All Forum Posts by: Dustin Verley

Hey James,

First off, welcome to BP!

Second, although it may seem cliche, I'd suggest checking out the following link:

https://www.biggerpockets.com/renewsblog/2015/01/3...

Some of the questions you've asked can be answered within that guide.

In most circumstances, wholesaling a property is mainly about finding a good deal, and turning that deal to an investor (who's strategy could be to fix and flip the property, or buy and hold the property, for example, to rent it out) - with that being said, many wholesalers will either (a) Get the property under contract by working with the seller of the home directly, and in turn assigning the rights to said contract to an investor, or, (b) Will use transactional lending funds to purchase the property, then turn around and sell to an investor. Transactional lending are very short-term loans (usually a matter of 2-3 days) that are used to close on the purchase of the home, and in some regards, require a buyer/investor for the property to already be lined up.

Once the buyer/investor closes on the property, you use those funds that your paid at closing to pay back the transactional lender.

Rarely does a bank or broker need to be involved. Am I saying that they aren't completely involved in some circumstances, not at all, but the general idea is to find a great deal and then flip it to an investor.

@Nicholas Kitchen Awesome read man!! As far as what is next, I, personally, would consider looking for a duplex or a triplex. Grant Cardone said it best to "stay broke." Not stay poor, but stay broke, as money sitting around per his words "eventually gets bored" - And at 0.25% interest, that $100,000 could be making a better interest rate.

Good luck in whichever direction you go. Congratulations on the success and the lessons, and sharing them.

Originally posted by @Eric Armstrong:

The Delreia(delreia.com) group is first Tuesday of month, the Wilmington landlord group (gwhp.net)is the third Wednesday of month, and the Green Turtle group is the 4th Tuesday of month.

 Thanks Eric. Hope to be able to participate in one, or all, of them eventually. Unfortunately, the only one I would be able to take part in currently as a result of my work schedule would be the meet up on the 4th Tuesday of every month.

Any more details you could give me in relation to that particular meet up?

Eric Armstrong Are the gatherings you mentioned a few posts back still accurate? I'm sure DelREIA is but how about the Green Turtle meetup and GWHP? Definitely am looking to begin connecting at these meet ups, and the DelREIA meeting in Dover.

I would suggest Thomas Schoenbeck with Keller Williams. I've known for a couple years. Very good guy and very professional.

I'm wondering why it wasn't thought of to ask the seller for the contact info of the flipper, reached out to the flipper, and negotiated one-on-one as opposed to to essentially running the selling price up on the flipper with no intent to buy???

Graduated 2013 with an Associate degree in Business Marketing. Started my Bachelors but stalled out just after getting my Associates. Trying to decide if I want to finish up in Marketing, Accounting, or Logistics. But real estate is where my journey will ultimately be.

@Jinal Parekh You have to connect first. In this case, hover your mouse over Marc's name above (ex: Marc Jolicoeur) and a small box will open. Click where it says "Connect" and follow the process. During that, you'll have the option to enter a message. Include your details in that box.

Once Marc accepts your requests, you'll be able to message back and forth with him via your "Inbox" located at the top of the BP website.

@Octavio Diaz Welcome to Delaware... as mentioned, I would suggest checking out DelREIA for meetings in Dover and Georgetown, and Newark if you're up for the drive. I'm just north of you in Dover and am looking to participate in the next Newark meet up in April. Hope to be able to meet you there.

I'm just about 30 miles south of you in Dover. It's always suggested, one of the best resources to take advantage of learning the market is going to be DelREIA. They typically hold a gathering in Newark on the first Tuesday (I believe) of each month.

There are many different areas as well, Newark, Elsmere, Wilmington, New Castle, Claymont, etc. Those are just to name a few.

Good luck with your new job and again, welcome to Delaware. :)