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ACIS Episode 13: Wholesaling 102
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In this episode of the Alamo City Investing Show, Jason Lee and Aaron Bihl discuss their recent experiences with running marathons and participating in the Fiesta de los Spurs fun run. They then dive into the topic of wholesaling in real estate, providing insights on how to find deals and calculate repair costs. They emphasize the importance of networking, driving for dollars, cold calling, and making offers on the market as methods to find wholesale deals. They also discuss the 70-75% rule for determining the maximum offer price and the process of calculating repair costs. They highlight the need for repetition and experience in accurately estimating rehab costs. In this conversation, Jason and Aaron discuss the process of wholesaling real estate. They provide tips on finding deals, estimating rehab costs, signing contracts, and finding buyers. They emphasize the importance of transparency, communication, and working with reliable partners. They also encourage beginners to keep things simple and take action.
Takeaways
- Networking and building relationships with real estate agents, wholesalers, and service companies can be a valuable source of leads for finding wholesale deals.
- Methods such as driving for dollars, cold calling, and making offers on the market can be effective for finding distressed properties to wholesale.
- The 70-75% rule, which involves multiplying the after repair value (ARV) by 70-75% and subtracting repair costs, can help determine the maximum offer price for a wholesale deal.
- Calculating repair costs can be challenging, but repetition and experience can improve accuracy over time.
- Working with an experienced investor or mentor can provide guidance and help in accurately estimating rehab costs. Take detailed photos and videos of properties to provide transparency to potential buyers
- Pay attention to hidden issues like foundation problems and plumbing leaks
- Work with experienced investors or trustworthy wholesalers to learn the ropes
- Use standard contracts like the Texas real estate commission contracts
- Be honest and transparent with sellers, contractors, and agents
- Build relationships with reliable buyers who can close deals
- Consider using a reputable title company familiar with off-market transactions
- Communicate effectively with both buyers and sellers throughout the process
- Start with simple strategies like driving for dollars and door-knocking
- Avoid overcomplicating things and take action
Chapters
00:00Introduction and Marathon Experiences
06:31Finding Wholesale Deals: Networking and Effective Methods
13:09Determining the Maximum Offer Price: The 70-75% Rule
30:00Honesty and Transparency
39:28Working with Trustworthy Wholesalers
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