Wholesaling Deal or No Deal? Finding ARV, Estimating Rehab, and Making An Offer!
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- Опубликовано: 29 сен 2024
- 👀 WATCH THIS NEXT: Why I stopped buying single family real estate (& started playing pickleball!)
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What type of property makes for the best wholesale deal? How do you go about finding ARV, estimating rehab, and making an offer? In today's video, we are going to talk to the real estate agent, do a property walkthrough, and determine what makes a good wholesale deal. If you're interested in wholesaling for beginners, definitely stay tuned, and check out the other videos below on how to get your first wholesale deal.
HOW CAN I BEST HELP YOU GET YOUR FIRST DEAL?: bit.ly/3Sp6l6l
FREE GUIDE TO TALKING WITH AGENTS ON THE PHONE: bit.ly/3RSkhFS
FREE OFFER SHEET TEMPLATE: bit.ly/3RSkhFS
WORK WITH ME 1-on-1: bit.ly/3RSkhFS
WATCH THESE:
Wholesaling My First Deal Playlist: • Wholesaling My First D...
3 Investing Strategies for Beginners: • The Most Profitable Wa...
Tour My Duplex: • Tour My New Duplex (Fi...
READ THESE:
Listen to them on Audible for free: amzn.to/2Xgfc0l
Read them on Kindle for free: amzn.to/317xhii
* Richest Man in Babylon: amzn.to/2Bq7A3u
* The ABCs of Real Estate Investing: amzn.to/2zTE4mg
* The Book on Rental Property Investing: amzn.to/304Q917
* The BRRRR Investing Book: amzn.to/3gQRteB
* Rich Dad, Poor Dad: amzn.to/38PeIDe
* The Millionaire Real Estate Agent: amzn.to/300H4pN
Research, skip trace, and run comps with a free 7-day trial of PropStream: trial.propstre...
The professional lights I use: amzn.to/3iRo1a9
The external microphone I use: amzn.to/2ZkUoGE
some of the above links may be affiliate links, meaning I make a small commission on the sale at no extra cost to you
HOW CAN I BEST HELP YOU GET YOUR FIRST DEAL?: www.liliinvests.com/survey
FREE GUIDE TO TALKING WITH AGENTS ON THE PHONE: www.liliinvests.com/phone-scr...
FREE OFFER SHEET TEMPLATE: www.liliinvests.com/offer-she...
WORK WITH ME 1-on-1: calendly.com/lilithompson
WATCH THESE:
Wholesaling My First Deal Playlist: ruclips.net/user/playlist?list...
3 Investing Strategies for Beginners: ruclips.net/video/OQyDkTQKZo0/видео.html
Tour My Duplex: ruclips.net/video/Q6qd4SoMza0/видео.html
did these get moved or taken down?
@@bdturner8162 Depends which link you're asking about, I linked to like 6 things...
Hi Lili. Quick question. How can I view your offer sheet template?
Listen i want to know if u xan give me advice ..i see a house finance by owner in 60k zillow show at 73 k and so comparables are between 73 and 90k if i buy by owner ..what the process i have to do ?? Contact a realtor and they help me to do the inspection? Or how i do to avoid a fraude? Thanks ..love your videos
do you have to have a real estate license in your state you live in to flip houses
I would suggest you increase your daily offers from three to five. More offers you make every day the more likely theywill get accepted. And increase your wholesale fee from five thousand to ten thousand. Your time is worth something, so you deserve a higher fee from each contract. Keep pushing!
Thanks for the support! Would love to hear more about your wholesaling business!
Can you turn down or off the music or play something not so piercing. Your voice is not that far above the music..
Can you go to another page if you don't like it Al?
@@Liliinvests you sound offended, that's very strange
All these high dollar real estate “gurus” and Lili explains this stuff better than any of them!! I tried to book a call and there were no openings. I want to learn from you Lili!
Big facts!
The dialogue with the agent is pure fire. So clear, intentional and transparent. I will literally be writing this down and rehearsing it. Thank you Lili!!
