All Forum Posts by: Jim Iorio

I read @Brandon Turner's article about hacking housing.  It's been my plan for sometime to live that way.  However, here is my challenge:  I currently have no income other than the 2 wholesale deals I closed in July 2014 (10k). My credit score is good (700+), but I don't think that I could get any sort of loan without verifiable income.  Am I wrong?

I do a lot of direct mail for my wholesaling business, so I was just planning on finding a multi-family property through my direct mail.  I would have to be a VERY motivated seller because I'd have to negotiate seller financing with 0% down and a mortgage payment that would be covered by the rental income.  After listening to the BP podcast for so long, I know those kinds of deals are out there but are there any other ways to accomplish this?

Hey Vanessa!

Congrats on taking action!  I'm sure things will go well for you over there in Philly.  You're already doing the things that most people won't do, so keep it up!  One suggestion:  Frank McGovern.  I don't know if he's on BP, but search him out on Facebook.  He's a wholesaler who is doing it BIG in Philly right now.  He'd definitely be a great resource for you, and I'm sure his buyers list will come in handy!

If @Gordon Cuffe's suggestion doesn't work, I would just suggest pre-screening your buyers more and building rapport.  If simultaneous closings have been made illegal, you're going to have to focus on more buyers that don't care how much money you make as long as they have a good deal on their end.  They ARE out there.  Just take some digging.

I have a possible sub-to deal in the works that I'd be interested to get some opinions on. Seller owes about 30k, house is worth 80k. Seller says that a new roof has just been put on (via insurance claim) so she can't just sign me over the deed without getting any money in her pocket. My plan is to take over the 30k mortgage (with approximately 300/mo. payments) and give her an additional 10k.

All I want to do is wholesale this thing. I'm not at a buy n hold point in my career yet. I think that if I pitch the same deal to my end buyer with 20k down (10k in the middle for myself) the numbers would still be good for an investor. Thoughts?

Hey, what's goin on Yvon! Congrats on becoming an agent!

I'm an investor in Daytona Beach, a little North of you, but I'm always looking to network. Miami's always been an area I've been told to stay away from just because it can get so crazy investment-wise, so naturally that makes me want to break into that market even more! Would love to network with you and see if we can put some deals together as a team. Looking forward to speaking with you!

Thanks @Brandon Turner I just listened to episode 53 of the podcast. It's a great soundtrack for writing out yellow letters!

@Steve Smith Hey Steve, thanks a lot for the help! Actually, the meeting I plan on going to next Thursday in Daytona is our Volusia County chapter of CFRI. I may head to the Orlando one as well. It's a bit of a hike, but you can't beat the exposure!

Thanks Paul!

I have one in my sights already in Daytona Beach. I plan on attending next Thursday. Other than that, I'm going to have to start trekking to Orlando & Jacksonville! Gotta do what I gotta do though! Thanks for the book recommendations, I will check them out!

Hey everyone!

I'm actually NOT that new to biggerpockets. I listen to all the podcasts (AWESOME info) and I had a business account. I wasn't able to do much with it, so I FINALLY got around to creating a personal account so I can network. I'm originally from NY, but now live near Daytona Beach, FL.

Currently, I'm wholesaling throughout Volusia County, FL which encompasses Daytona Beach and some other surrounding towns. It's a pretty big area. I'm looking to establish a solid wholesaling business, then move on to doing fix and flips/buy and hold investing.

I was working on my REI career for all of 2013 as well, so I'm a little more knowledgeable than the typical "newbie", but no deals closed as of yet.

That's about it for me, guys. I look forward to meeting all the awesome people in this forum! Let's do some big things together in 2014!