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Oh man...my back is killing me...
What started as some basic advice to some guy who pm'd me turned into a small essay. So anyway who knows maybe some other people who are starting from scratch could benefit from this. In this essay I explain to this guy who has nothing how to get started and make millions, and step by step what to do.
Well you're on the right track.
I'm gonna to briefly tell you a few things about me before I show you what to do. I only started as a REI about 4 years ago. And at the time I wasn't serious about it. To me it was a side line hobby. Kinda a passing fad, like any other late night infomercial product. So had I worked at it full time and or took it seriously starting from day one, then I probably could have done a lot more than I have by now. Also I didn't graduate from high school. And in the year 2000 when I was 25 I was still living in 1 room in my parents basement. I didn't have a car either. I took the bus. I didn't have any money, or any credit either. But what I did have is $25,000 of debt. I didn't even have a job at the time. Fortune did shine my way and I started doing well that year in ecommerce. But that's not REI. Like I said I only had started 4 years ago part time with little to no experience whatsoever. Today I have two apartment buildings and a house worth well over a million, and I'm working on 3 more apartment purchases as we speak. Also I'm not not super intelligent. I'd most likely have problems doing even grade 12 subjects if I had to. Like I said I'm a high school drop out. So if I can make millions as a REI, then what exactly is holding you back. Ha ha....j/k. So lets get started....
Here's what you do...
Well, I was gonna say "start by getting a job" so that you can buy a car, improve your credit, etc.. and stuff. But you know what? Maybe that's not the best advice. Anyone can do that. Lets try for something more accelerated and go right for the cash. Now here's the key thing. Don't think. Honestly, do not think. Because if you think about it, you'll probably not do anything. And if you have to think, just think about what you plan to do with millions of dollars a 100k per month income that you'll have coming in a few years from now. I know that sounds crazy but again, if you have to think then think of that. Do not think of these baby steps we're about to cover. These do not take brains to do. These just take actions to do. Just act. You'll start by taking baby steps. And if you "actually take those steps" you will learn to walk. But if you just "think about walking or think about trying it, or think about how difficult it is to stand up", well you wont get anywhere. And the mind is tricky in that you might procrastinate, come up with excuses as to why you can't, or just not bother. But that's up to you and what you want for your future. Because you can be a millionaire. It's not hard at all. Especially in REI, but you have to start somewhere, and for now it's just baby steps. Like getting prepared, as I'm about to outline. So don't think, just do it.
The first step is to print this out and place it somewhere where you'll see it daily and you can refer back to it. So press print now!
Here's what I'd actually do if I were in your shoes right now...
Maybe you're on a limited budget. But you have some money to work with. All you need is just enough money for:
-Cab fair or a bus pass
-Some professional business cards and a business card holder. You can do them on your printer these days pretty good too. But the print shop will do them better and very inexpensive. Like Staples or Office Depot. And go for the 3D print. Like the bubble print.
-A decent suit, tie, shoes and belt to go with the suit, and maybe a new watch. (They can be bought from almost anywhere for cheap. They don't have to be expensive designer names. They just have to look new, shiny and spiffy. It's your REI costume that we're putting together. So go to Sears or whatever department store that's cheap if you can't afford anything else. And if you say "well I got a suit". Well we both know that's a tired old suit from the 70's and when you put it on, it not only doesn't fit anymore, but it certainly doesn't make you feel like a millionaire does it. So go buy a new suit so you'll be able to look, think, feel and act like a millionaire REI. Then put it on look in the mirror and just say to yourself. "I'm a millionaire real estate investor". And write it on your mirror and on the back of a card and put that in your wallet, and start believing it. Because it's so easy to become a millionaire via REI that a 12 year old child could be taught to do this.
-Get a haircut and polish up your look.
-Get a new black breifcase, got to walmart if you have to.
