All Forum Posts by: John E.

I'm not an expert on wholesaling, but is the person selling (A) to you (B) cool with you making a 4k profit w/ the new buyer (C) by assigning the contract?

What was your original intention btw? Double close?

I think there are some experienced wholesalers on this site that can help you out better than I can!

@Bill Gulley

@Jonathan M. 4 Words my man: SKIN IN THE GAME!

In my opinion skin in the game is key because you've got to give your tenants an incentive to be good and take care of your property. I also feel like EMD keeps only serious buyers around and the last thing you want to deal with in your rental property business is a tenant that's not serious.

The fact that your PM would even consider a tenant with half of a security deposit tells me that they may just be looking for a quick buck and fees. Stay vigilant! LOL. Something tells me that if they can't save over time for a security deposit then they will struggle to pay for the rent.

Tenant Selection is key! You've got to protect your bottom line and your property and that was a darn good move saying no to the tenant. Their talk of "paying before move in day" is cheap to me.

Good luck Jonathan!~ John

Well, here in Fairfax County, VA the average home price is 488k! I hate it so much. @Brandon Turner I wish home prices were as cheap in my area as yours man! We're definitely appreciating here like crazy... It smells bubblish to me.

Here's an image of one for sale at about one million.

4 BEDS & 4.5 BATH ONLY!!! For a Million!

I think it's the Million Dollar Kitchen that drives the price up so high

I just find it incredible that in other markets similar sized homes can be bought for SO MUCH LESS! I want to just run away to Texas sometimes. LOL

@Bob E. Yea, Excel makes a lot of sense! I haven't decided on post-secondary education, but I've been looking into a lot of "opencourseware" offered by universities all over the United States and abroad that cover a plethora of subjects ranging from the macroeconomics of RE (MIT has a great one!) to a basic personal finance course I'm looking into right now.

Even if I outsource work to contractors and other handy men, I've got to agree that wood shop and a general understanding of construction would help a lot.

And sorry @Wendell De Guzman

@Bob E. Thank You! I love it when good people like you are generous enough to give me such great insight. Student rental leases seem like they can be very profitable considering you can command higher than market price rents in the same house as if you did a traditional lease. The problem I see with a lot of colleges I see around DC is that the price points are really high in areas like in the Georgetown area (as in the university). Luckily, Virginia has a lot of great schools outside of the DC metro and they could work.

I definitely need to actually go network with some investors face to face at a REIA, but to be brutally honest I kind of have this eerie feeling that I won't be taken seriously considering I'm so young (and perhaps look even younger. lol!).

But, I am starting to get over it and I realize staying inside my comfort zone will act as an impediment to my success.

And about construction... I'm not the most handy person. So will work with a rehabber involve a lot of handy work?

Make sure to check soon for the colleague request in your inbox Bob :)

Nice talking to you~ John

@Wendell De Guzman "Fun" and "pun"! I think we're "done"! Haha. Let's not drag out the pun thing out for too long because I'll probably run out!

And on the note that you'll be exceeding $1M and giving out health insurance~ Nice!!!!!!!!!!!! That's a great example of being a good and responsible real estate investor.

I'm so glad that you've created "wealth" and "health" for everyone else involved!

I'm still too young to start investing man (15 yrs) and I just CAN'T WAIT until I can get my hands dirty in this game.

Question~ Do you think that if you persist long enough then success is inevitable in REI? In other words, do you think that so long as we don't stop 3 feet from gold, we will eventually succeed?

Kind of a strange question, but I heard it being discussed recently by a family friend that is a successful entrepreneur and I wanted your take on this.

@Wendell De Guzman Giving your sales and marketing team a percentage of profits definitely lines up their pockets with yours. By giving them an incentive to hustle, I feel that you're doing a great job of creating BIGGER POCKETS (sorry! I had to!) for everyone involved.

As you continue to scale your business, do you plan on giving your team salaries or do you plan on keeping your model? What's your long term plan?

You're one of my favorite success stories on this site and I wish you continual success buddy!

Thanks for the quick response man!

~John

Thanks @Bill Gulley for your replies. That makes a lot more sense. I couldn't find the link to the video, but I'll make sure to check if similar questions have been answered next time bill.

Talk to you soon.

@Wendell De Guzman You never fail to impress! I love your story man!

How do you plan on buying that property for 13800? Cash? Lender?

Do you outsource your marketing (i.e Bandit Signs) to someone you hire or is it more of a DIY thing? How much have you outsourced buddy?

Great hearing from you~ John

I just copied and pasted a cool strategy from @Geof Greeneisen. I hope he's cool with it! BTW... Any BPers reading this- Is it cool if I copy & paste answers that I find helpful?

Answer: I've found success in the market just north of you with Postlets.com. Once you create an account (free) you can create your listing which then distributes to Zillow & Hotpads (where I get most of my leads) among others. It will also create a brochure you can drop into Craigslist for a more professional look.