23:50
I’d like to see more about how you estimate renovation costs. That house looks very outdated and looks like it needs 80k in cosmetic updates
After watching video, $45,000 is two cheap. We calculate double. With old houses you always find hidden problems. I have contractor review numbers. You have manage your rehab.
Oh, I forgot. If the house that you saw is an older home and has a structural issues, it could run from $45k to $60k dependingon the company handlesfixing it. I say that because my house is an old house. I had five companies come out to look at the structure and I was quoted from $55k to $60k. Just my input.
Thanks for waking is through the whole process! Super helpful! I just saw that a month after this video the home sold for $170k! 🤦🏽♀️ So your offer was definitely fair.
Thanks LiLi I love your videos. You gave me a lot of confidence through this process. Im currently in the process of closing on my first deal ♥ I really appreciate you, all the way from Alabama!
✊🏾
Thanks for the free resources!
Your calendar is all booked up!
Great video. Thanks for the offer sheet. I was wondering, would you mind doing a video where you do your calculations (ARV, rehab costs, etc etc) by hand. I'm just getting started and trying to figure these out. Thanks again for a great video.
is it possible to forward the offer sheet w/rehab formulas can't find it on the site?
Looks like foundation shifting for them cracks in the wall and the tile
question: when you get an inspection period written into the contract, does the state contract mandate that you pay something for that benefit, and if so, what do you do, do you just pay it knowing that it is non refundable? And if you do pay it, or any other non refundable fee (other than the EMD) to show you have skin in the game, and how do you determine how much
Thanks!!! 🥰
Hello Lili... First let me say you have a great you tube persona, great info and you are killing it with your videos' (I find them very genuine). Thanks from a Houstonian.
I've been studying investing for about 3yrs now, but I am a little confused... 1. Was this an Assignment or did you stay in the middle... 2. If it was an Assignment who pays for the $210K selling fees. 3. Why is your deal concerned with the buyers selling fees and not the buying fees to calculate profits. $350k * .85 is the buyers selling fees (after you have closed on the deal already)... right?
Look forward to reading your reply to this... Again Thanks for all that you are doing to educate beginning investors.
Love your content Lili, I’m trying to be like you in my market!!
thanks for the support!
Thank you!! Watching a year later I wish gas prices were still $1.85😩😩
Enjoying your vids thank you.
lili, the statements about NOT ENOUGH FOR AN INVESTOR is it a good idea to say to a seller? hes gotta know there has to be room for remodel and repairs, plus he knows you are purchasing as is right? as this point is he a motivated seller?
Did you do inspection determine additional repairs/ expensive. Definitely house needs updated. Go with $210,000
Cash buyer can do the inspections if they want to
Lili Thompson Thanks
My pleasure. Lili I would like start off with phone chat. What is link book call?
@@loulupero4147 Hi Lou, my schedule has gotten too packed at the moment to do individual calls. Please join me at the live bootcamp it's a group webinar www.liliinvests.com/bootcamp
Amazing content
Great content! Learning so much! How would you recommend one locating a buyer for the deal? Thanks!
Check out my finding cash buyers video
Yo Lili I'd also like to check out that excel sheet it looks pretty good 👍🏼
how do you personally get over the proof of funds hurdle?
Im confused, why would you subtract the 30k profit that the investor is trying to make in your formula for calculating the MAO if the formula is (ARV x %) - repairs - wholesaler fee? Wouldnt it be around 242k for the offer price?
Lili I was online checking out some proof of funds samples. Can you recommend?
okay so you did a doubled closing, but who pays the buyers commission? You or the seller? Is the seller okay paying double commission? Anyone feel free to reply
You should start virtual wholesaling
I’m good investing in my market to start! Where do you invest?
@@Liliinvests were do you get proof of funds from?