-Get a “buy and sell paper” and find someone who's selling a cheap used fax machine if you don't already have one, or can't afford to by a new one. They work like a regular phone. You do NOT need a second fax line. Just plug it in like a second phone it will work off your regular line. (you probably know all this but I'm just saying it in case you don't)
- Get an answering machine or VM if you don't have one.
- Go to Ebay and buy a used copy of Carlton Sheets No money Down. Start to listen to that everyday too and from your job/school. That will earn you a PHD in realestate. I learned much of what I know about REI from that 1 course. Then once you've listed to it once. Relisten to it 5 more times. You think I'm joking because it's many hours long, but I'm not. You have to bombard your subconsious with it so you get familiar with it all. Don't just listen once. That wont' do anything for you. Also get Dolph Deroos "Real estate investors college". 13 cd's. Listen to those many times as well as you commute too and from whatever it is you do.
- By a new black leather wallet and put a at least one 1 hundred dollar bill in it which you will NOT SPEND. It's just for show. So as we're gonna discuss, later say you find a big investor and you meet up for coffee. He see's you have a nice suit, nice belt, new shoes, new watch. And deep down at an unconscious level, his mind is saying already "this guy is safe to work with". Then when you go to buy your coffee you pull out your wallet and if for any reason he happens to glance, and it doesn't matter if he does or not. He'll see that 100 dollar bill and again his mind will say "this guy is safe to deal with". Same with at the real estate meetings I'm gonna talk about. You're dealing with people. You go to exchange cards, you pull out your wallet to pull out a card, they see the 100 dollar bill and boom, they think "this guy is on the up and up, and is safe to do business with". Moving on...
Go to the place where you get your business licenses and get one if you dont' have one already. Not a corporation or LLC. Just get an inexpensive "sole proprietorship, or home business license". Here that costs like $50 bucks if that. Then you can take that piece of paper they give you and go to a bank and open a bank account under that business name and deposit like $20 bucks or whatever minimum into it. Go with the cheapest fee plan they have if they end up pushing that.
For your business name think of something that sounds very generic, formal and professional. Like maybe go with the first 3 initial of your name and then Investments. Like: MTC Investments. Or using "Holdings". I'd go with one of those. Keep it short like 2 words only. The key is that it should sound professional and "generic". Do NOT do anything "creative" as some people like to do such as "House Flippers R Us". OH MAN WILL YOU BE SORRY. So go with "x holdings, or x investments". Generic, professional, non descript. With that can actually command attention of people who are established.
Get your business cards done up under that business name. You're doing all this polishing to start to play the part of a pro. Get that new suit, shoes, belt, wallet, watch, Business cards, etc. Because it's gonna be pivotal in getting investors.
Then find out where you're local REI club is. You got to start attending that. Find one that doesn't cost a fortune for membership. Here in my city I go to two. One is free, as long as you buy yourself $5 bucks off the menu, and the other cost $10 bucks to attend. It doesn't matter. What matters is finding one that has lots of people attending. So ask around and do some investigating. Google it and find your clubs. If you have to take the bus there, who cares!!! It doesn't matter one bit how you get there, just get there. If anyone asks, tell them your car is getting some repairs. No one has to know that you're currently shopping for a car and that you're saving up to get one very soon. So start going there and start networking, and exchanging lots and lots of cards.
