All Forum Posts by: Gary Harris

Hi Kenneth,

Welcome to BP and RE Investing.  Congrats on your first deal...you've beaten most people already as they won't even get that done.  You're in a good market with Houston!  If I can be of any assistance let me know.

Gary

Hello Eligio,

It's all about the numbers and those numbers can be very different depending on what you are looking to accomplish.  Are you a buy and hold or flipper?  What's a good deal can be different depending on what you are looking to do.  My suggestion is to buy J Scott's The Book on Flipping Houses to start.  Read it and then read it again to get an understanding.

Agreed.....we will agree to disagree.

Hi Barbara,

To create a solid and large buyers list can be somewhat challenging in a short amount of time. Just a couple of quick ways to built up a buyers list is to attend REIA and Meet-Up meetings to find active cash investors. Also, find Realtors that have their own list of buyers and add those Realtors to your list.

As for Co-Wholesaling you would need to bring something to the table for these wholesalers to partner with you.  Normally you would either bring the deal (which costs money for marketing) or you would have already established a large buyers list (which doesn't cost really anything but time).

I hope this helps some.

BP is the single best resource I have ever found in one location.  Use it to your advantage as much as possible.  Where the majority fail is actually taking action after reading a lot and listening to podcasts.  Take Action!

Hi Cesar,

Please keep me in mind moving forward.

Gary

Brent,

My risk and expense would be to actually study their local market, then fly there to work with the individual in their market.  However, your previous suggestion has got me thinking... 

"Offer a NOTHING UP FRONT policy, with payments only due if/when they're successfully getting returns (and even then, it's only an agreed/low percentage of those returns)"

I would actually be open to this concept, but I believe it would be inefficient to do so on a one on one format.  I will consider this option and will probably offer it in the near future on a 1 to 5 ratio.  This would reduce my risk as I'm not only dealing with one individual plus potential returns would be greater and make up for my upfront expenses.  

Btw...Real Estate "secrets" don't exist, which I assume you're aware of from your sarcasm.  Everything is available either here on BP, any Barnes & Noble business isle, or from one's local attorney or accountant.  

FLIPPING MENTORSHIP

1.) Access to a successful flipper / wholesaler / large multifamily buy and hold investor

2.) This access is through actual visits to where you are located anywhere in the Continental US. One full 8 hour day a month if you are anywhere in New Jersey or Southern part of New York State plus, phone, email, and Skype. If you are Out of State then my visits would be two trips to you during the year with each trip being 3 full days each…just with you (and your partner if you have one). For those same out of state clients when I’m not present at your location we would have a scheduled 1 hour conference call monthly, plus you have access to my email and cell phone to write or call with questions.

3.) Assist you in finding potential flip deals using your area wholesalers, online auctions, realtors, driving for dollars, etc.

4.) Assist you in finding hard money and/or JV partners.

5.) Assist in evaluating ARV

6.) Assist in evaluating licensed contractors

7.) Assist in evaluating repair costs

8.) Being here all along to answer your questions for an entire year…in order for you to get over that hurdle of that first deal.

9.) I normally charge $25,000 for out of state clients, but if you are in or around New Jersey you get the NJ price of $20,000. I'm somewhat flexible in payment options if needed (i.e. half at signing and the other half in 6 months, $8000 at signing and $1000 per month for 12 months, even half at signing and the other half upon completion of your first deal).

10.) If you bring in a friend that pays the normal rate....your rate is cut in half so your total would only be $10,000 for the entire year.

***Your first deal is always the toughest, so doesn’t it make sense to have someone on your side?

So you're suggesting that I assume all risk and expense up front, I'm not guaranteed anything for an entire year, I only get paid when they've listened and applied everything and even more importantly actually take action.... interesting 

I'm the mentor actually....I was just looking for feedback as to what people would feel is fair to them.