@@antlivetheentrepreneur4478 I signed up for flipster
@@Liliinvests i was going to sign up for flipster, is it a good platform can you send contracts out to your sellers/buyers from there.so they can e-sign
@@Liliinvests does the flipster proof of funds really work with agents and how long you have to send EMD money out if you don't have it. Is this platform better than popstream
Lol interesting house
This house has major structural issues
your explanation of wholesaling is very clear unlike some real estate gurus who give you analysis paralysis .you are doing o good job and i think you shold take up teaching as your second profession
Sounds like a pro is talking to that agent! lol
Lol thank you!
@@Liliinvests how do you get the proof of funds
Wow Lilli you have the best value on R.E. On RUclips for the people trying to dive into it. Thanks for this free information and scripts, you’re dope.
I just started watching your channel and Iam hooked, keep up the great work. I will use your methods to start my wholesale process.
I like how you converse with the agent setting up the offer and build a relationship ultimately.👌🏼👌🏼
Hey Lili did you see that 299 property sold for 170😲
I love your content. I really have a better understanding of how to present an offer on a house.
Another great video Lili, just started cold calling last week and i'm definitely going to reach out to some realtors. Keep up the great work as always:)
You got this!
HOW DO I GET AN OFFER SHEET
I thought the 85% was part of the closing cost and buyers profit and fees that put you at 252,500 after repairs with a MOA of 210,000 with 42,500 wiggle room or you could of did 350,000 x .6 put you automatically at MOA of 210,000 20,000 wholesale fee ask price of 230,000. Let me know if I’m wrong thanks you
I loved everything about this video. You're doing a great job explaining things and you really sound like you know what you're talking about (regardless if you do or not)! Very informative! Keep it up!
Great video and thanks for the information which is priceless. How do I get the calculator?
This video is very important and educational for early investors, Ms Thompson, most Real Estate Wholesaler videos are flashy, they talk fast and want folks to think the process is quick and easy. But you show how the sausage is made and"de-romanticize" ( yeah, I made that up) expectations for the nervous first time investor. No helicopters and Lambos here, just honest, diligent hard work. Great job!
Just found your channel 2 days ago I've already watched about 10 videos great info very inspiring keep it up I'm sharing this with my daughter also
How can I get a copy of your Buyer formulas? Thanks
So is the investor the person who lends you the money to buy the property? If so, how do you come up with rehab money? Is that also lent to you or does it come out of your pocket?
I need your direct line what’s your Instagram
Too many foundation issues
You could incorporate $150,000 for foundation repair into the offer.
A lot of damage on that house probably water due to roof and more thats a lot of money to put in esp to take out all that carpet sheesh not a carpet fan but question if you get it are you gonna hire an inspector to check them cracks out
Glad I found your channel. I subscribed yesterday, been learning and studying wholesaling for almost 2 years now and haven't really pulled the trigger. Definitely looking forward to maybe booking a session with you.
Thank you for sharing your knowledge. Your drive, integrity, and transparency are very refreshing in what I've seen from RE channels on YT. I'm still in the reading/learning/research/planning/goal-setting phase of my RE journey. You have become one of my favorite creators to follow. The only issue that I have with this video is the shot of the $1.85 gas price sign! That hurt me thinking that was only a year ago. Ooof.
Hey Lili! How do you personally go about getting proof of funds as a wholesaler?
that will not be a deal because of the thrid person the offer was to low hope i am wrong rember this aestate sale good luck
This is the best way to learn showing us the actual instead of theory, thank you, very motivating and not intimidating.
LILI are you no longer giving out the free offer sheet?
Hi why did you use .85 instead of .70
free download of offer sheet thanks
Hey Lili, thanks
We're under attack 🤣🤣
Hey lili what do you do when an agent asks you for proof of funds
i have never in my life heard that you need to tell anyone you are assigning a contract nor have i met a title company that ask me that question cause regardless it will show up on the ALTA settlement if had one time a realtor ask about assigning and i said it is me or my partner buying it but that was a one time thing
good for you
Lili Thompson I am just saying that is crazy
jace leonce I just read your response, you don’t need tell title company your assigning contract? What is ALTA settlement?
