All Forum Posts by: Charlene Garrison

Congratulations!  This is what comes of having your finger on the pulse of a market.  

Hi Will, I share your thoughts and concerns about getting started as a wholesaler.  I have been educating myself about walk throughs.  Just two days ago I did a walk through that concerned me.  The house needed so much work, I want to only market it to the Buy & Holds that take on large amounts of work.  I could not accurately arrive at a number regarding the work needed, but it would definitely impact the purpose ANYONE had for the property.  You are so right, take the time to be accurate regarding costs and other factors that impact acquiring a property.  In the end, the only buyers a wholesaler has are buyers who know and trust your ability to spot a good deal for them.  

Thanks for sharing this,

Charlene

Great story!  You are a true inspiration to me.  I too am starting out as a wholesaler and sometimes when you don't get the success you wanted from your effort(s), it can make you feel like giving up.  But, as always, giving up will never help you succeed.  Success stories always have a chain of "less glorious" moments.  Keep those tough times in perspective and continue to hand in there.  Congratulations!

The Warren Buffet quote says it all for me!

After reading all these replies I have learned that I had the wrong idea of what an appraisal would be.  I thought the record(s) they submit to you were factually arrived at the same way we interact with staff at the Secretary of State (they just use the facts and their personal opinions can not become part of the transaction).  I'm a newbie who really enjoys these forums, the education supplied is unsurpassed. Thanks for all the tips and information.

Dear Isaura,  thank you very much for that information.  I am an investor in Detroit and I am wondering about the possibility of Section 8 rental income.  I did not know just how lucrative it could be.  I plan on jumping into the research and learning all I can about the Detroit market.  Thanks again!

Dear Nate O,  Thank you for confirming those most basic steps to success: Clarify your purpose, educate yourself,  take action steps.  I also agrees that reading and listening to podcasts are great ways to educate yourself.  For some reason listening to another person discuss a topic or angle to a  situation is enlightening to me.  Podcasts are the classroom of today.  

In short Nate, Congratulations on your success and may you meet all your future goals as well.  

Charlene Garrison

I suggest consulting an attorney to be sure of the right legal steps to take (be sure you are keeping accurate records or a log of all of this) and I would also talk to a property manager because that person will be well acquainted with such situations.  Good luck!

Thanks to all you guys for the tips!  I was unaware of the sensitivity of name choice.  I am starting with wholesaling, but in time, I want to go on to Buy & Hold and possibly flips.  Now I know that those flips, done under the company name I now have, may foster conversation and distinctions made with the IRS.  I will keep my ear attuned to this.

Hi Lavon, I understand the shoe you wear. You want to protect your name but need that first deal to do so. At least, if you are wholesaling, you are facing minimal risk. Yes, I would do that first deal, then I would form that LLC for protection. Good luck.