All Forum Posts by: Braden Smith
Braden Smith has started 22 posts and replied 910 times.
Post: How is everyone feeling on buying now?
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
@Michael Watson @Stephen E. I agree. I've had a hard time finding anything lately where the numbers actually make sense. Everyone wants absolute top dollar for properties lately, whether they are on the MLS, an off market seller or from a wholesaler. I haven't seen anything lately at what I would consider a wholesale price.
There is just too much competition out there! And with such limited inventory and so many buyers in the market, investors and retail buyers are all competing for the same properties. This has squeezed margins thin and driven prices up to where the numbers just don't make sense for me. But it seems like there are many others that are willing to take these super slim margins...
Post: Real Cash Buyers / Veted
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
Originally posted by @Mark Williams:
@Braden Smith are talking about if the contract isn’t in escrow yet because how can the seller sign a new contract with another investor if the contract between you and the seller is already in Escrow?
A seller can sign a contract with another buyer at any time and then go to closing on it even if it is in escrow.
Post: Real Cash Buyers / Veted
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
Originally posted by @Tim Swierczek:
@Mark Price you can ask for bank statements or a LOC that show available funds. I'm not sure why you are worried about giving out the address. If you have it under contract you are protected. A buyer should have a reasonable expectation of being able to do due diligence.
An unscrupulous individual could still go direct to seller and get them to sign a contract and actually close on it if the contract is not recorded. Then the only recourse is to sue, which costs time and money, with no guarantee of anything.
Post: Buyer frenzy during pandemic
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
That seems to be the case all over the country. The availability of cheap money has driven prices up for both listed properties and off market properties. It has definitely been much harder to find good deals.
Post: Tax Credits in Louisiana (and Federal)
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
A Tax Credit is a direct, dollar for dollar reduction in the amount of money a taxpayer must pay in taxes for a given year.
See the following links for more info:
https://crescenttitle.com/resources/historic-tax-credits/
https://prcno.org/resources/renovating-a-historic-building/finance-your-renovation/tax-incentives/
Post: Real Cash Buyers / Veted
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
Get a proof of funds letter. A real cash buyer has no issue proving they actually have the cash available.
Post: Scrubbing for SMS marketing?
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
SMS Marketing For Real Estate Requires Opt-In
The TCPA requires that a business must receive “express written consent” from any contact before it can legally start sending them SMS marketing messages. Such consent must be “clear and straightforward” and not hidden within a lengthy terms and condition policy.
Opt-In is the most important part of SMS Compliance. If you text people without their explicit consent, it is considered SPAM, and you risk legal action, regardless if you are selling a product, providing a service, or simply providing information.
In addition to explicit consent, recipients must opt-in to your SMS campaigns using methods such as mobile and/or web opt-in. Mobile Opt-In requires a consumer to use their mobile phone by texting a keyword to a specified number, and we opt-in requires the consumer to submit their information via a form on your website. When using SMS Marketing for Real Estate marketing, including Real Estate Agents, Investors, and Wholesalers, the consumer (lead/prospect) must have either opted in by submitting their information on your website or lead form, or have sent a keyword to a dedicated number.
SENDING A TEXT MESSAGE TO ANYONE WHO HAS NOT PROVIDED CONSENT IS ILLEGAL, AND GOES AGAINST THE TCPA AND MAY RESULT IN LEGAL ACTION AND FINES.
See here for more info: https://reimachines.com/sms-compliance-for-real-estate/
Post: Is BPCON 2020 still on?
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
@Stephen Keighery you should have received an email like this if you had already purchased a ticket
Post: Wholesaling in Louisiana
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
Hi @Taneisha Wells. I am both an investor and managing partner of a local real estate brokerage in New Orleans. I've been in the REI game for about 10 years and licensed for about 7 years. Welcome to BP! You've come to the right place to learn anything and everything about real estate investing.
Be sure to check out the "education" tab at the top. Lots of great resources there. A good place to start is with the free guides, such as "The Ultimate Beginner's Guide To Real Estate Investing". The bookstore has some great books and the podcast is full of valuable information.
Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users
Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
Check out BP Podcasts: https://www.biggerpockets.com/podcast
If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.
See here for the Guides: BP Guides
See here for the FREE video series: The Financial Independence Blueprint
See here for the blog: The BiggerPockets Blog
Search MeetUp.com for local meetups.
Check with the National Association of Real Estate Investors to see if they have a chapter near you. See here: https://nationalreia.org/find-a-reia/
Here is an ongoing discussion thread on wholesaling that has anything and everything you'd like to know about wholesaling: The Truth about Wholesaling! (It has been going on for 8 years and has over 800 replies, so just about anything and everything is in there somewhere!)
To begin with wholesaling, you will need to first determine which type of seller you want to focus on and then decide which way you will attract those sellers. You will need to do some form of marketing and that usually depends on your individual situation. Do you have the time to do the legwork yourself, or do you have the money to pay someone else to do it?
There are two ways to go about marketing/advertising your business...
You can go a mile wide and an inch deep, which would be marketing large scale such as blanketing an entire neighborhood with direct mail, door hangers, etc. This can get very expensive, very quickly.
Or you can go a mile deep and an inch wide. This would be very targeted niche marketing focusing on one or two particular niches. This is typically the best route to go for small companies with limited marketing budgets.
Check out these posts on BP:
The Ultimate Beginner’s Guide to Real Estate Wholesaling
The Definitive Guide to Real Estate Wholesaling
A 60-Day Action Guide to Wholesaling Your First Property
The Newbie’s Guide to Wholesaling in 7 Simple Steps
The 8 Most Common Lies Newbies Believe About Wholesaling
Introduction to Real Estate Wholesaling | BiggerPockets Podcast #91
5 Costly Pitfalls That Catch Wholesaling Newbies Off Guard
Check out these books:
If You Can't Wholesale After This: I've Got Nothing For You
The Real Estate Wholesaling Bible: The Fastest, Easiest Way to Get Started in Real Estate Investing
The Art Of Wholesaling Properties: How to Buy and Sell Real Estate without Cash or Credit
Everything Wholesaling: The Ultimate Guide to Wholesaling Real Estate
Best of luck to you and happy investing!
Post: Selling Without Realtor
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
Hi @Stephen E.. I am both an investor and managing partner of a local real estate brokerage. I can tell you that the New Orleans market is on fire right now. Properties are flying off the shelves. There are tons of buyers out there and inventory is limited. If you put the property up for sale by owner I'm sure you can get it sold, but you will also have tons of realtors calling you trying to get the listing. If you like, I can run some comps for you and let you know what I think the property would sell for in today's market. Let me know if I can help...