How Tyler is Making $400,000 from a Referral! | Wholesaling Real Estate

TL;DR

A real estate investor shares his success story of making $400k in wholesale deals by simply talking to people.

Transcript

tyler zack how's it going man i'm good how are you doing i'm doing great actually awesome yeah yeah it's been a few months since we've chatted but um i just kind of wanted to come in here i don't even know if i have very many questions but i just kind of wanted to come in here and pretty much tell everybody that it works and if you just put put the... Read More

Key Insights

• 🥺 Talking to people and putting in consistent effort can lead to success in real estate wholesaling.
• 🏘️ Making offers on properties sight unseen can be a viable strategy, but it's crucial to adjust offers based on the actual condition of the houses.
• 🤝 Building relationships with local wholesalers and utilizing their expertise can be beneficial in finding deals.
• 💰 Using driving for dollars and networking with real estate agents can be effective marketing strategies.
• 🤝 The MLS can be a competitive market, but it's still worth exploring for potential deals.
• 🤩 Investing in drawing for dollars and government lists can be key in finding profitable wholesale properties.
• 👻 Having a clause in the assignment contract that allows for price reductions to benefit the wholesaler is important.

Questions & Answers

Q: How did you achieve success in real estate wholesaling in just six months?

By consistently talking to people and putting in effort, the speaker was able to close four wholesale deals and is now working on a lucrative nine-house portfolio.

Q: How did you estimate renovation costs for the properties?

They estimated costs based on external pictures and assumptions of the houses being two-bedroom units with around 30-50k renovation costs each.

Q: Do you have a buyer already lined up for the properties?

Yes, they have a buyer interested in all the properties, and they might keep a few for flipping themselves.

Q: What advice do you have for someone new to wholesaling in Spokane, Washington?

Utilize driving for dollars to search for potential deals, network with realtors who can find deals on the MLS for you, and consider hiring someone to drive for dollars to maximize your efforts.

Summary & Key Takeaways

• The speaker started watching real estate videos six months ago and has completed four wholesale deals, currently working on a nine-house portfolio worth $1.3 million.

• They made sight-unseen offers on the properties, estimating renovation costs to be around 30-50k each.

• After inspecting the properties, some offers may need to be adjusted based on the poor condition of certain houses.