All Forum Posts by: Dave Rav

I mail to mine like every other month.  Then I move off that list after about 4-5 mailings.  My thoughts here are to not pester folks, but I'm not sure what the "industry norm" is for doing what we do.

I love your assessment of self and situation!  I like how you analyzed your strengths, weaknesses, and financial situation.  You are thinking things through appropriately. 

If you do look to pursue a deal where you own an asset, I would highly suggest something low-dollar figure.  Remember, its ok to fail, but the higher the dollar asset, the bigger financial hit you take if you fail.  I'm not trying to scare you, but rather make you aware of the possibilities.  A highly leveraged $200k house say, if mismanaged to the fullest, could totally bury you financially.  (it could also bring you some good cash-flow!).  

All that said, I would recommend maybe starting with mobile homes.  Have you considered this?  And guess what, in most states = no closing costs!  You dont "close" on MHs; they are treated as personal property (unless affixed to land by permanent foundation).   You can jump into the game here for under $8-10k (this will depend on your region of the country**).  

Best of luck!

Got. To. Ask. More. Questions. of. that. person. (period)

The market is definitely tight.  I do also agree many wholesalers lack proper know-how and fail to conduct appropriate due diligence when they present properties to you.  

When I say "get out there" its more a calculated jump, if you will.  Backed by some degree of education, preparation, and diligent forethought.  

Essentially, one can read 100s of books and go to a dozen seminars but that first action step is still necessary.  At some point, you gotta "just do it".  

My recommendation is more geared towards those on the sidelines who have done an insurmountable degree of study, with no action yet taken.

@Joe Villeneuve said it perfectly.  With so many things in business, in this country especially, there are increasingly more middle men (if you will) who get paid to do what they do.  

As far as my LLC, it doesn't just do any one RE thing. So, according to your argument of the LLC being in business for one sole purpose (say, wholesaling for instance) that doesn't apply. This could be one consideration for you.

Best of luck with everything!  I see you're hailing from Philly, and though I am more a Steeler fan, I have a place in my heart for the city and region.  I graduated high school in the area and my parents live near there.  

Anyways, my best piece of advice is to jump in!  You can only do so much reading and the like.  Too many folks get stuck in the "learning phase" which leads to analysis paralysis, self doubt, or intake of too much information (be it positive or negative - which overwhelms or douses your flame).  Get enough education to be dangerous (LOL), and do the thing!

As an investor with some experience, about 15-20 transactions under my belt, I too am venturing out into wholesaling.  I'm finding the RE market cycle we are in adds a degree of challenge to this method of investing.  But we need to remember two things - RE is region-specific/each local market is different, and we should do things that separate us from the competition! 

Best of luck!

Thanks @Frank Chin!  Appreciate the pointers.  I know this is a very small complaint (but so annoying).  

Hello all.  So, a very small (but highly annoying!) problem here.  I wanted to see if anyone has experienced this.  

My tenant screening service is requiring me to change my online account password every 3 or 4 months. They are claiming this is the law under the FCRA (Fair Credit Act). I initially challenged them, and they confirmed this was the case. I've done some indep research and can find no clause (so far) within FCRA stating a " mandatory 90-day account password reset."

Has anyone else been required to change their log-in credentials with a third party screening service?

This may seem very minuscule.  However I have had this happen TWICE and (you guessed it) always when I really needed to log into my account.  The screening company literally locks me out of my online account and I have to contact them over the phone.  

I know BP endorses Smartmove by TransUnion.  I have used them once and wasnt overly impressed with the service, given what they charge.  My screening service charges me half what Smartmove does, and is great except for this stupid online credential policy.  

Any feedback is welcome.

I think this a great post, with some equally good post-commentary feedback.  

What is really cool is a wholesaler/prospective wholesaler wanting to be better and do things right.   I respect this.

Some wholesalers I have dealt with dont seem to have it all together.  All kinds of holes in their data and inaccuracies.  Once I even went to a property for a showing and the wholesaler's relationship w/the seller was virtually nonexistent.  Bascially, we never even got inside - seller denied us access.  Lesson to the wholesaler:  if you can't even get us access to properly view the home, please dont contract the deal.  If seller won't let us in, you think they will actually attend the closing?