All Forum Posts by: Justin Schmelzer

I'm just getting started - so I apologize if my question is dumb, but...

If the bank thinks that it's smarter to try and sell off the debt as opposed to foreclosing on the assets, then why would you want the note? What value is there in it? Do you know something the bank does not?

I'm starting to get a clearer idea of the big picture. Ideally, I'd like to develop a relationship with an investor and hopefully I'd do good enough work that he would think it wise to simply pay me and continue to make money through similar deals I'd find, rather than save a little money by screwing me and thus burning that bridge. Plus I'd like to think there are some honest, stand up people left in this world - lol.

Does this sound reasonable or am I being incredibly naive?

Hmmm... This is starting to sound like wholesaling, at least what I read of it in Corey's description earlier in the thread. I did not know that bird-doggers secure exclusive rights contracts. I thought they simply seek out properties, run due diligence, crunch some numbers, and report back to their investor with the relevant metrics. Limiting it to this would mean there's no real paper trail connecting you to the investor, right?

Also, is it difficult/expensive to obtain a broker's license? Given the costs, it sounds like it could be a good way around this problem. Any suggestions?

Interesting...Why is this? The way I understand it, you are simply finding deals for another person. Even if the law-makers don't like this, how would a prosecutor prove that you brought the investor the deal in the first place?

I've given this some thought and decided I'd like to do this. (Primarily because it's one of the few things I can do given the very little capital right now) During the school year I'm in Boston, and this summer I'll be interning in Detroit, so I'll be able to "birddog" those two markets.

Is this service traditionally done on a volunteer basis? If not, how is compensation usually handled? How is this different from a realtor?

Lastly, how might I go about finding people who would be interested in these services? I'll admit I probably don't know everything needed to do it optimally, but I'm voracious learner.

How do you make money?

Thanks for such a warm welcome! After reading through a few threads here, I had a hunch I had found something special.

Looking forward to learning!

Hi,

My name is Justin. I'm a 21 year old student studying electrical engineering at MIT. I love engineering, but I know it won't allow me the financial freedom I'm looking for. I've looked at how others have built their wealth and decided real estate is the option for me (I'm very much a hands on kind of guy)

Unfortunately, I have little background in this area. I don't know where to start. I have read a few of Kiyosaki's books (from the Rich Dad series if you have heard of it). I'm dying to learn. I'm also proud to say I have a strong work ethic, and given direction, I fully expect to realize my goals. I came here seeking that direction.

If anyone can recommend books, other blogs, people (I would love to develop a relationship with a mentor), or anything else, I would love to hear it! :D