You got to find the investors who have real cash. Do NOT network with newbies who have no money and can do nothing for you. One you find out who the bigger players are just become friends with them. But whatever you do, please do NOT tell them your a nobody! Because you are a somebody and you're just as good in everyway as they are, if not better. So be sure to present yourself on the same level they are. If you don't have a clue what they're talking about, just shut up and listen. And when you do talk say something intelligent. Pretend your Donald Trump and they're just a millionaire and they're the one that's the small player. The main thing is just don't be wowed by them. They're just a person just like you. They started out probably no different than you did. And there's nothing to be wowed by. The key is to listen more than you talk. And when you talk don't give them any clue that you're just starting out. As far as they are concerned you're a big player too. You don't have to lie either. Just don't go saying anything stupid that would ruine the relationship like "I just took the bus here and after I'm going back to my parents basement to look up deals that I plan to birddog here at this meeting". You have to come across as a well establsihed pro. If they ask what you do, just keep your answer vague. Just tell them that you're constantly working on new deals. If they ask for specifics just grin and say "well I can't go into specifics or I could be shooting myself in the foot, but maybe if I find something interesting I'll run it by you okay". Like keep it friendly, lighthearted, interesting, funny, and just be their friend. Because soon you want to do business with them. And if they think to themselves "that guy is definitely a player, and must have a lot of deals going on, not sure what, but I know he's one of the guys". If you can get them to think of you in that light, then you stand a much better chance at a later date. On that topic if you ever get into a conversation about lots of money like deals in the hundreds of thousands or millions, act as though "that doesn't impress you". Do not act like your impressed by that. Because again you want to come across as a big player too. And if their talking about a 30 suiter going for a million that their buying, then compliment them on it and be enthusiastic for them so that you come across as friendly but then say "ya I was just looking at a small high rise that I'm thinking about, the cash flow is pretty good, just trying to decide if I should invest in X (major city)." Like say something intelligent like that. Say something that makes them think "this guy is a real player, I like this guy and I'd be open to doing business with them". Don't say "ya I'm gonna tie up a small condo and I'm wondering if that interests you." At this point you just want to start building report with them so say something that peaks their interest. And don't lie either. Go on Loopnet and look at some big apartments and small high rises so that you can actually tell them that "ya I was looking at doing a deal.... bla bla bla.." But generally speaking just try to build report so that you can approach them later on. In the end they won't remember any of that crap anyway. All they'll remember by the next time you show them an offer is "this guy is good, or this guy is no good". So you want them to remember, "this guy is good, he's like me a player". Also as you make friends there you might find someone who can give you a ride there. The key is that if you look and act polished, have a business card, a company name, at a REI club know one will know where you fit in, so whatever you do don't tell them you're just getting started. Keep your information vague. If you talk, tell them you're the president of xyz company (whatever is on your card) and that you buy all kinds of properties, some of which you spin off, others that you hold, and that you might have some stuff deals coming available in the near future. So be careful what you say. The assumption of the club needs to be "this guy must be on the up n up!!". I just say all this because I see so many beginners who think that acting, looking, talking, groveling and behaving like a small fry is okay. It's really not if you're goal is to find any investors who would be confident enough to invest or buy anything off you. Also if you think, act, look, feel like a small fry that's what you're becoming more and more of. But if you do what I mentioned and now all of a sudden you're looking the part, your thinking the part, you're talking the part, and acting the part then you're gravitating toward seeing deals come your way, you'll start making friends with millionaires there, and you'll very rapidly excel into millionaire status as well. So when you go there just try and make a good impression. Be careful what you say and how much you reveal about yourself.
So you feel out the REI clubs, and try to find the people who have funds. But when you talk to them, whatever you do, do NOT give them any indication that you're just starting out. You're equal to them in everyway shape and form. You got to believe that and act the part. Don't give them any clue that you're a newbie or they wont' invest with you. Come across as a professional, and confident business person and they will. Even if you're not, you're just acting the part and don't say too much about what you have, or what you do, and if you do say anything say something vague like "well my company is always looking for new properties to purchase. Sometimes we'll spin off a property to another investor if we don't think it fits our portfoilio, and then some we'll keep." Again don't every lie either. Just don't go bragging about how your a newbie. That is to be kept private. More than half the room is newbies. And if they find out you're also a newbie then people might not be very eager to want to buy any flips off you when it comes time to present your flips....
