“I can’t speak for someone who’s never walked a house.”- Andy Speed

The Wholesale Nation Podcast is targeted on giving away all the details needed to be a successful wholesaler, along with direct insights from wholesalers from across the nation. Our hosts, Undrea King, and Andy Speed are the owners of Drayco Properties, a real estate investment company located in Houston, Texas. Undrea has over two decades experience as a business operator and several years as a real estate investor. Andy has been in the real estate game since February 2015 and has a decade’s worth of experience in supply chain management. In the podcast series, the two motivated men have thrown light on the importance of having faith in ourselves to be able to take risks and believe in what we’re doing.

Welcome to another take-away episode of the Wholesale Nation Podcast! The challenging times of today have quite caught us into newly introduced virtual wholesaling practices, leaving us with stubborn questions- How to be assessing payers when wholesaling virtually? How do you have that conversation with the seller to be able to get things done right? Join Andy and Undrea today as they offer strategies, tips and advices on managing virtual acquisitions, wholesale repairs and costs, and dealing with sellers fittingly in the virtual world!

When it comes to wholesale repairs, there’s a whole list of unknowns that you’ll have to worry about if you’ve never walked a house and this could affect your profit margin significantly. You need to understand that the cost of repairing a 1000 sq. ft. house is much higher than that of a 3000 sq. ft. house- the cost of repairs increases with decreased square footage. If you’re doing a basic update on a newer house- painting, flooring and the miscellaneous, it could cost you some 10 dollars a sq. ft., but if you’re working on big ticket items- the kitchen, foundation, roof, plumbing and AC, it would cost you more.

Tip: Andy has his team do it this way:  Set the square footage to the side first, then go off the 10-20-30-40 sq. ft. rehab, and then add in the large ticket items outside of that.

To start with, you need to get an idea of how the house looks like.

Tip: Undrea has a way of managing visual acquisitions. He categorizes them into 4→

1. Lipstick repairs
2. Cosmetic repairs (Dated -Grandma-took-good-care-of-that-house)
3. Moderate (Grandma- was hard on the house repair!)
4. Full (Grandma-died 10 years ago and the house has been vacant)

The one thing that could be appreciated of virtual wholesaling is we make our offers right over the phone based on what the seller is telling us and then get started with the work- giving room to re-negotiations. It’s more like getting to know the seller, then finding out if they have a problem, and seeing if you can solve their problem- there’s a magnified need to build a rapport with the seller virtually! Also get to know today the books that Andy has been into, these days and how effective these could be in your business life. The “Principles” by Ray Dalio is a suggested long read.

There’s no dearth of creativity among wholesalers in the COVID season of today- Andy had a wholesaler the other day send him a trailer that they connected to a structure. Yes! Tune in to the complete episode and know better today’s virtual world of wholesaling!

If you enjoyed listening to this, and want to learn even more about growing your real estate wholesaling business, please subscribe to the show, comment, and leave a review if you wish to help this reach a larger audience!

Also, if you are not a member of the Wholesale Nation Facebook group, now is the time for you to join! Every Friday 2pm Central Standard Time, go to the Wholesale Nation Facebook Group, join in the private zoom room, and get to see how to role play for acquisitions. Absolutely for free!

Quotes:

“Knowing the market is so incredibly important to your success.”- Andy

“I care about the house, but I care more about the seller” - Andy

“I can’t speak for someone who’s never walked a house.”- Andy

“You need to understand the relationships between square footage and cost of repairing.” - Andy

“Don't try to be master repair guy estimator” - Undrea

“You gotta make a mistake. You learn from it. You move on.” - Undrea

Connect with Andy and Undrea:

Facebook Group: Wholesale Nation

Instagram :  @undreaking , @andyspeed_

Website : https://wholesalenation.libsyn.com/

https://www.draycoproperties.com/