All Forum Posts by: Joe Cassandra

My main source of income is from writing...which is what I love to do most. 

...trying new foods

...reading

...(when I get a chance) go golf

...trading stocks --- yes, more hobby than 'serious'

...most of time outside work spent with wife and 3 young kids

...we try and travel at least 1x per year

You have analysis paralysis. 

You're hoping there's a 'midas touch' somewhere that whatever you touch will automatically turn to gold. 

Won't happen. 

Maybe it will...

Likely won't...

The only thing you can do is take action to see what you like to do. 

Find a deal, then see what you like doing with it. You're in sales. If you like sales, finding motivated sellers and negotiating deals with them should be exciting. 

From there, you figure out what you DO NOT like doing. 

Maybe you don't want to be flipping houses all day...maybe you do. 

----

Bottom line...

You're not going to know what you want to do until you try something. 

After I landed in a job I hated...I saw all these 'cool kids' building apps and making millions. That became my dream. To build the 'next cool 7-figure app.' I could've sat and left it as a dream. 

Instead, I invested months in learning how to code basic languages...

...

Hated it!

Now I know coding is not for me. And that's checked off the list. 

You have to do the same. 

Know that the first deal will likely lose you money. Maybe it won't. Probably will. 

You're currently at the amusement park but rather than testing out the rides, you're at the wimpy picnic tables drawing up diagrams on what ride would be most fun...or calculating how the machines are built. 

Just ride one and see which you like!

Closed on a rental last Friday In Woodstock GA...closing on 1 rental in Cartersville and 1 flip next week in Kennesaw GA...and another rental at end of month in Acworth GA. 

Market could dip 20% and we'll still have equity. 

Only buy 'my-gut-tells-me-it-is-a-good-deal' properties...

Don't fudge around numbers.

@Chris Gawlik, I agree on one hand to raise cash. 

I wouldn't on the other hand tell someone to sit on their hands (even if they're new). 

In this wayyy overheated market...if you can find a deal at 75% of pre-covid value...I would go for it. Even if prices tumble, etc. , you can still snag some good deals. 

...

Plus, even with cash on hand...it doesn't necessarily mean you can go on a buying spree. I wasn't investing in 2009, but from what I heard, finding funding was the hardest part. 

I'd more recommend telling people to start building a circle of potential lenders...especially warning them that ht emarket may drop and ask if they're still willing to invest with blood in the street. That's a better use of time rather than to 'wait and see.' 

---

I'd think prices would need to deflate soon not due to inventory but simply affordability. 3/2 12000 sq ft houses that were 150k a few years ago are going for 240k...which doesn't make your mortgage much more, but your property taxes do go up. With more and more people out of work, it'll be harder to keep up with rapid ARV inflation combined with people who will qualify

No property is "free" lol...

But yes, you can buy one without cash :). 

I'm buying a house next week. 

- Private lender funding 100%

- Renter already in paying near market rate (will stay)

- Rent will cover PL monthly payment until I refi

- House already 100% rehabbed and updated

---

$0 out of pocket. (except I did pay to send a letter...so maybe not 100% true)

 That's going to be 90% of sellers you talk to. "lay down" sellers are pretty rare despite what gurus say. Most are going to push back on your price. Some will even agree on  your price because they don't want to say 'no' but then won't sign the papers...then you're herding cats at that point (dealing with one of those right now.)

The key pieces

#1. Build rapport so well that they'd rather sell to you at a lower price than someone else offering more (because they trust you)

#2. Stress how easy it is to sell ('you just sign the papers and everything else is taken care of')

#3. Follow up again and again and again. Most of your deals will come on the follow up and not your initial offer. An easy excuse to follow up "Hey, I know we didn't agree as you were at 100k and I was at 70k, you mentioned you needed to sell fast because you have a lot of surgeries coming up you have to pay for, and I want you to make sure you're focusing 100% on your health and not this house that needs a lot of work. Did you find someone to give you 100k?"

#1. Real estate won't solve any of the problems. Real estate is hard and it takes awhile to make money on it unless you got a bunch.

---

Sounds like the issues started when you lost your job and got depressed.

I'll generalize (sorry ladies)...

But woman want a relationship that makes them feel secure and safe.

You guys honestly are still getting to know each other.

right now, she is insecure because she wants to tell others she made the right decision to marry you...but you're down on your luck...so it makes her uneasy

#2. She doesn't want to hear about yohr REI dream...she wants to hear how you will take care of her now.

Take care of her now. 

Cold call until your phone glues to your face in order to find a job...buy her something nice with your first check, and let her know you both will be OK.

Or...

just quit.

How many rentals do you need to cashflow the monthly payment on a new one?

Jonathan's point isn't that you can't wholesale a FSBO...it's that it's very hard to nowadays as most FSBOs are way overpriced. One someone sent me was priced at $299k...when it's probably worth about $200k.

It's not worth my time to go out there and talk with them as I'd need the house around $130k. 

It's that type of scenario I believe he was talking about...and how much time do you want to spend sitting and talking to unmotivated sellers

This is what I've found from the MLS at least where I am in Woodstock, Marietta, Cartersville, Acworth area in Georgia...

#1. If you have a wide circle of places you're looking...say 7-10 COUNTIES (not cities), you could definitely pick up an MLS deal here and there. That would require. 1a) Looking constantly...multiple times per day...easier if you're a realtor 2a) You have a TON of time on your hands...say you're an REI for a living.

#2. If you're like me...I look in 2-3 counties only...plus, my main focus is my marketing business which takes most of my time...I have to be hyper focused on my time and efforts. So I only focus on off-market efforts. Direct mail. PPC. SEO. Starting Google display and FB ads soon. 

As they say...you save time or you save money. I'm forced to go with saving time. 

In no way am I an expert at these methods yet...still learning and making a ton of mistakes...but if I can keep at it, in another 12 months, I should have it working well. 

----
Also, just posting on BP helps. The Woodstock deal @Kaustubh Johri came from someone who found me on here and referred me to it (off market).

So posting on BP helps as well. 

My other 20 leads in my CRM are all direct mail...except for 2 who were wholesalers who found me personally and called me.

Takes time to learn the ropes...I'm still learning...but it's encouraging as you see progress and work paying off