Help Start My Career!!!
Indianapolis, IN · Member since 2018 · 16 posts · 2 votes
Hey @Alyssa Correthers here are a few suggestions to get you thinking. First, learn the process which could be explained in these simple steps:
Step 1: Market to motivated sellers
Step 2: Sign purchase contract with the seller
Step 3: Find cash buyer
Step 4: Sign contract with cash buyer for a higher price and collect 2k deposit
Step5: Close Transaction via Assignment or Double Closing and Collect your check
Second, learn has much as possible about the 5 skills needed to be a Pro at wholesaling. They are marketing; estimating repairs; contracting; appraisals; and negotiating.
Last, spend 80% of your time marketing.
Hope this helps. Good luck.
Jose Flores Chrissy Arnold and Jerryll Noorden gave you great advice, if the type of work that wholesaling demands is your thing. Explore and dig deeper to find your way.
But whatever you do, think BOLD. No, no, not what you just thought - BOLDER even.
Every business boils down to the same hard work. But how can you use leverage better than other strategies, keeping in mind that the one commodity we cannot get more of is time. Life.
Since everyone is and “should always be selling something” (Blair Singer) (and if it’s just their opinion), and everyone is biased on their current real estate strategy and assuming most community members are not here for charity, I’d like to nudge you to explore the mid- to large size multifamily investing world.
I keep telling anyone who wants to know that Peter Harris’ free
YouTube videos (no I don’t get any commissions mentioning him or others I recommend) is how I got started on this particular topic but also by far not the only mentor I learned from. And learning is the one thing that will always be with us.
Keep an open mind and you will thrive. Everyone has knowledge to share, free or paid, and everyone has a different flavor or music bringing it to the people ;-)
That’s what makes us exciting and human :-)
Keep learning, keep asking, and go out there, think BOLD (Peter Diamandis), find your music and let it out!
Ken gave you GREAT advice when he said that Jerryll Noorden gave you great advice. The force is really strong with this one!
what is a PM?
Good to meet you...
PM in this instance means Property Manager... You are managing your Grandfathers units I believe... I could be wrong.. As for all of the posts of this and that, I must say rarely am I amazed however this morning is one of those mornings.
Real Estate Investing has never been more difficult mainly because of today's digital environment. However the same difficultly once understood will allow you great success.
You'll find that there are a few folks here that when they type something you should read it... And there are some that when they type something..... well be careful..
Anything written by the following is STRONG information and nearly Gospel.
@Jon Holdman @Jerry Puckett@Steve Babiak @Sharon Vornholt I know I am leaving off a few really good people however I am certain the few I have tagged can add to the list.
Happy house hunting
@Alyssa Correthers do you have your Real Estate license? If not, I would start there. It looks like many of the activities that you would like to do, and some of what you are already doing, require a real estate license in order to be legit. In order to avoid any legal issues, I would obtain a RE license. There are courses online, and you could finish up in a matter of weeks.
From there, your property management is legit, any wholesaling that you would do is legit, and you have opened up other opportunities for resources (real estate agents have access to great tools), and investment opportunities.
What you do from there is up to you, but I would start with a solid foundation for the business you are seeking...go legit.
@Alyssa Correthers do you have your Real Estate license? If not, I would start there. It looks like many of the activities that you would like to do, and some of what you are already doing, require a real estate license in order to be legit. In order to avoid any legal issues, I would obtain a RE license. There are courses online, and you could finish up in a matter of weeks.
From there, your property management is legit, any wholesaling that you would do is legit, and you have opened up other opportunities for resources (real estate agents have access to great tools), and investment opportunities.
What you do from there is up to you, but I would start with a solid foundation for the business you are seeking...go legit.
NEVER take legal advice from anyone but a lawyer.
People Say wholesaling is not legit, others say it is.
Do not base your actions based on people scaring you it is or isn't legit. Honestly what do THEY know?!
That is why I said "get an attorney to advise you on how wholesaling is legit". Do not take anyone's word for it!
Most agents will swear it is not legit. Ask your attorney!
Why thank you @Michael Quarles. Your ears were probably burning a couple of weekends ago. I co-hosted a 2 day marketing event in Nashville, and the subject came up about how to get comfortable talking to sellers (for people that wanted to improve their skills). Your name was definitely mentioned in that conversation. You have a way with words Mr. Quarles.