Now here's the key. If you have no money and no car then you can't easily do much. It's the honest truth. It's a tough predicament. But what you could try to do is start by creating a list of all the possible sources of funding you might be able to tap. Which might include things like:
- working overtime
- working odd jobs on the side
- selling off old junk you no longer need or use
- Government retirement investments (cash out)
- Assets you might own of value
- People you know that might lend you some start up cash
- Bankers or lenders who might loan you funds
- People you've networked with at the meeting
Start by expanding that list. Then do sublists under each one of the sources you could turn too. Even if the chance is remote, still write it down anyway. You're just brainstorming. Later you'll follow up on al your sources to find some hidden funds you have access to that you don't realize right now. Because if you can come up with say even $5000 dollars you're off and running. You might even be able to squeeze by on $2000. Or if you can build a close relationship to a realtor maybe you can convince them to put up part or all of that $5000 in the form of their commission. Not easy to do but if you build a relationship with someone who will lend you that there's no better person than the realtor who understands that their deposit is completely safe.
So assuming that you can actually come up with the $5000, it becomes your seed that will grow into a millions upon millions of dollars. So do NOT buy a car, do NOT spend it. Have it locked away in a savings account that you have "no debit card for". So you have no way of accessing it unless you're buying a property with it.
Now at the meeting try to meet the "big players" and especially realtors. Try to find a realtor who you could build a business relationship with and who you could use as a way to find a property to tie up. In time they might play a roll in helping you by driving you around, and or help you in various capacities to find a property. That's their job. It could be someone from the meeting or just any realtor from an agency who's willing to do the driving for you. Just tell them that you got cash to work with but you're car is in the shop, or tell them that you're in the process of getting a car so you need someone who will drive you around if and when you need to do that. But lets put that on hold for a moment.
What you're gonna do is flip some paper. So you have to start by talking to realtors and doing research on the legalities of it in your area. Some areas it's 100% legal. Other areas it's not, or it has some restrictions. In most places there's absolutely no problems with it though.
So lets get started....
Now find out where online your local MLS service is. Start to do searches on it and familiarize yourself with it. Find all your local free real estate papers and pick them up regularly when you go out. What you're gonna do is tie up a property which you're gonna then present at your local REI club that people now know you as a regular at, and you're gonna flip the paper. It's just like flipping a house. Only that you're just flipping the contract. So when you're buying it, make it look like your gonna actually buy it. Don't let them know that you're gonna try and flip the paper. Also you have to put on the contract "and or Nominee" after your name. If the realtor asks why you need this, just tell them that you just want that in case for some reason you can't get financing that you're gonna get a rich relative to buy it for you because you really want it, but then assure them that you should have no problem getting financing. If they insist you can't have that, then you might have to walk. You have to have that in the contract in order to flip the paper once you get the deal pending.
Now what you do is you want to keep your eye out for rental properties with good cash flow. You might start with finding a half duplex say for example that could be easily converted into an "up / down" suite. Or if prices are high in your area then you might have to just focus on small condos and or townhouses. That's okay. It really doesn't matter that much. The key is to just figure out what market is within the facinity that a seller would entertain a $5000 deposit.
Make sure that if it's a condo you're buying that the condo is one that can legally be rented out. Most can be, but some condo boards for buildings are tricky so be careful. Just ask the realtor to clarify that for you.
Now what you do is you get your fax machine ready and you start making offers. Lots and lots of low ball offers. Try for about a 20-30% discount off what is listed. You don't want to go to low or no one will even consider you or want to negotiate with you. And you don't want to create a bad name for yourself either. So it has to be a "reasonable offer". Use the form below or something similar to it. Just complete the details of the property and send it to the realtors or brokerages fax line and the realtor will get it.
