All Forum Posts by: Jamaal Hunt

Bad and learning news. Buyer backed out of deal since he couldnt get the money from the hard money lender. Now he wants to get his escrow back. From what I understand the buyer shouldve had the contractor go through first before placing his money in a "nonrefundable" escrow. It clearly says that on the assignment agreement. A total waste. Well I was already on top of talking to other buyers but they arent biting. I did lower the price but if push comes to shove I may have get out of this contract or better yet find a way to get it under contract for a much lower amount to get it really moving. However I dont think I'll able to do that. Well still a learning experience. Im glad that I am having this so early in the game. Hard stuff but Im not going to quit the game at all. Too much wealth potential to get out of the 9-5 no way. IM ALL IN THIS FOREVER

I just came from a meeting that was discussing this strategy and everything what Mr Holdman talking about is accurate. I was enjoying the meeting alot. We had a "live" transaction where a property was purchased at $51K and 40K in repairs (all from the IRA) 91K in. The property was sold for 125K. Minus expenses and closing costs the profit was about 12K or so. Not too bad. So many strategies to be successful. I need to stay focus on this wholesaling thing. But if there is a way to get the money myself from other peoples IRAs and place it in this account and be successful in flipping I'll wont wholesale too much :)

Im starting to notice that providing any appliances is a no no. Reason being is dealing with the whining about. "oh the stove is hot enough" Or some last minute crap on thanksgiviving. From what I was advised (no way near being a LL btw) pay for the cheapest and most reliable appliance you can buy but charge them a bill for that purchase if they cannot afford to buy one at that present time. It'll weed out the crappy tenants anyway.

2? He'll teach you like 20. Right now I am currently taking a class of his and it has opened my eyes alot. His "1 formula" can go no wrong. All he says is "let the arithmetic do the work for you" or something like that. Just in that short 3 week span we've learned: purchase money notes, entity selection, how to cover yourself from contractors, tenant qualification. Still another 4 more weeks.

Paul Stanley
Yes it is. The homes in the area is great and many homeowners there are some renters but not too many.

Funny that Ive found this thread. I'm in the same situation as well. I've drove past a FSBO sign and guy is still living there. Problem is he wants market value for a house that is in need to repair the kitchen and i mean the kitchen is like not there. His kitchen and floor estimate is 10K i think itll hit 20K for the entire home. There is no way he'll get 160K i may have to not bother with this

But at the begining, I was kinda nervous in asking for "comps" from agents. I just didnt want to come off harsh as point out earlier. But now since the agent im good friends with is willing to let me be her brokers assistant so I can have the access to the MLS would be great. Just hoping she passes :)

I mean seriously. Seriously. How many times will another thread like this pop out? How many times will one see the same rinse and repeat posts? Im all for helping my fellow "rookie" wholesalers but jeez. Anyway I do agree with @Braden C. It is silly to jump into this without any money. I'll state it again each time from now on.

Save up at least 1 hour you work each if you're a full-time employee. Say you're making 40K and that comes to $19.23/hr and you should be saving about $96.15/wk. That'll add up to $5000 in one year. Note while you're saving this money you'll know it'll grow some more from the interest. It isnt much but the point is you're sticking by it. Seriously you'll thank me later.

While building up the "cash flow" join a REIA and learn. If there are classes to learn more about contracts, clauses and among other things join them. Shoot do a quick pitch and introduce yourself you just may get a buyer/seller whom is willing to help you. At times many retired investors still is apart of the REIAs and they'll be glad to help. These REIAs are looking for some of us "young" investors to come in and take over.

I have nothing against them and they do work but I'll be honest. I reside in Baltimore and it is bad enough there is trash on the streets. Some of these signs add to the trash on the streets and it starts to look tacky too. Yes you have to start from somewhere and yes it is the "cheapest" but truthfully it isnt if you have to drive to pick up everyone of the signs week by week and deal with gas prices. But yes they do work.