@Michael Quarles is wanting to learn wholesaling, she should read some of the contributions from Michael Quarles - he has contributed lots of detailed stuff, such as how to talk with sellers in various scenarios; definitely worth reading his posts here on BP.
Why thank you @Michael Quarles. Your ears were probably burning a couple of weekends ago. I co-hosted a 2 day marketing event in Nashville, and the subject came up about how to get comfortable talking to sellers (for people that wanted to improve their skills). Your name was definitely mentioned in that conversation. You have a way with words Mr. Quarles.
Sharon Words, Letter of the alphabet strung together into words can shape and inspire. Take these two phrases as a small sampling. "United we stand, divided we fall" and "Language was invented for one reason boys– to woo women…"
Some use words as a divisive tool. I choose to use them as a means of inclusiveness. Besides Wooing Women is pretty cool....
@Alyssa Correthers do you have your Real Estate license? If not, I would start there. It looks like many of the activities that you would like to do, and some of what you are already doing, require a real estate license in order to be legit. In order to avoid any legal issues, I would obtain a RE license. There are courses online, and you could finish up in a matter of weeks.
From there, your property management is legit, any wholesaling that you would do is legit, and you have opened up other opportunities for resources (real estate agents have access to great tools), and investment opportunities.
What you do from there is up to you, but I would start with a solid foundation for the business you are seeking...go legit.
NEVER take legal advice from anyone but a lawyer.
People Say wholesaling is not legit, others say it is.
Do not base your actions based on people scaring you it is or isn't legit. Honestly what do THEY know?!
That is why I said "get an attorney to advise you on how wholesaling is legit". Do not take anyone's word for it!
Most agents will swear it is not legit. Ask your attorney!
Your comments are not accurate. And my suggestion was not to scare the OP in ANY way, but rather help her avoid getting into trouble.
Key components of property management (renting, leasing and managing) are considered real estate activities under existing Indiana real estate licensing laws. If a property manager is going to lease, rent, manage, list, or negotiate or offer to perform any of those acts, he or she will need a real estate license.
OP mentioned that she manages multiple properties for family members (not her own properties). So, without a RE license, she is doing this illegally.
Furthermore, in order to be a legit (legal) wholesaler, OP would need to actually be the purchaser of the property, and do double closes. Otherwise, she is acting in a real estate agent capacity without a license, again. One of the key components to wholesaling is negotiating with the Seller AND the end Buyer. Just by doing that activitiy alone (not to mention the contract writing, and other key acitivities), the OP is illegally practicing real estate without a license.
You may be able to do it without getting caught, but my guess is that it will catch up to you eventually....just like everyone else who thinks they can get away with something....and then is eventually dragged off from their mansion in handcuffs.
BTW....it's usually the ones with the biggest egos that make it to the 5 o'clock news doing their perp walk. ;)
@Alyssa Correthers do you have your Real Estate license? If not, I would start there. It looks like many of the activities that you would like to do, and some of what you are already doing, require a real estate license in order to be legit. In order to avoid any legal issues, I would obtain a RE license. There are courses online, and you could finish up in a matter of weeks.
From there, your property management is legit, any wholesaling that you would do is legit, and you have opened up other opportunities for resources (real estate agents have access to great tools), and investment opportunities.
What you do from there is up to you, but I would start with a solid foundation for the business you are seeking...go legit.
NEVER take legal advice from anyone but a lawyer.
People Say wholesaling is not legit, others say it is.
Do not base your actions based on people scaring you it is or isn't legit. Honestly what do THEY know?!
That is why I said "get an attorney to advise you on how wholesaling is legit". Do not take anyone's word for it!
Most agents will swear it is not legit. Ask your attorney!
Your comments are not accurate. And my suggestion was not to scare the OP in ANY way, but rather help her avoid getting into trouble.
Key components of property management (renting, leasing and managing) are considered real estate activities under existing Indiana real estate licensing laws. If a property manager is going to lease, rent, manage, list, or negotiate or offer to perform any of those acts, he or she will need a real estate license.
OP mentioned that she manages multiple properties for family members (not her own properties). So, without a RE license, she is doing this illegally.
Furthermore, in order to be a legit (legal) wholesaler, OP would need to actually be the purchaser of the property, and do double closes. Otherwise, she is acting in a real estate agent capacity without a license, again. One of the key components to wholesaling is negotiating with the Seller AND the end Buyer. Just by doing that activitiy alone (not to mention the contract writing, and other key acitivities), the OP is illegally practicing real estate without a license.