So now you're making tons and tons of offers each day at a 30% discount. Eventually you'll get a call from a realtor who wants to sit down with you. You meet them, write it up on a formal contract, and when you write it up put a condition removal date of at very least 30 days from the time of purchase. Try for 60 days even if you can get it. That gives you 60 days to flip the paper. If you can't flip it you get your deposit money back and you're back to square 1. If you can flip it then someone else who you flip it too will buy it and you'll make a very nice return plus you also get your deposit back. So you're deposit is never at risk. A deposit is only at risk if you remove conditions on a property. After that if you can't close the deal you stand to lose yoru deposit. But you'll never actually sign off on removing conditions. Just never tell a realtor or seller this information. As far as they are concerned you have to make it appear that you just want to buy this condo for yourself and that you're a serious home buyer. That's all they need to know. It's non of their business if you're flipping the paper. Besides if you flip it, it still sells and everyone gets paid, and everyone is happy. So its a total win win situation.
Make a list of the properties and realtors you sent it to. Follow up once with anyone who doesn't get back to you within a few days.
Okay finally you'll find say for example a condo that the seller is desperate. They've moved out already and are still making mortgage payments. They have to sell. So you're 30% discount is fine with them. They take your offer. Now on the contract you have say 30 days until it's "condition removal time". So you have 1 month to flip the paper. So you take out an ad in the paper saying: "condo contract for sale, 30% discount off fair market value. Call Marvin XXX-xxxx". Take that out on "craigslist.com" for your city and everywhere else you can.
Then you take that contract, and property listing sheet to your meeting. You try to get some air time there, and or just network it after the meeting. Tell the group that you tied up a condo that's 30% under market value. You're considering closing but you have other deals on the go so you're thinking of just selling the contract. Tell them that normally your company would sell a contract of this nature for 5% of the asking price but that as a special offer for this group that you'll sell it for just 4%, and stress that the seller appears to selling for 30% under market value. Bring some compatibles so that you have proof of what your saying. That way if the property you're buying is going for say $200k and you got it under contract for say even $150k. Then that means anyone buying the contract will stand to make a bundle. And ya it would be great if you could close on it. And if you can by all means do so. But if you don't think you're in a position to be able to do it then you might have to just sell off the contract for your commission.
Someone will buy the paper off you. Get your commission up front. Get the money and then sign over the contract. Because they're only paying you your deposit and around $6000 on top of that so anyone who's serious should be able to pay you that upfront. Now you'll have say for example as much as $12k in your pocket. With that try and split it into $6 and $6 and tie up 2 properties. By this time you have more investment contracts from the meetings, you've been saving numbers of everyone you talk to and telling them if you find a deal you'll get back to them with it. And start building up a list like that. keep exchanging tons of cards. And if you talk to a realtor but you cant' work out a purchase, just mention you have some other properties that might interest them and you'll get back to them at a later date. That way when you tie up your next two properties you'll do the same thing, tiny classified in the major newspaper, craigs list, other sources, follow up on all the REI's and realtors you know, and push them again at the meeting. If you can flip too more contracts, again you'll multiply your money. This time doubling it perhaps again. To where you have 24k.
Now if you can get to that point you're in a very good position. Because now what you do is you only look for apartmetn buildings. Don't look for huge discounts. You don't need to anymore. But find a building that you can tie up in the same way by getting it under contract. Making it look like you plan to buy it and that you'll put down we'll say $25k. On paper that will look like this:
1m dollar building
$750k first mortgage
If they ask for more just tell them that you have lots of stuff going on and right now that's all your prepared to put down. If they insist for more, well again you might have to walk.
Again tie it up, with 30 or 60 day condition removal period. The flip the paper again for say 2 to 4%. That's $20,000 to $40,000 plus your deposit money. So if you can flip it for 4% you made $40,000. And for example if it's serious investor like me, and I like the deal I'll pay you that money. And if that's nothing to me, and I'm not even that big of an investor, I only have 2 buildings, then to a "big investor" that's nothing! They wont' even blink an eye. They'll just pay you out and be done with you. So again that's why you want to get to know the big players at the meeting. Or the realtors who have the lists of big players.
So now you could be sitting on as much as $65k. With that you're well on your way. keep flipping apartment building paper, or start to look into doing a house flip. Find a discounted house in a good neighborhood. Buy at a discount and sell for a profit. Sometimes doing that you can make like $50,000 to $100k.
