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If I want to fix and flip let me tell you where I find deals I don’t find deals typically from agents or brokers or MLS that’s not where most deals are found. Where do we find most of our deals? If I’m a just a fix and flipper, I don’t need to do cold calling. I don’t need to do texting. I don’t need to do door knocking or direct mail or any of that stuff. I’m just a fix and flipper.
All I need to do is have about 10 or 15 wholesalers as my friends and I get it’s too many like I there’s too many opportunities so like a guy like Ricky all you have to do to go to Ricky if you want to do fixin flip is say hey, Ricky, whatever you don’t have the ability to flip because he gets a lot of deals and he primarily focuses on fixing flip you just say Ricky, whatever you turned down, send over my way. Okay, so now your inventory but now the next thing is how do I go get 10 More Ricky so that’s an easy thing to do. Start with Ricky start with Lenny.
I have wholesalers sending the emails of deals but I don’t see profit and I do I do the comps My wife’s a realtor, I have access to the MLS. I do the comps and I just don’t see any meat on the bone. Some of these houses, they look like garbage. And if people say you know it’s a $20,000 rehab budget or numbers or just you Oh, yeah, and they’re their construction numbers are always wrong. And their comp numbers are always wrong.
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Where do we get deals from with wholesalers, I never look at emails, I unsubscribe from everybody’s email. And what I do is I send a text message two, three times a week and go, What do you have? What do you have? What do you have? What do you have? What do you have? Typically, here’s what’s happening with people that are sending out deals on email, okay, like even Jamil, who sells, I think they sell close to 300 wholesale deals a month at this point, like 85% of those are being sold, how they’re being self sold through text message, before they ever go on a list before the blast before the black.
Let’s say I could buy a deal on text message because I now have a relationship. You know how this works, Sam, you know that relationships trumps everything else, right? So I look at a deal. Let’s say it comes to me at $200,000. And if I turn that deal down, Kigali is going to send that out on their email list, at what price? Are they going to send it out at 200,000? No, they typically will send it out at like $225,000 give themselves room to negotiate down closer. And so a lot of those deals you’re seeing on an email blast, the strategy of those email blasts is calling the wholesaler and saying, hey, I want to buy this deal.