All Forum Posts by: James Green

@Anthony Venturini @Vince DeCrow

It seems like you two are bullish on this cryptocurrency craziness, but as I've stated in my other posts on this topic, it is a internet ponzi scheme that will end up bad for those that "invested" thousands of dollars on this.

https://www.washingtonpost.com/news/wonk/wp/2018/01/12/the-bitcoin-bubble-is-a-joke-and-youre-the-punchline/?utm_term=.1ef0da154f61

I remember when I could mine bitcoin using my DSL connection on Windows 98. I never did do it though, because I thought the idea of creating internet money based on a mathematic algorithm & then using this internet money as a median of exchange in the real world as a lark, simply because the "currency" has absolutely no underlying asset.

FYI, bitcoin was created & released open source before 2009. That Weekly Standard article is incorrect on that fact.

@Joe Pifer just to add, probably the biggest wholesalers in VA are Express HomeBuyers, @Brad Chandler.

@Ron Wayne go over to the article section and read every article on wholesaling, two or three times. Look for similarities not for some "secret" tip, there is none. Then listen to every podcast interview of a wholesaler on this site. Then find out if you need a realtor license in your state. I think Ohio is one of those states that will lock you up if you don't have one. If so, study for the exam and pass it. Do all this before you do anything else,...especially the license part if it applies.

@Jasmine Rhodes there are dozens of meetups in the DMV area. You can almost go to a different one every weekday of the month. Just do a search on meetup.com for real estate investing and you will see what I mean.

I  did a simple review of some of the info on that BobsRepair site. I see so many red flags with this company. The idea may be good, but how this company is going to implement this idea AND who will be doing the implementation is questionable!

Here's an easy one:

Proven Track Record

The Prandecki brothers have previously facilitated over 50,000 service calls generating over $1,000,000 USD in revenue. They know the problems facing the home repair industry and how to fix them.

Seriously, they've generated over $1M in revenue on 50K service calls. That's only $20 a call. Is that gross or net? Is that one year, or several years? What does "facilitated" mean in the context of this sentence? What is the name of their company that did the facilitating?

I know that this company was just an example, but it was not a good one.

@Jon Q. how do you jump the shark by thinking that this model Bob's Repair will be accepted within real estate? Bob has knowingly accepted the volatility of the ETH currency. Then they have placed a value on their own Crypto-currency, based off of the ETH currency. What will happen if I buy 1 ETH that equals 6000 BOB, and ETH tanks. Sure the value of a dollar varies from country to country, but we are not in danger of it disappearing when another bright idea comes along for a US median of exchange.

Also, let's not confuse the proven LEGITIMATE technology of the block chain with the various speculative "internet monies". This reminds me of Pets.com. back during the dot.com bust. Just because you put a business on the Internet (proven technology), doesn't mean it will work. The business idea still needs to have an underlying valid business. These Ponzi currencies, still don't have an underlying asset other than hype & forced hope.

Sure people are making money on them now, but IMHO, there will be a lot of everyday investors getting killed in it. Either through a massive drop in value, lack of broad currency support (

http://bitcoinist.com/cryptocurrency-failures-all-time/), or through cybercrime.

As I continue to see, people are losing their life savings over these crypto-currencies because they believe that they are safe & secure. All it takes is one internet transaction to become a victim. Once that happens the next time you want to use your currency you may find your wallet empty, regardless of whether its software or hardware based.

@Gina C., if you've never done ANY wholesale deals, then going the pre-foreclosure/foreclosure route is NOT the way to start. As you can read from Jay, there are definitely a number of things that you need to know & do in regards to these type of situations. I would advise reading all of the wholesaling blogs & also review the podcasts of interviews with wholesalers before doing anything. Just think about this, what if you were to put a property under contract this week, what would you do next?!?!? Do you yourself have cash, do you have a buyer already that wants the property,  do you have a title/closing agent lined up, do you have the recent payoff from the bank, has the buyer given you permission to talk with the bank, etc, etc.

@Account Closed I'm holding on for the correction. As you know, what goes down, must eventually go back up, & up, & up!

@Account Closed, yes there is no stopping the "crypto-craze", built on block-chain technology. Here is the issue I see that is being overlooked by crypto promoters. Amazon, Kodak, issuing it's own crypto-currency is VASTLY DIFFERENT than what is currently out there - Bitcoin, Litecoin, Ethereum, etc.

Amazon provides an actual service/product, just like Kodak, or Google. If they were to issue crypto-currencies, their currencies are backed by an actual asset. For example, 1 Amazon coin could be worth 5 books, which in turn could be worth $25.

Bitcoin is backed by an "idea", promoted by a bunch of nerds back in the day over 10+ years ago when I first was exposed to it. Back then as it is now, we were asking "What is bitcoin, how do you use it, why is it worth something?" Bitcoin/Litecoin & all the other coins are speculative. In my opinion an internet Ponzi scheme. Why has bitcoin increased from $800 to ~ $13K(for right now)? There is nothing you can point to that has caused it to increase other than MANIA! Just a year or 2 ago it was hovering between $200-$500. Trying to equate it to a commodity is laughable. After all there are actual pork bellies.

I see this as nothing different than the dot.com boom & bust or the RE collapse in 2004/05. When you have people looking to "invest" in cryptos just from attending a webinar, but yet can't explain what it is or why it exists.... I see a big problem. Sure there are people making money, for now, but there will be plenty holding the bag when it crashes.

My 2 cents.

PS - not to mention it's relatively easier to steal bitcoins out of a "internet wallet" from someone than it is to steal a dollar out of my own wallet in my pants. Both need skill, but at least with someone pickpocketing me, there is a chance that: I may notice or feel someone doing it, there is CCTV video of the thief,...unlike crypto-wallets. When your internet money is gone it is gone, unless the amount is high enough (can you say millions) or the individual/company/organization is important enough, that one of our government agencies gets involved.

@Loveena Wade why are you looking at listed properties? The value a wholesaler brings to an end buyer, is that you can find off-market properties for them (not MLS, REO, properties). If the house is on the MLS, your end buyer also has a Realtor/Broker than can present an offer to the homeowner on the buyer's behalf.