After you do some bigger flipping of paper or property you'll have lots of capital. Eventually you should look into buying an apartment to keep for the rental income.
So like I said when you're just starting it all starts with the baby steps. Getting yourself looking, acting, feeling, and believing you're a successful REI, who's car is in the shop and who's shopping for a new one, and who's briefcase comes from walmart because you lost your Versace, but know one can tell, other than it looks expensive.
So anyway, I know some of this might sound crazy. But the mire idea of looking, feeling, believing, and acting (that means doing deals) like a millionaire will honestly and truly lead you down the path of becoming a professional REI and Millionaire.
Don't be one of these types who's a seminar junky, who doesn't do any deals, but is just a mier curiosity seeker, or wanna be REI. Just go and do it. Like I said so many times to so many people, "this is not rocket science". At best this is a step up from buying car. This takes no brains. If it actually took real intelligence to do this then I would be the last person to be a millionaire. But it doesn't. I didn't even graduate from high school. And I don't even read books, because my attention spand doesn't seem to last. Like I said a million times, this does not take brain power what so ever. All you got to do is get comfortable with starting small and getting that first deal out of the way. Because once you do one deal, after that it's all second nature. So race to get your first deal done so you can form a habit of it.
Anyway I have to run, I'm working on a second mortgage for a 29 suiter I'm buying and I have to send documents to my mortgage broker. Sounds like I got the second at last!!! That will be another $15,000 per month coming in soon! You'll be here too very soon. So get started now k.
***Here's the letter of intent which you can fax out as much as possible on all kinds of properties. You should clean it up a little using tabs and so forth so that it looks property formated and professional. Change the amounts to and all the xxx's to suit what property you're buying.
LETTER OF INTENT TO PURCHASE
Date: April 22, 2007
To: XXXXX XXXXXX
From: XXXXX XXXXXX (use your own name because you want to make it look like your purchasing the property for yourself to live in)
Re: residential property located at: XXXXX XXXXXX
The following sets out the basic terms upon which we would be prepared to purchase the Property. The terms are not comprehensive and we expect that additional terms [including reasonable warranties and representation,] will be incorporated into a formal agreement (the “Agreement”) to be negotiated. The basic terms are as follows:
1. Purchaser: XXXXX XXXXXX Inc or it’s nominee
2. Vendor: Current owner of the Property represented by realtor: XXXXX XXXXXX
3. Property: XXXXX XXXXXX XXXXX XXXXXX , free and clear of all liens, charges and encumbrances at Closing, except: [e.g. those recorded on title to the Property as at the date hereof, with the exception of the Vendor’s mortgage(s)].
4. Purchase Offer: $300,000.00
$225,000.00 New first mortgage (or possible option of assumption and or with increase of existing first to 75%)
$5,000.00 Initial Deposit
$15,000.00 Additional Deposit following condition removal
5. Deposit: Upon execution of the Agreement, the Purchaser will deposit the amount of $5,000.00 which will be fully refundable if the Conditions Precedent are not satisfied or waived in writing by the Purchaser. Otherwise, the Deposit will be applied to the Purchase Price at Closing. If the Purchaser defaults at closing, the Deposit will be retained by the Vendor as it’s sole remedy.
6. Conditions Precedent: The obligation of the Purchaser to purchase the Property will be subject to satisfaction or written waiver by the Purchaser of the following conditions within 60 days after execution and delivery of the Agreement.
Review and approval of the documentation concerning the property;
Completion of satisfactory physical and environmental inspections of the Property; including suite inspections.
Completion of satisfactory due diligence search and examinations;
Satisfactory review of the title of the Property;
Satisfactory first mortgage financing being arranged for the purchase of the Property;
Satisfactory second mortgage being provided by the Vendor for the purchase of the Property;
7. Additional Items: This letter of intent hereby states the major terms of the agreement that the Purchaser would be prepared to move forward with. This letter of intent is in no way a legally binding agreement between the Purchaser and the Vendor.
