All Forum Posts by: Elbert D.

you have to wait two years to get that. But even before then the bank(and lenders) will want to make sure the LLC is profitable. There's a thread somewhere on here on business credit and what you have to do to establish it and get the major/big business credit cards.

@Rhiannon Then put it in a escrow with the name Elbert Dockery and send it in next two business days. 

lol just kidding   Actually if I were you I'll pay down a little debt and just reinvest the money back into real estate. 

@Jay Hinrichs well thanks for the response. Me personally, I hate the word "minority" because it was thrown out by the government and it literally means anyone that's not a white male. So I personally don't identify with it. Although, the whole black and white thing is the reason why America is so divided now but often times whenever someone says " Minority" they are referring to black people. And yes often times many corporations and the government exploit "minorities" it's pretty sad but that's the purpose of educating yourself and others how the world actually works.

I'm personally not PC either but I understand why most people are because of the huge media consumption that most people consume. They honestly are the main ones pushing it along with other things that I don't think I could say because I'm pretty sure I'll get reported or kicked off LOL(this post might be pushing it as well)

I actually adopt a similar business approach like you. I'm willing to work with anyone doesn't matter the race. I get what your saying entirely you saying you judge people by their character, which is how people should be judged. I also understand @Louis Kim concerns with all the  negativity that is shown on the media and on social media. Everyone starts questioning the slightest things. I think both of you just misunderstood each other...

I hope this doesn't turn into a race thing lol lbs....You never know anyone's true motive or what they are thinking. 

But Jay is absolutely correct about these wholesaling coaches. They are the main ones making money.....as someone who is close to me says "if these coaches are making so much money why aren't they flipping million dollar commercial real estates or mansions" which is very true. You would be surprise at the answers you get when you ask these coaches things like, how many rentals do you have in your portfolio? Can you show me??? How many flips have you done? Can you show me???? As the saying goes in poker if you don't know who the fool is at the table, it's you.....

Now, You could probably make the same case for teachers. Since the government runs the school system.  If they are so knowledgeable on a subject why aren't they working in the industry or started their own whatever industry they are in. But again the government allocates the funds to public schools and some private schools......

 I honestly think the people that market themselves as coaches are all of full of it. Don't waste your time or money doing coaching programs. You chose to get into Wholesaling I hope it's because you have longer term goals to stay in the industry and turn into a fix and flipper or buy and holder and whatever else you want to do. Because if you get in just trying to make money your going be highly disappointed be with all the work you need to do. In fact, some say wholesaling is harder than buy and hold and fix and flip strategy. Here in the Midwest well atleast in Illinois and Indiana markets you can prettty much tell the wholesalers who are just trying make money. Wholesaling is a business and should be treated as such. Just do it and linn with a more exp wholesaler and you guys split the profits or however it should worked out. Team work is key in being successful in wholesaling. 

By the way I hope we can all put this race thing to bed. I'm sure there are some racist people out here. But no one can control how a person feels about you and your race. I personally don't let it bother me because I have no control over it. I know that the true source of it comes from pop culture(the news, movies, TV shows, cartoons, music, etc....all forms of brainwashing) divide and conquer is real.....  it's not a PC answer just my two cents. That is all. 

hey @Kiara Keller you don't necessarily need a landing page just a email list to send your buyers. I use mail chimp when wholesaling. Also have a excel sheet for your buyers as well. That's pretty much it. Always keep things simple. 

@Ernest Chamblee I am! In fact, I'm actually a great team player. And your absolutely correct. Chicago and northwest Indiana area great area for remote deals and rehabs. We have have our own rehab crew and rehab properties for investors. We also have property managers who help manag properties if investors out of state need those services too. 

I'll say jump into it. You don't need school to learn about commercial Real estate just like you don't for residential real estate as well. There are certain terms you need to know about like LTV, cap rate and NOI but it's kinda similar to residential. Anything over 5 units is commercial and if you insist on having help I'll say get a mentor. Get with a person who is much more experience than you and provide some kind of value with him/her and get paid with 60/40 split or however they want to organize it. Nothing beats experience.

@Amit Kumar how aggressive do you plan on go into real estate? What kind of ROI and or cash on cash return are you seeking for buy and holds or fix and flips?

Chicago is a great market for either flips and rentals. It just depends on your ROI or Cash on cash return that your seeking. There are about 4 neighborhoods to stay away from. The rest range from decent to good to great. Northwest Indiana is also a great area to invest in especially for buy and holds as the taxes are much cheaper than Illinois. I'm noticing more and more people from California and Utah beginning to invest in the Midwest. If you or anyone else needs help or a little direction jsut PM me and I can help.

I know your excited to start getting into real estate and into a business to have ownership and or control over things.....taxes......good ol taxes. Well your planning to take wholesaling serious you may want to look into having a entity. If you are making anywhere near six figures in wholesaling you should look into a LLC or s corp go less tax. By default LLCs are taxed as sole priopertor if it's just you in the LLC and a partnership if it's multiple people. You can elect to have it taxed as a S corp but it's still a LLC. Google LLC and s corp benefits they have something called "pass through" as a advantage of it. But are you just wholesaling or will you get into flips and or rentals as well? Because thats where it gets very tricky. No one I know puts their rentals into a S corp unles they want to be taxed on their rents income and appreciation of their house as well. S corps are good for people planning to do a lot of flips. LLCs are good for people who plan to acquire a lot of properties rather residential or commercial property. So you have to think what your going do in the industry. I personally do all three. Wholesale, buy and hold and fix and flip.