You may be able to do it without getting caught, but my guess is that it will catch up to you eventually....just like everyone else who thinks they can get away with something....and then is eventually dragged off from their mansion in handcuffs.
BTW....it's usually the ones with the biggest egos that make it to the 5 o'clock news doing their perp walk. ;)
All I said was ask a lawyer for legal advice on wholesaling.
That IS accurate. Usually agents hate wholesalers and they are the fiercest opponents to wholesaling. Anything else I don't care about.
My advice is solid. Ask a lawyer. That's all.
"Furthermore, in order to be a legit (legal) wholesaler, OP would need to actually be the purchaser of the property, and do double closes. Otherwise, she is acting in a real estate agent capacity without a license, again. One of the key components to wholesaling is negotiating with the Seller AND the end Buyer. Just by doing that activity alone (not to mention the contract writing, and other key activities), the OP is illegally practicing real estate without a license."
What my attorney does is asks the buyer if they can give permission to use their funds, to do the double close, therefore legalizing it....
And this again proves my point. Here on BP you will have people say yes, and no and fight over it. You can not listen to anyone here on BP about local legal matters. Especially not from people not even in their state (i.e. me). Thus ask an attorney and get the facts straight. which is what I said from the start. I don't see how this is not accurate..
And my ego is HUGE!!!
@Alyssa Correthers do you have your Real Estate license? If not, I would start there. It looks like many of the activities that you would like to do, and some of what you are already doing, require a real estate license in order to be legit. In order to avoid any legal issues, I would obtain a RE license. There are courses online, and you could finish up in a matter of weeks.
From there, your property management is legit, any wholesaling that you would do is legit, and you have opened up other opportunities for resources (real estate agents have access to great tools), and investment opportunities.
What you do from there is up to you, but I would start with a solid foundation for the business you are seeking...go legit.
NEVER take legal advice from anyone but a lawyer.
People Say wholesaling is not legit, others say it is.
Do not base your actions based on people scaring you it is or isn't legit. Honestly what do THEY know?!
That is why I said "get an attorney to advise you on how wholesaling is legit". Do not take anyone's word for it!
Most agents will swear it is not legit. Ask your attorney!
Your comments are not accurate. And my suggestion was not to scare the OP in ANY way, but rather help her avoid getting into trouble.
Key components of property management (renting, leasing and managing) are considered real estate activities under existing Indiana real estate licensing laws. If a property manager is going to lease, rent, manage, list, or negotiate or offer to perform any of those acts, he or she will need a real estate license.
OP mentioned that she manages multiple properties for family members (not her own properties). So, without a RE license, she is doing this illegally.
Furthermore, in order to be a legit (legal) wholesaler, OP would need to actually be the purchaser of the property, and do double closes. Otherwise, she is acting in a real estate agent capacity without a license, again. One of the key components to wholesaling is negotiating with the Seller AND the end Buyer. Just by doing that activitiy alone (not to mention the contract writing, and other key acitivities), the OP is illegally practicing real estate without a license.
You may be able to do it without getting caught, but my guess is that it will catch up to you eventually....just like everyone else who thinks they can get away with something....and then is eventually dragged off from their mansion in handcuffs.
BTW....it's usually the ones with the biggest egos that make it to the 5 o'clock news doing their perp walk. ;)
All I said was ask a lawyer for legal advice on wholesaling.
That IS accurate. Usually agents hate wholesalers and they are the fiercest opponents to wholesaling. Anything else I don't care about.
My advice is solid. Ask a lawyer. That's all.
"Furthermore, in order to be a legit (legal) wholesaler, OP would need to actually be the purchaser of the property, and do double closes. Otherwise, she is acting in a real estate agent capacity without a license, again. One of the key components to wholesaling is negotiating with the Seller AND the end Buyer. Just by doing that activity alone (not to mention the contract writing, and other key activities), the OP is illegally practicing real estate without a license."
What my attorney does is asks the buyer if they can give permission to use their funds, to do the double close, therefore legalizing it....
And this again proves my point. Here on BP you will have people say yes, and no and fight over it. You can not listen to anyone here on BP about local legal matters. Especially not from people not even in their state (i.e. me). Thus ask an attorney and get the facts straight. which is what I said from the start. I don't see how this is not accurate..
And my ego is HUGE!!!