Lou Lupero no I don’t tell title I am assigning a contract never have I get a buyer send in both the contract and assignable contract between me and my buyer and the Alta Settlement Statement is what tittle gives you that shows what you get buyers pays or what sellers pays title insurance etc
jace leonce Thanks for clarifying this.
Thx Lili, u r on FIRE, I like tht !!!
What is your emd when dealing with realtors?
I would of offered 190
Great video! So what are you having to present as a proof of funds as a wholesaler?
I can tell that your a good person just by choosing to offer 210 except 215💕 just the little things
Thank you!
30:27 85%
That’s a deal
Thanks😁
Thanks!!
THANKS
Deal!
Yep. They took $170k for it. Did they rehab it? Pics are same ones Lili was looking at. Now worth $354k.
I don't mean to be some sort of math nazi. But I'm not getting the cash buyers buy price. In the instance of $90 a sqft, wouldn't the cash buyers price be $238,455-55,000=$183,455. Then your buy price would be $176,455 since you have to come in $7,000 lower for your assignment fee?
You are a great coach I love the way you, keep your cool and confidence I just subscribe to your channel and I am for sure about to book a session with you because I have a little more to learn thank you so much and looking forward to the four week journey with you
Thanks so much! I definitely look forward to working with you :)
Providing there is more profit than loss. I say deal🥳🥳👏🏼👏🏼👏🏼
Lili, that home is gorgeous. It really look like it’s worth 1 million, I can only imagine what it will be worth once you put the tenant/your liking to it.. 👏🏼👏🏼👏🏼Now, based on the prior video, seeing how much you overspent on the roof, use your Eagle vision, to not lose so much next time. Check on roof painting, I read it’s a great alternative and convenient, as well, ok☺️☺️ Blessings to you!!🙏🏼🕊🦋❤️
The realtor’s job is to get their client as much as possible. So I agree with their $299k strategy. The property is designed for retail buyers that go “I’ll just do X and then Y next year” etc etc.
Hey Lili, I'm new to all of this And I lust learn a lot from this video. I would say That $210 is a good offer, everyone wins.
New subs here from the Philippines. I'm learning a lot from you. Thank you so much Lili
This was Awesome! What was the Update? I cant find your website I looked in the description also
Hi Lili any suggestions on a good real estate agents for investors in Tulsa? I feel like I don’t wanna represent myself and mess up.
Lili what is your average assignment on market? How do I retrieve template in Notion you provided in bootcamp? Thanks
Question. What's the scenario look like at closing? Would they find out it was assigned?
You page is great look it
Thanks
Great video tutorial and breakdown of everything. Don't no how the mkt is in ur area, but it is smokin here in Ft. Lauderdale, FL. I guess if the owner is a very motivated seller, then you will score big... 👍😎
Lili, great that you said the year if the water heater. Smart. Very detailed with your walk through.
Awesome, thank you! That is an interesting house.
Thanks
Glad you liked the content. Thanks!
As a new wholesaler how to we get proof of funds ? I mean technically I haven't raised enough capital to show that type of funds. I really don't want to lose deals because of that. Any suggestions?
Whats your feeling replace kitchen cabinets?
So wait, when your calculating the fee of the sale of the house to present to the investor the grand total includes, price of house, renovations, wholesale fee, escrow and the 3% realtor fee???? The investor pays the realtor fee? How does that work.
Do you have courses on finding investors for wholesalers?
I want that spreadsheet calculator tho 😞🔥
same!
Good video. The house is pretty cool, however in my market that reno would be more like 70-80k.
In the way that you structure deals, do the buyers or sellers take care of all the closing costs plus realtor commissions?
Hi Lili, how do you get a proof of funds letter, I feel like that’s holding me back
What are your assumptions for repair costs for materials
So.Much.Carpet!!!
SO MUCH! I guess we should be grateful there wasn’t any in the kitchen lol
You are awesome. Thank you so much. I’m learning a lot from you