All Forum Posts by: Justin Fernandez

@Shanita Parker Not a bad way to go.  If there's more than enough meat on the bone, and you can fund the deal then go ahead.  But if your fees leave you high and dry then what's the point?

@Account Closed, that is just terrible advice...

@Joe Bertolino solid advice, but one step further. Identify what you want to go after.  Direct mailing blindly will get you nowhere. 

Know your farm areas and then drive for dollars.  

Just talk to your title company that you plan to use, develop a relationship and use their contracts.  If they close with it, you should be good as long as they're reputable.

That thread is wholesaler bashing with good posts here and there. I've kept out of it for that reason alone. But Being a wholesaler isn't real estate investing. @Terrence P. You're comment is wayyy off base. You want easiest avenue, with extra income, partner up on a Rehab. Learn to manage one by working on one. That's the easiest way to do it. But Wholesaling is another Job. It takes KNOWLEDGE, money, marketing, negotiating, and system structure. You can get lucky with one deal, or maybe a few, but it won't last. Knowledge for the most part is the hardest part of wholesaling. You need to learn every aspect of the deal. How to estimate repair costs, ARV, how to negotiate to create deals, how to sell buyers on your deal is a deal. How to qualify buyers, how to qualify sellers. How to keep buyers and sellers from going dark. How to keep a great deal from turning good, how to avoid daisy chains, how to negotiate terms, sub2, how to handle a foreclosure, how to keep yourself from cying as you read this. It's a painful road, and not many "Good" wholesalers will care to teach you, why? You're competition.

That's why the attrition rate is 95% in the first month alone...

Looks like everyone missed the boat on your loan situation. Are you interested in house hacking?

Still available! 

Just google the county, find which court deals with it. Call and ask. It's ten times easier than everyone telling you what they do for their county. Each county is unique in how and what they do. So take heed!

Ummm...awkward. I found this post but didn't see the dates on it..>.>, my opinion still stands though!

I'd love to JV deals because that's less work! But finding a decent wholesaler to work with is harder than getting the deal. Greed kills more relationships because making the most money from the little work they do is what kills it. A good wholesaler can work a handshake deal and split the assignment. But most people view everyone as competition when in reality, it's just a false mindset created by scarcity that just doesn't exist.

You're both right and both wrong. One assumes no knowledge and the other assumes no action/help. Bill is right that you need knowledge to be successful and continue to be successful. Take your time and learn the necessary keys to get your feet wet. Then get a few deals under your belt, then immerse yourself in the knowledge because he doesn't want you to leave money on the table. If you take his comments at face value, you'll lose every time. Bill is a very wise man and with wisdom comes reading between the lines. If you think he wasn't helping you or had your best interest at heart, keep reading until you understand his words. He wants you to be successful so he showed you the whole picture instead of the shiny object. He showed you how to avoid the shiny object. But you're also right in that you don't need to know everything to be successful. I've met many successful uneducated people, but bill doesn't want you to be like that. He wants you to be an educated successful investor and not some 2 pump chump. That did a deal or two and then got out. He may not be as direct as I am, but he sure as hell gave you more than anyone else did. 

FHA should still be available to you. Your DTI is reduced as the loan will calculate @ 75% of rental income unless you have previous rental experience. So that should help.
Setup to close on the 2nd or 3rd, so you get the rents for that month, any deposits (remember not to spend this if applicable), and near october, so you get prorated taxes as a credit when you close, use a buyer's agent that will give you 1.5% as a credit.  that should take care of your closing costs.