So, you just proved my point. You stated that you allow your attorney to negotiate with the Buyer and/or Seller. Your attorney is LICENSED to negotiate contracts. You are not. OP is not. My point is not to bash wholesalers. I LOVE them, and work with them all the time for my investor deals, flips and so forth. However, it has to be done the right way. You have an attorney do your legal work. If the OP doesn't want to spend $$$$$big bucks to have their own attorney negotiate each deal, they can get a RE license themselves and do the same thing.
Additionally, she is acting as a PM without a license. This is illegal. No way around that.
So, again, I am not trying to scare anyone, and I am not bashing wholesalers, or trying to keep wholesalers from working. I am just suggesting a legit path for the OP to followin order to move forward with what she wants to do.
@Alyssa Correthers do you have your Real Estate license? If not, I would start there. It looks like many of the activities that you would like to do, and some of what you are already doing, require a real estate license in order to be legit. In order to avoid any legal issues, I would obtain a RE license. There are courses online, and you could finish up in a matter of weeks.
From there, your property management is legit, any wholesaling that you would do is legit, and you have opened up other opportunities for resources (real estate agents have access to great tools), and investment opportunities.
What you do from there is up to you, but I would start with a solid foundation for the business you are seeking...go legit.
NEVER take legal advice from anyone but a lawyer.
People Say wholesaling is not legit, others say it is.
Do not base your actions based on people scaring you it is or isn't legit. Honestly what do THEY know?!
That is why I said "get an attorney to advise you on how wholesaling is legit". Do not take anyone's word for it!
Most agents will swear it is not legit. Ask your attorney!
Your comments are not accurate. And my suggestion was not to scare the OP in ANY way, but rather help her avoid getting into trouble.
Key components of property management (renting, leasing and managing) are considered real estate activities under existing Indiana real estate licensing laws. If a property manager is going to lease, rent, manage, list, or negotiate or offer to perform any of those acts, he or she will need a real estate license.
OP mentioned that she manages multiple properties for family members (not her own properties). So, without a RE license, she is doing this illegally.
Furthermore, in order to be a legit (legal) wholesaler, OP would need to actually be the purchaser of the property, and do double closes. Otherwise, she is acting in a real estate agent capacity without a license, again. One of the key components to wholesaling is negotiating with the Seller AND the end Buyer. Just by doing that activitiy alone (not to mention the contract writing, and other key acitivities), the OP is illegally practicing real estate without a license.
You may be able to do it without getting caught, but my guess is that it will catch up to you eventually....just like everyone else who thinks they can get away with something....and then is eventually dragged off from their mansion in handcuffs.
BTW....it's usually the ones with the biggest egos that make it to the 5 o'clock news doing their perp walk. ;)
All I said was ask a lawyer for legal advice on wholesaling.
That IS accurate. Usually agents hate wholesalers and they are the fiercest opponents to wholesaling. Anything else I don't care about.
My advice is solid. Ask a lawyer. That's all.
"Furthermore, in order to be a legit (legal) wholesaler, OP would need to actually be the purchaser of the property, and do double closes. Otherwise, she is acting in a real estate agent capacity without a license, again. One of the key components to wholesaling is negotiating with the Seller AND the end Buyer. Just by doing that activity alone (not to mention the contract writing, and other key activities), the OP is illegally practicing real estate without a license."
What my attorney does is asks the buyer if they can give permission to use their funds, to do the double close, therefore legalizing it....
And this again proves my point. Here on BP you will have people say yes, and no and fight over it. You can not listen to anyone here on BP about local legal matters. Especially not from people not even in their state (i.e. me). Thus ask an attorney and get the facts straight. which is what I said from the start. I don't see how this is not accurate..
And my ego is HUGE!!!
So, you just proved my point. You stated that you allow your attorney to negotiate with the Buyer and/or Seller. Your attorney is LICENSED to negotiate contracts. You are not. OP is not. My point is not to bash wholesalers. I LOVE them, and work with them all the time for my investor deals, flips and so forth. However, it has to be done the right way. You have an attorney do your legal work. If the OP doesn't want to spend $$$$$big bucks to have their own attorney negotiate each deal, they can get a RE license themselves and do the same thing.
Additionally, she is acting as a PM without a license. This is illegal. No way around that.
So, again, I am not trying to scare anyone, and I am not bashing wholesalers, or trying to keep wholesalers from working. I am just suggesting a legit path for the OP to followin order to move forward with what she wants to do.
Nope. My attorney does not negotiate anything. They simply prepare paperwork to make the wholesale deal legal.
