All Forum Posts by: Eric H.

Greetings BP Fam,

I have over 250k in debt (credit cards, mortgage, school loan, car loan) and I'm only bringing in about $400/month. I haven't had W2 income in over a year and my wife is working part time. My LLC is approaching its 1st birthday. I’m surviving somehow but of course I look horrible to lending institutions. What is the 1st step you would take to fix this???? Debt settlement agency called suggesting I cancel all of my credit cards and I might be able to get a lower interest rate and/or reduction in principal. Not really sure I believe that. If someone has done it, please chime in. I was thinking I don’t want to lose the credit history associated with those cards. What is worse? Large amounts of unsecured debt or short credit history? In two years will come better tax returns from business and my wife will be settled into her new career. I want to get conventional financing for max 25k. I have the 25% down payment needed. Should I just be patient or can I find a solution within the next six months? Not looking for creative financing options here. Just a way to look better to the banks.

Thanks in advance.

Sincerely,

E. Harris

@Christopher Goldie Thanks for providing us with this content! Great way to hold yourself accountable and share your experience with the rest of us. I wish you well in your real estate business from this year till infinity!!! Do you mind sharing the ins and outs of wholesaling a HUD deal? Is there a non-assignment period? Do you need a realtor to make offers on these properties for you? How are you closing (assignment, double close, selling LLC)? Any insight you can provide is greatly appreciated.

Happy investing!!

E. Harris

@Nancy Roth One can only appreciate the transparency. Thank you!

Here is the right one......I think

@Adam Amero Here is a post I made to another aspiring wholesaler. It lists several BP  podcasts related to wholesaling. Great place to start!

http://www.biggerpockets.com/forums/55/topics/191518-wholesaling?page=1#p1293113

@Nino T. Barone Totally agree with @Derek W. Begin by studying your market. Ask a realtor to subscribe you to an automatic listings based on criteria that you set. You can receive daily emails regarding properties that meet your criteria. Attend your local reia and network with the guys doing deals. They will be able to inform you about your market. As for your deal above, never take a sellers word for the condition of the house. 99% of the time  the house is worth more to them compared to the true value of the house. I would at least calculate $5k worth of repairs no matter what the seller says. I think you should also view the property and take pictures. You will have a better idea of the repairs needed and you are going to need those pictures when you are trying to sell the property to investors. And as a Bigger Pockets Pro member you can advertise your deals in the marketplace.

Happy investing!

E. Harris

@Tarik Larue Thank you!!

Welcome to BP @Antonio King.

I would suggest checking out these podcasts. All are about wholesaling except the one on tax tips. Well over 6 hours of good listening. Hope this gets you set in the right direction!

http://www.biggerpockets.com/renewsblog/2013/12/19/bp-podcast-049-tax-tips-amanda-han/

http://www.biggerpockets.com/renewsblog/2013/08/15/wholesaling-business-lamar-cannon/

http://www.biggerpockets.com/renewsblog/2013/09/26/lifestyle-investing-podcast-aaron-mazzrillo/

http://www.biggerpockets.com/renewsblog/2013/10/31/wholesaling-podcast-mike-nelson/

http://www.biggerpockets.com/renewsblog/2013/04/04/wholesaling-podcast/

http://www.biggerpockets.com/renewsblog/2013/01/24/subject-to-direct-mail-woman-investing-podcast/

I'm more than glad that many of you found this post inspiring. That was my intention all along.....

@Dereck Hough Welcome to the forums! There is a ton of information here on the forums. It may take some digging to find but there are some golden nuggets out there. If you haven't already done so I would recommend setting up some keyword alerts for terms that you are interested in like Baltimore, Maryland, Virginia, flipping.

Happy investing!

E. Harris