All Forum Posts by: Jeff Fairchild

If you're reading this topic, you need to run out and buy
"Short-Sale Pre-Foreclosure Investing: How to Buy "No-Equity" Properties Directly from the Bank -- at Huge Discounts (Paperback)" Run to your computer anyway to buy it on amazon.com or elsewhere online. I bought it at B&N from the store since I got a giftcard for christmas from a lazy person so I had to pay $25 instead of $15. However, it will probably be worth way more than that as it is written by the queens of short sales. Its one of those rare books that is detailed and gives you step by step instructions, not just a vague overview.

The original topic of this discussion is "Cash Flow is king, right?"

I would have to say no, cash flow is not king, the combination of the 4 factors already talked about is king.

You know what else is king? # of leads coming in! The reason we're even having this debate is that mikeoh probably has a huge network/marketing system in place getting so many leads coming to him that he is able to pick the best deals aka reaching the 50% mark. What is your % that you are buying off retail right now on average. Is it not 50%? Would twice as many leads coming in get it to that? That is really the key to all of this. Then you won't need to try to make marginal deals work.

Stop trying to rework deals that shouldn't be purchased and spend more time getting leads coming in. Then you'll have more "better deals" aka ones having a combined % return based on the 4 profit areas.

Flipping Properties: Generate Instant Cash Profits in Real Estate by William Bronchick and Robert Dahlstrom

Buying Real Estate Without Cash or Credit by Peter Conti and David Finkel (Paperback - Aug 29, 2005)

Use your gut instinct, then when you find that person saying I don't know to too many of your specific questions, find a new one and repeat until you get one who can answer almost all of your questions without "getting back to you."

Have you thought of direct marketing?

Buy these 2 books:

Buying Real Estate Without Cash or Credit (Paperback)
by Peter Conti

Flipping Properties: Generate Instant Cash Profits in Real Estate (Paperback)
by William Bronchick

I recommend this book if you are looking at a 4 unit property.
Investing in Duplexes, Triplexes, and Quads: The Fastest and Safest Way to Real Estate Wealth

I didn't read everyone's replies but here is what I'd say. Just try to get as much leverage out of every deal that you do. Then if you get one that doesn't require much cash down you would be able to keep that one as a rental. In the meantime your wholesale profits should be saved up for use in the rental deals that you keep.

As a side note, I read a book by one of the top real estate agents in the country who was doing like 500 deals a year or something like that. That was one of the books that really taught me the power of setting systems in place and leverage. You can really up your $/hr w/ some good delegation/system implementation.

I just made 2 cards for exactly the same purpose as alan just described above. He solidified that for me as the best strategy.

As a side note, one book I read said they liked bright neon green. You may want to test it out, I'm not sure which would pull better. I'll probably test it too.