That IS after all the reason they are there for and pay them.
And that proves MY point. Instead of 2 I inividuals bickering in a public forum who is right or wrong it really does not matter. I can believe I am right you can't believe you are right... the end of the story is ... the law is right, no matter what either of us say. That is why my advice was don't listen to anybody here on bigger Pockets... just ask the lawyer. I just don't understand where the argument lies. This is just the right just and proper advice to give. Ask an attorney. I do not see the debate here
Just asking is the 2K non-refundable and also should it be a check in the title company or lawyer name ? And why 2K?
@Alyssa Correthers do you have your Real Estate license? If not, I would start there. It looks like many of the activities that you would like to do, and some of what you are already doing, require a real estate license in order to be legit. In order to avoid any legal issues, I would obtain a RE license. There are courses online, and you could finish up in a matter of weeks.
From there, your property management is legit, any wholesaling that you would do is legit, and you have opened up other opportunities for resources (real estate agents have access to great tools), and investment opportunities.
What you do from there is up to you, but I would start with a solid foundation for the business you are seeking...go legit.
NEVER take legal advice from anyone but a lawyer.
People Say wholesaling is not legit, others say it is.
Do not base your actions based on people scaring you it is or isn't legit. Honestly what do THEY know?!
That is why I said "get an attorney to advise you on how wholesaling is legit". Do not take anyone's word for it!
Most agents will swear it is not legit. Ask your attorney!
Your comments are not accurate. And my suggestion was not to scare the OP in ANY way, but rather help her avoid getting into trouble.
Key components of property management (renting, leasing and managing) are considered real estate activities under existing Indiana real estate licensing laws. If a property manager is going to lease, rent, manage, list, or negotiate or offer to perform any of those acts, he or she will need a real estate license.
OP mentioned that she manages multiple properties for family members (not her own properties). So, without a RE license, she is doing this illegally.
Furthermore, in order to be a legit (legal) wholesaler, OP would need to actually be the purchaser of the property, and do double closes. Otherwise, she is acting in a real estate agent capacity without a license, again. One of the key components to wholesaling is negotiating with the Seller AND the end Buyer. Just by doing that activitiy alone (not to mention the contract writing, and other key acitivities), the OP is illegally practicing real estate without a license.
You may be able to do it without getting caught, but my guess is that it will catch up to you eventually....just like everyone else who thinks they can get away with something....and then is eventually dragged off from their mansion in handcuffs.
BTW....it's usually the ones with the biggest egos that make it to the 5 o'clock news doing their perp walk. ;)
All I said was ask a lawyer for legal advice on wholesaling.
That IS accurate. Usually agents hate wholesalers and they are the fiercest opponents to wholesaling. Anything else I don't care about.
My advice is solid. Ask a lawyer. That's all.
"Furthermore, in order to be a legit (legal) wholesaler, OP would need to actually be the purchaser of the property, and do double closes. Otherwise, she is acting in a real estate agent capacity without a license, again. One of the key components to wholesaling is negotiating with the Seller AND the end Buyer. Just by doing that activity alone (not to mention the contract writing, and other key activities), the OP is illegally practicing real estate without a license."
What my attorney does is asks the buyer if they can give permission to use their funds, to do the double close, therefore legalizing it....
And this again proves my point. Here on BP you will have people say yes, and no and fight over it. You can not listen to anyone here on BP about local legal matters. Especially not from people not even in their state (i.e. me). Thus ask an attorney and get the facts straight. which is what I said from the start. I don't see how this is not accurate..
And my ego is HUGE!!!
So, you just proved my point. You stated that you allow your attorney to negotiate with the Buyer and/or Seller. Your attorney is LICENSED to negotiate contracts. You are not. OP is not. My point is not to bash wholesalers. I LOVE them, and work with them all the time for my investor deals, flips and so forth. However, it has to be done the right way. You have an attorney do your legal work. If the OP doesn't want to spend $$$$$big bucks to have their own attorney negotiate each deal, they can get a RE license themselves and do the same thing.
Additionally, she is acting as a PM without a license. This is illegal. No way around that.
So, again, I am not trying to scare anyone, and I am not bashing wholesalers, or trying to keep wholesalers from working. I am just suggesting a legit path for the OP to followin order to move forward with what she wants to do.
Nope. My attorney does not negotiate anything. They simply prepare paperwork to make the wholesale deal legal.
That IS after all the reason they are there for and pay them.
