All Forum Posts by: Elizabeth Wilson

@Daniel Fischer - I completely agree with @John Thedford.  Our private money lenders (friends/family) are usually about half the rate of our hard money lenders.  Currently we are paying 2 points and 10% for hardmoney and 6ish for private.

Obviously would rather pay less but have enjoyed working with our hard money lenders!  One was in construction and give us great feedback on potential deals.  If you can find someone like that, it is worth paying a bit extra for their expertise.

@David Hodge That is awesome!  thank you for taking the time to share that!  

Not to correct your spelling, but I'm sure that Curt Davis (not Curt David) would want to know about your success!

Also I hope that your health issues are better!

@Marland Richardson - I'm assuming you mean 38105?  We haven't done a deal in that zip code so I can't speak from experience. But considering how diverse that area is, I'm guessing there isn't a typically Cap Rate.  You'd be better off narrowing down by neighborhoods or even streets when evaluating properties in Memphis. For example there is some cool development going on in the south part of that zip code, but other areas are rough.

Let me know if I can be of any other help.  

@Josh Quinn -   We use Podio and Mail Chimp.  We send any new properties to all potential buyers.  

I don't know anything about FL RE laws but maybe a way you could partner with a licensed agent so you could still do deals but not be concerned about breaking the law. 

Or like @John Thedford suggests just get your license.  That is what we did, and we have the finances to double close so when we put a house under contract we follow through.   

Best of luck!

ps. I found Podio to be a challenge to set up but there are great YouTube videos to teach you how to use it for wholesaling.

@Joshua Marriott -  What we found is that any company or software that is selling lists tend to be outdated.  We finally just developed an in-house system for our own use that has worked out great and given us a marketing list that no one else has (or only a few people).   

I know that isn't much help but wanted to share what worked for us.

@Curt Davis - that is a great question!  The reason I don't is purely selfish: since my husband is an agent, we can use the referral system to officially refer a potential buyer/seller (if they want) directly to the agent who we use for our deals.  The investor gets a fabulous agent while the agent gets a new investor client and she shares part of her commission for the lead.  Everyone wins. :)

Hey @Rich Thomas.  It's funny that you are from the Boston area, I've been researching Boston Qualifying races, and hope to be part of the great race in 2019!!

I will message you my agent recs.

I think @Douglas Skipworth has bank recommendations.

Let me know if you need anything else from here.

@Account Closed - I LOVE this!  and love your hustle!  That is awesome!  Also glad to see that you are going to do an apprenticeship with your landlord; you will learn more from the hands on doing than any book can provide.

One book I'd add to your list is a phenomenal book on negotiations called "Never Split the Difference".

I'd also highly recommend blogging about your journey, your readings, your apprenticeship.  Not only will you help educate others but we always learn more when we teach and share.  And you will start distinguishing yourself as a leader in your field even as you learn.

I'm excited for you!  Please keep us posted!

@Carl J. - First of all, I'm sorry to hear about your dad.  But what an awesome gift he has left for you to steward for your family!

I think REI is great for someone like you and choosing a TK provider like Memphis Invest would be a good choice both for passive income and because they could help you diversify because of their different markets.

However before I start going down any investing path, I would suggest talking with a CPA, lawyer and/or estate planner about how best to invest long-term.  I don't know enough about any of that but I know there are people who can help you plan out your investments in their amounts, allocations and timing to maximize your returns and avoid taxes.  I'm sure there are BP folks who can give more specific advice regarding wealth/estate planning.

Best of luck.  Would love to hear what you finally decide on doing with your investment capital!

@Ernesto Hernandez -  What a great problem to have!  I LOVE audiobooks.  They are great for driving but I especially love them for running.  Just finished Titan (35 hours) while training for a marathon outside of Memphis!

Here are my suggestions in no particular order (mainly biographies/memories, business-related,  or histories)

• The Fish that Ate the Whale
• Shoe Dog
• Never Split the Difference
• Titan
• The Success Principles
• The Boys in the Boat
• E-Myth: Real Estate Investor
• Millionaire Real Estate Investor
• When Breathe Becomes Air
• The Immortal Life of Henietta Lacks

Also recommend anything written by Erik Lawson (Devil in the White City, Dead Wake, In the Garden of Beasts, Isaac's Storm)

Let me know if you liked any of these!