All Forum Posts by: Josh C.

@McCall Russel

I can bet big bucks @John Thedford didn’t misunderstand you. I think wholesaling has a place, tried landlords needing to get off dead assets in the rust belt like my area, but if you tell someone something like you’ll buy their house, but have no means to do so that is fraud as @John Thedford said. I mean what else is signing a contract saying something with no intention or means of doing that something called then?

The people I see do it right are totally transparent. “I’m am reselling you’re house for a profit” is right in the contract. Plain and bold. “You are netting less money for the convenience of not thinking or using effort.” If these lines are transparent to the seller and they know the deal great. Wholesale all day. Just don’t tell a new widow their house is worth $100k when it’s really worth $150k and she could really use the money to pay for the funeral service like I’ve personally seen.

@Brian Troquille

Honestly, If you don't have any time to do basic research REI may not be a good fit for you. Index funds are made for people with no time or interest in something off the beaten path like REI. At least with stocks you can't be underwater day 1.

Also, you’d be better off picking up a drug habit than invest with Morris invest. We had clients lose 100k+ because of that scam.

Good luck!

I see this question from wholesalers and get their logic, but if you don’t have money how are you going to fix and flip? Even hard money lenders require money.

@Kathleen Hu

We do more of the smaller stuff. Let us know if we can help. Indy is a great market.

It is typical a PM company to hold $300 or so per unit or hold on to rents until the end of the month. This covers any costs they come up throughout the month like water bills, toilet replacement, etc. Otherwise the PM company would have to float thousands, maybe tens of thousands of dollars for the owners. And most choose not to do this. Can’t speak to this particular company but that’s a common practice.

@Jim K.

You can purchase mulled Windows to replace several windows next to each other. That takes out the carpentry work and get wood of the outside of your property. Which looks better and is more air/water tight. Also, the building supply house have way better deals that the big box stores if custom sizes like that have to be in brick buildings.

Also, most contractors suck at water sealing. At least in Indianapolis where the permit office does t inspect window replacement. And poorly installed windows and doors can be a huge problem down the road. I like liquid flash for brick work. Tap cons and silicone/spray is not enough. My experience anyway. Matt Riesinger YouTube videos are pretty good for that type of stuff. But can be overkill.

Just emailed them to you. Good Luck!

@Nicole Draper

If you are 100% honest with yourself how would buying (well????) their dead relatives property for less than it's worth help them? Even super distressed homes that need closed in 20 days can be listed. We've bought several cash no contingency houses on the MLS. Wholesaling is great for moving lazy landlords or some home owners off assets that they don't need and is sitting doing nothing. I've personally bought and sold to wholesalers. And if you can facilitate that and make a couple bucks great. But I'd have a tough time netting grieving people less than an agent would net them. Especially starting out. Just my opinion and I'm sure some people will disagree.

Could be a great lead source for an agent with the right personality. You might make way more money doing that.

You should sell it. No one will apply with a $150 application fee so you won’t make your $400.

@Ray A Delfi

You aren’t supposed to 1099 employees to avoid self employment tax. If they are employees you need to W2 them. Fines from the IRS (and your state most likely) for doing this.