And that proves MY point. Instead of 2 I inividuals bickering in a public forum who is right or wrong it really does not matter. I can believe I am right you can't believe you are right... the end of the story is ... the law is right, no matter what either of us say. That is why my advice was don't listen to anybody here on bigger Pockets... just ask the lawyer. I just don't understand where the argument lies. This is just the right just and proper advice to give. Ask an attorney. I do not see the debate here
You are the only one arguing, my friend....and apparently with yourself.
Take Care.
Hahaahhaahaha yeah dude you totally got me there.
I know what investing is.
But what I am trying to say is that if you are only doing real estate, or any other form of investing solely for money, then you are going to end up like @Jerryll and have to pump his programs to keep afloat financially.
There are intrinsic and extrinsic values to investing..... money being extrinsic, and your 'why' factor being the intrinsic. Maybe your 'why' factor is for financial freedom, sure. But many others, including me, are not egotistical, money-hungry, rainbow chasers who listen to BP all day and take 0 action claiming to be "flipper/rehabber in Sacramento".
I do real estate for more than just a monthly check. I do it to help my family as well as my community. Purchasing ran down houses, flipping them into turn-key residencies, and renting them out for a fair price, where both the tenant and I feel like we both won, drives me more in life than anything else.
Yes, getting a check every month in the mail is fun. Yes, seeing your equity build is fun. Yes, quitting your job is fun. But if you are doing real estate solely for money and nothing else, you are going to get burnt out really quick and go chase bitcoin and other pump and dumps and end up like 90% of the other real estate investors here not take any action.
-- but like I said, do what you think is best. Chase the golden dollar and see where you end up a few years from now.
@Jerryll Noorden so you claim:
"Because of wholesaling, I find deals 95% below market value (Bought a house for 5K)
I bought a ready to put on market house that is valued at 320K for less than 70% below market value with about 10K of repair cots (keep an eye out in the success story section within a month or 2)."
You were literally just arguing with people this week in another thread claiming you NEVER low ball deals and always offer fair prices. You think 70% below MLS price isn't lowballing? I am sure the seller is thankful you came along to make $224,000 after buying their house for $96,000. You schooled everyone on the other thread, claiming a good wholesaler never low balls. Guess you are out in the open now.
@Cara Lonsdale my understanding is that in many states it is illegal to market a property for sale without a license. Wholesalers use the double closing as a way around this, but it is impossible to have a double closing without marketing a property before you own it. They have the buyer lined up prior to closing, so that would only be possible if you marketed a property. Marketing can be as simple as calling someone on your buyers list.
@Alyssa Correthers I would be especially careful in Indiana. That is ground zero for all the Morris Invest turnkey scam complaints. There are wholesalers involved and it sounds like enough scammed people that it may become criminal.
@Jerryll Noorden so you claim:
"Because of wholesaling, I find deals 95% below market value (Bought a house for 5K)
I bought a ready to put on market house that is valued at 320K for less than 70% below market value with about 10K of repair cots (keep an eye out in the success story section within a month or 2)."
You were literally just arguing with people this week in another thread claiming you NEVER low ball deals and always offer fair prices. You think 70% below MLS price isn't lowballing? I am sure the seller is thankful you came along to make $224,000 after buying their house for $96,000. You schooled everyone on the other thread, claiming a good wholesaler never low balls. Guess you are out in the open now.
@Cara Lonsdale my understanding is that in many states it is illegal to market a property for sale without a license. Wholesalers use the double closing as a way around this, but it is impossible to have a double closing without marketing a property before you own it. They have the buyer lined up prior to closing, so that would only be possible if you marketed a property. Marketing can be as simple as calling someone on your buyers list.
@Alyssa Correthers I would be especially careful in Indiana. That is ground zero for all the Morris Invest turnkey scam complaints. There are wholesalers involved and it sounds like enough scammed people that it may become criminal.
Mr Splitrock...
The 5 K house is worth about 40 after it is repaired. And it needs a crap load of repairs. I told the seller that these are the numbers that would work for me and he got higher offers (7K) but he wanted me to have it because he loved my honesty.
I will add that the house is in a bad location so no one wanted to buy it. Honestly I didn't want it at the time.
The 320 house I told the homeowners that they should list with an agent because the house is pretty much brand new. Again they loved my sense if humor. (They where growing herbs...) and didn't want people to walk through randomly. They had options but they loved my persona and chose me.
