!

Chris,
Thanks for the kind words. I had another wholesaler call me over the weekend. She found out about me through the largest local REI club here in Colorado. Some one at a meeting gave me her contact info. She called me and asked if I could try and sell her two wholesale properties. She has a very small buyers list (this is starting to sound familiar!) The properties are in a VERY small town so I did not think that many of my buyers would be interested. This time I actually blasted the two properties out to my entire buyers list. Much to my surprise I have two people interested in the deal! No contracts signed yet, but who knows!
Networking works!!

Kou and Teresa,
This all just goes to show that what Dean teaches about networking really works!
A little over 3 1/2 years ago Deb and I started going to REI meetings TOTALLY "faking it till we made it". Now we go there and people know us! We run into people at these events all the time that we have done deals with. Networking has been HUGE for our business.

Michael

I will buy that one for a dollar!! One area I have not done any work is co-wholesaling and from the looks of it I should keep an eye on it. See you in 25 days....NOW GO GET SOME

Co-wholesaling is a great way to keep the pipeline full AND it is so easy!! Someone else has done all the work to get a property under contract, we just supply the buyer.

Of course about 90% of the deals that are sent to us have too high an ARV estimate and too low of a rehab/remodel estimate. You have to be careful what you send out to your buyers.

See you in 25 days!

Michael

Hello, I know it works and don't doubt that, I'm still reading 30 days and building my buyers list, there are lots of things I need to learn yet but I'm continously working on it daily. Keep it going Michael!

Kou

Co-wholesale, I will contact my wholesalers and see what they have that I can market. Thank you for the post.

Kou,

It works, good way to keep deals coming in.

Dan,

I'll be sending you info on a couple of more wholesalers that are in Atlanta. We will see if they are real.

Michael