The above terms are accepted this ___________ Day of _______________, 2007
Boy I always get pumped reading an R2D2 post, excellent stuff man. For me personally I don't think I can do it though, as I'm in southern california (and tied down here because of school) Around here I couldn't offer 20-30% below market without smearing my name as that usually equates to a discount of $100-200k or more. I don't even think I can find 2-4% discounts on apartments buildings as per your second example as most apartments around here have ugly numbers just like the houses.
I wanted to ask you if you've had any experience investing out of state. It seems like that type of venture would fit the go-getter personality that you seem to have, but maybe your situation didn't require it of you.
To summerize the whole thing:
A) Get a fax machine
B) Find your local MLS site and other property sites like Loopnet
C) Start making 10 low ball offers a day
Eventually some realtor will call you. The deal of the decade comes around once a week. So if that's true, which it is, and you're making lots offer then you should have all kinds of amazing deals coming in too.
So get that fax machine going. You don't have to do a lot. Just make it your goal to send out even 1 low ball offer a day. That will make you rich almost guaranteed.
Thanks for the essay. You efforts are definately appreciated.
I have up till now spent the majority of my time on very time consuming actions toward my wholesale goals - driving around looking for junkers, posting I buy house signs, flyers etc, with limited results. I like the idea of really maiximizing time and playing the numbers as you have described.
I do have one question, however. Should I focus on any particular deals or criteria through MLS or just saturate my market with offers that I could afford the downpayment? I have access to MLS so this would not be a problem...
So basically you made numerous low offers and the people that really needed the money/ had to move out ( or whatever the case may be ) accepted your offer. Then where does 5000$ come into play here? I'm not understanding this part, say the property is worth 250k but you get it for 200k; 5,000$? So did you have to take a loan out at the time with the 5000$ you had to spend? So to sum this up, you bought the houses low ; that you know were worth a lot more, so then you sold and did it repeatedly gaining profit? is this correct? Did you ever actually purchase the house?
Simply amazing. Nice post R2.
Thanks for this - great post. Probably gonna bookmark it somewhere.
Just printed, thanks! :beer:
I'll let you know how it progresses.
Originally posted by "AD1985":
I wanted to ask you if you've had any experience investing out of state.
I have experience with investing out of state. I also started my investing in CA.
Do you have any specific questions?
I'm gonna hit you up with a couple of questions. I know they're not stupid, because I'm new and allowed to be stupid. (LOL)
(??) Is there a certain criteria you use for what kind of investment property an REI would look for, and would turn quickly, besides price?
(??) Is there a norm percentage down to hold a property (get on contract)? Or would a "down payment" for 100k home be the same as a 250k home? Or does it depend on the seller/realtor?
(??) Are realtors use to dealing with people like us? And do they care that we are flippers?
(??) Do we use our Business Name on the "Letter of Intent" (ie: letterhead) if anything just to get our name out there, or would that be a negative?
Sorry so many questions, but we'll start with that...
I'll have more I'm sure as I progress through the steps.
Thanks again for a great post:
8) LONNIE 8)
Haven't seen R2 around for a while.. He must be busy counting all his money.
Anyone who could answer feel free...
8) LONNIE 8)
This was a great essay. I would recommend everyone reading your essay.
I guess the only thing that kind of bothers me is going to my local REIA meeting and acting like I'm a big wig when I've never done any deals or no nothing about REI. Because then if they found out that you were pretty much lieing about you experiance then they might all not trust you . And then you'll get no where.
Because our REIA holds a new investors workshop every month for new investors just starting out where you can go and talk with experianced investors and board members one on one and they will answer all your questions and help you in any way they can .
r2... good post on hustle 101.
Great Post! I love it. Too bad I don't think I can apply this up here in Northern California.