Both cases I have video testimonials where they rave about me.
Tell me. If I get gifted a car am I lowballing them? No. They wanted me to have it for that price.
Yes because of wholesaling did I get these deals because wholesaling = Awesome property and deal finder.
Dude seriously... don't focus on me. I got me. I am good. Focus on you and take notes.
Be cool!
Let' be friends and learn from each other. Be able to say.. "ahhh I see your point.. I guess yeah you are right". You get a lot more respect that way vs desperately trying to be right brother.
Hahaahhaahaha yeah dude you totally got me there.
I know what investing is.
But what I am trying to say is that if you are only doing real estate, or any other form of investing solely for money, then you are going to end up like @Jerryll and have to pump his programs to keep afloat financially.
There are intrinsic and extrinsic values to investing..... money being extrinsic, and your 'why' factor being the intrinsic. Maybe your 'why' factor is for financial freedom, sure. But many others, including me, are not egotistical, money-hungry, rainbow chasers who listen to BP all day and take 0 action claiming to be "flipper/rehabber in Sacramento".
I do real estate for more than just a monthly check. I do it to help my family as well as my community. Purchasing ran down houses, flipping them into turn-key residencies, and renting them out for a fair price, where both the tenant and I feel like we both won, drives me more in life than anything else.
Yes, getting a check every month in the mail is fun. Yes, seeing your equity build is fun. Yes, quitting your job is fun. But if you are doing real estate solely for money and nothing else, you are going to get burnt out really quick and go chase bitcoin and other pump and dumps and end up like 90% of the other real estate investors here not take any action.
-- but like I said, do what you think is best. Chase the golden dollar and see where you end up a few years from now.
I actually appreciate this post. I help my grandfather manage his properties.... (btw in Indiana, we do not have to have a real estate license to work for a property management company...) but currently he owns roughly 130 properties, all in low income areas. Growing up that was my dream... help make the lower income areas a better place, one house at a time. That is my WHY!!
Real estate solely for the money? WOW!!
Ohh Adam...
It took me 2 days to think about whether or not I should reply to your comment. I decided to do so not to prove you are wrong, but in hopes you will maybe take my example and do the same. (if you are not already doing something similar)
Dude, seriously.. you don't know me. My entire life I have devoted to help those in need.
I do real estate for this reason:
Below pictures are actually videos. Click them!
To start my robotics research institute to bring people in need technology that could better their lives. Although NASA is awesome, they rely on government funding. And the last robot I built them (gov) ended up with a machine gun on its shoulders! Not what I signed up for!! So no thanks!
And while I built my empire to be able to help others, I do what I can to be of direct help to others in need by donating "valuable" and "not so valuable" items to families in need. When I buy houses, people leave food behind, walkers, TVs, cheairs fans fridges, stoves.. I donate them.
All this food was left behind. I personally hand them over to those in dire need.
I know it is easy to just talk a good talk, so enjoy the videos.
And I asked this good dude here for a testimonial... as it is easy to talk a good talk as we all know.
Play video below :) " I am a good brotha" :D :D
Lastly, I spent hours on this forum teaching others how to do wholesaling, flipping, and genuinely being helpful. Sure I piss off some people because I do not have a BS filter. If you are full of it I will call you out on it. Simple as that! I am 100% honest direct, and I think sugarcoating truth is for weirdos!
:)
Admit it.. my brain is sexy no?
.... are you mentally stable?
@Jerryll Noorden Hey I am just starting out trying to get into wholesaling. I read a few books I been following people with experience on bigger pockets and youtube! I don't have much money but I put out bandit signs that's seems to get taken down! Its frustrating and all the information can start to become overwhelming. What can Newbies do what can they expect?
First never ask a monkey for advice. What are you thinking?!
But because I am special, you did good.
So listen up. Sit down, get a pen , get a paper, get some popcorn, and throw it all out.
You don't need any of it.
You sought me out for advice so you better take this seriously, no matter how crazy this sounds Mmmmkay?
This will sound corny but want to be successful? OK then!!
Go to the gym, eat right, get tons of sleep. And again: go to the gym!!
Polish your mind and body, and gym does both. (Don't worry about why going to the gym works to be successful. It does! (I will explain why if you ask me).
Now..
From the gym, you will get a lot of confidence. Don't be like me though and have an ego from hell. Be humble and learn how to get that ego in check! You will radiate a positive self assuring positive attitude people subconsciously pick up on and they like you!
