All Forum Posts by: Jacob A.

@Bill Gulley

Very nice response, but I have a question for you. Would a lender not be more inclined to look at a cash flow statement as evidence of the profitability of the company? I've prepared financial statements for my entire professional life but am embarrassed to admit that I don't know exactly what the lenders look at once they get them from us.

@Adam Demchik

I spoke to a financial planner buddy of mine and he said on the rare occasion that they have had clients go this route they send them to pensco trust company. I have no reviews or anything for you just a name of a company they use. Hope this helps.

@Guevara M.

Congrats on getting started! If I were you I'd take @James Vermillion 's advice and run with it. Enhancing your education is the best thing you can do at this point. Working with someone to learn the business is a great way to get started and it sounds like you have some great people around you to help along the way. Don't be afraid to look into starting yourself. Maybe you can find a deal and bring it to your mentor to partner with while you learn the ropes. If you bring him a good deal I'm sure he'd be more than happy to split a small portion of the profits with you while letting you shadow him. Good luck to you and keep pushing!

@Renard Whitaker

It's impossible for anyone on here to give you advice on if you are overestimating your repair costs without seeing or knowing anything about the property (sq footage, pictures, etc). I will say this $140k sounds like a lot but when you consider that they are 6 unit buildings that comes down to about $23k per unit which does sound pretty reasonable, but again this is in no way a reliable quote coming from me. If I were you, and I were serious about this property, I would pay a contractor a couple hundred bucks to walk through the property with you that way you get a good solid reliable number to work with going forward. Coming from a rehabber, albeit a humble new one, it would look extremely attractive to see a deal coming from a wholesaler that has done ALL of his homework upfront. Even though I may not rely on your numbers, it reflects well upon you that you have taken care of everything up front. Good luck to you!

I get what you're saying. I'm not sure how they get comfortable with insuring the properties but I'm sure they do their due diligence.

@Nathan Friedman

Explain to me a little more what you are talking about. One may consider no inspections a benefit, but tell me a little about your concerns.

@Nathan Friedman

When I filed the claim they had a local claims adjuster that they contracted with come out and provide a repot to them so in that sense you are correct. I believe they are based out of Missouri somewhere so they do contract everything out. He was pretty good though and worked really well with my contractor to make sure everything was accounted for. All and all I would suggest them. I got quotes from other companies prior to this one and they weren't even close.

@Nathan Friedman

I used them on my first flip and we had some vandalism. I filed a claim and got paid in about 3-4 weeks without much fuss. We did have one disagreement about something that was/was not covered but I probably would of had that issue with anyone. If I'm not mistaken I believe J Scott uses them as well. He may be able to speak about them some more.

Sounds like he pumped those properties full of steroids! Heyooooo, too soon?

I kid, I kid it's refreshing to see this. While he clearly is not a role model on the baseball field because of his mistakes, he definitely is one off of it.

@Brett Braden

You need to get yourself educated on the subject. I realize you are asking a question on a subject that you don't understand, but I guarantee you there are at least 100 other posts and/or podcasts on this exact situation. Search "wholesale" on the forums or "guide to wholesaling" or something. If I'm not mistaken I think someone has actually created a beginner's guide to wholesaling. I'm sorry if this comes across as a little harsh and I don't mean to intimidate you or deter you from asking questions but this information is already all over this website so search before asking! Good luck.