All Forum Posts by: Will Barnard

I run in more circles than you can ever imagine. Your comments above prove my point. The ones that do fake POF's, lie to sellers, broker without a license, etc do not last but the gurus keep selling their wholesale classes and teaching the same crap, fleecing ignorant and desperate people with dreams of easy riches from wholesaling. For every single good wholesaler you know, there are 5000X the new ones that come along doing and saying the same crap we all hate. You state BP is anti wholesalers. This is where you are wrong. Nobody here hates a legal, moral, ethical, good marketer/business person who wholesales RE, we hate the garbage spewed out all over this site and the internet.

You can defend wholesalers all you want, just because you and your small group perhaps do it right does not mean the majority do. Just look at how many here on BP state/claim/preach illegal, immoral behavior!
I have here helping to educate other members for longer than just about anyone on this site. It is my way of giving back as this site also helped educate me! So you can be part of the problem or part of the solution, your choice.

Sounds like a lovely place to live! Kudos to you for your willingness to invest in these types of properties.

Well, as one of the longest running members here, let be be the first to welcome you to BP Nation! Second, the best advice I can give you (as I did it) is to stay active, engage the community, read forum posts, listen to podcasts and stay motivated. Pick a strategy and learn everything you can on that strategy (and of course your target market).

Education is your foundation so do you want a strong and deep foundation, or a mickey mouse one? Thinking along those lines, head my advice to stay active, the advice and perspectives of others will greatly enhance your level of expertise and before you know it, you will be answering other members questions. Good luck to you!

Only you can answer what is best for you and your family but many investors start out buying a multi and living in one of the units. You can more easily manage the property (you are on site so you see and hear it all first hand) - which can also be a negative too. You get the opportunity to buy a multi with an owner occupied loan (saves some interest rate), and you basically get to house hack your multi, subsidising your mortgage. It is certainly a popular strategy but not for everyone. Ball in your court now!

Aside from what Richard stated above, a lock box on the front door or water pipe with keys is fairly easy to place. Out of state flips are no easy task and you are relying on others to be your eyes and ears. Placing your money in the hands of others is risky (ask me how I know). I suggest you fly out and take care of the initial boots on the ground, interview and hire contractors and perhaps a project manager.

Not sure I am reading this correctly, are you saying you made the offer site unseen and did not know the extent of the rehab until your inspection/contractor team showed up? 

Good you keep emotions out of this, it is a business and not personal. If you did see the property but were alerted of the "train wreck" by your team, then obviously you have some work to do on your education of rehab budgeting. It does take time and practice, plus more practice. Then it takes even more practice.

Perfect opportunity to buy in the winter and sell in the spring!

Learn about creative financing which includes, but not limited to, seller financing, Sub2, private money loans, partnerships with cash partners, etc. There is more than one way to skin a cat.

If you have a long term outlook (which you should at your age), it is pretty tough to beat appreciation numbers in Los Angeles. Buying a duplex and living in one unit, renting the other is an option (you can get conventional owner occupant financing this way), finding a deal with value add opportunities and doing a cash out refi down the road is also an option.

 This right here pretty much sums up the majority of wholesalers. To be clear, there are plenty who operate legally, morally, and ethically, bit they are in the minority of this group. Gurus selling and preaching their wholesaling courses and systems are a huge culprit to this. Perhaps one day they will go to jail for such profiteering, we can only hope.

Kudos to you for operating morally, but lets be real here, this statement is not a garbage misrepresentation of wholesalers as many of them operate in this manner. I have heard lie after lie from wholesalers week in and week out. Just because you operate the way we wish all did does not mean that you represent the majority. I would argue you operate in the minority.