That confidence will radiate out. You will see yourself as a force not to be reckoned with. If you approach a seller timidly and trembling and carefully say " mmmmaybe could I please maybe wholesale your house if it is ok with you?"
NO! You say in a confident voice (and this does not just apply to wholesaling buy simply putting a house under contract). You explain what wholesaling is. You explain the benefits and the drawbacks, and then you give them your professional advise . (again only if wholesaling is their best bet). You say "Your best bet is simply to wholesale if you want better chances getting your house sold.
I never push for wholesaling simply because I rather flip said house. But sometimes sellers have a good reason to sell fast and want more for their house and wholesaling simply is the best solution.
But what ever it is wholesaling flipping buy and hold, it all depends on what you want to do and what situation the seller is facing. It is not about just you. It is also about the seller.
OK next. You are confident, sexy, have a butt of steel... now you need to justify that confidence with knowledge. Understand your niche. Understand all the flaws everyone is doing. Take all these flaws and make these flaws the features of your business.
Example.
Everyone claims an offer in 24 hours. That's such horse poop. If you have a website and a reputation like me, you get 8 leads or so.. a day.
That is about 30 leads a week. There is no way you can physically go to 8 appointments a day and then formulat8 offers.
So that is a flaw. I flat out make this a feature. I explicitly say on my site that anyone claiming to give an offer in 24 hours is just not a serious investor and is wasting your time.
can you give an offer in 24 hours? Sure, but then you are either a HUGE company employing many people, or you are a small time investor that only gets 1 lead a month.
If you are either of these, you are no threat to me because people don't want to sell to a huge company, and people do not want to sell to a small time wanna be investor.
So my claims are justified.
That is how I transform all the flaws of my competitors into features of my business and I boost my credibility score.
No, do not do bandit signs. You are braking the law. no no your COMPANY is breaking the law. What are image are you showing potential sellers? This company has no regard for laws and has no integrity. Also bandit signs give an impression of you being desperate. If you have to take all this effort to place signs all over in the cold/sun/rain/ how desperate must you be for clients? That MUST mean you suck monkey butt!
This is what you do. Everyone says wholesaling is fast money.
It is, HOWEVER, it is only when you are an established wholesaler getting deals an have a great buyers list (note I didn't say "huge" buyers list... I said GREAT buyers list). You just need a handful of serious cash buyers and investors and you better treat them well!
So what do you do?
You lock yourself up for 2 to 3 month, and you do nothing but setting yourself up with the tools you need.
Indeed all the info online can get very overwhelming. I suffered from analysis paralysis myself and it took me a year to finally do something.
The best way not to be overwhelmed it the wealth of information is to figure out what needs to be done first. You will have no idea how to do it and what comes next, but that is fine. Do it anyways and by the time you figure out step one, and you are working on step 1, you will have figured out step 2, 3 and 4. You keep at it and the path will show itself I PROMISE you this.
So for now, the first steps are these:
The following steps are these:
Now note however that each of these sub points have a plethora of other points you need to do.
For example.
"getting a website" is not as simple as going to Imyourdaddy (or was it godaddy?)
You need to find a killer domain name
You need to do SEO
You need to work on credibility etc,etc.
So like everyone else I just give you a list of things to do, but do you really understand the plan? Probably not.
This is the plan and justification of that list of things to do:
In order to be a successful investor you need to be an amazing marketer, and a negotiator. You need to be able to find deals. wait... let me rephrase that. You need to be able for sellers to beg you for YOU to be the one to work with them. THEY need to find you. THEY need to do the work. If THEY do all the work and effort, they will most likely stick with you. If YOU do the work and effort, they will find 5 more other people that also are willing to do the work and effort. If they invest time and energy in you, they will see it through!
This IS my secret!!!
In order for them to happen you need a way to be found by them. A website is the best way to do so! So our ENTIRE investing success depends solely on this website!! So you make sure this website is crazy good.
That is ALL there is to it.
Free highest quality leads for the picking.
In this list of things to do... I have focused on getting a good website, and on the infrastructure of your business .. what to do when leads come in (llc, attorney etc. etc.)
This is the logic behind that list of things to do. Now you know enough to go at it hard!
It is not the hard work that is the issue, it is not knowing what to do! And now you do!
OK seriously.. this definitely deserves 5 virgins, 3 goats, 6 brown chickens (virgins too), and 3 homecooked meals! You think I work for free? Gurl Pleeeezz!