All Forum Posts by: James Vermillion

Opening/managing a golf course is a huge task I am sure, do you have any experience is the golf business, or a strong partner to go in on this with you? I know I did not at all help you, but I am concerned that the analysis is not anywhere near enough to even begin to look at.

I am glad these crooks got busted...this was not a simple ignorance of the law situation, this was a case of swindling people out of their money. This proves two things:
1) Do not try to rip people off, it will eventually come back to you
2) Be careful w/ securities laws (same goes for tax laws, landlord laws, etc.)

I would not do this with a painter I have not used before. If it were someone I had used in the past and they were getting so much business that they changed their policy, that would be a whole different story.

I cannot choose one specific piece of advice, but I can think of one general theme that has really helped me....LEARN. Everyone wants to jump right in and start doing "deals". I was the same way when I caught the real estate bug, but BP helped me control my emotions and educate myself before I made any poor, uninformed decisions. In the business a lot can go wrong, and it s up to each person to limit the risks they are taking while maximizing profits. Through BP I learned this the easy way and saved myself a lot of problems.

Email is somewhat useless for certain things including screening people. Just think, people use the internet to scam people every day...why? Because it is very easy! Through email applicants have too much time to come up with lies, schemes, scams, plans, etc. They can avoid answering for hours or even days and just say they did not have a chance to reply to the email. At least if they are lying on the phone, they have to be better liars, and you have a much better chance of catching the truth.

I disagree that wholesaling is better than rehabbing in most cases. If you don’t have any money, they yes, wholesaling is often your best/only option. If you found yourself owing a ton of hard money payments due, you more than likely made a mistake or several along the way. It does not take a ton of money. My business partner and I each put about 9K into our first property, and we are looking at making 35-40K. That being said, it did take a lot of work. We spend an entire year developing our business plan, becoming licensed agents, working with a mentor, developing relationships (banks, contractors, brokers, lawyers, accountants, etc), filing LLC paperwork, preparing the operating agreement, etc.

All of that work has already started to pay off. Of the dozens of wholesalers I know, very few are successful. I am not saying it cannot be done, or that you should not do it, but rehabbing can and will work if you put the time/effort/thought/planning!

With the way UTerus is looking I wouldnt bet on them to beat anyone :mrgreen:

I think he may have meant people do not open 90% of their emails, or in your case 99+%...I am not sure though.

Just a quick update. The one potential buyer could not get the financing they needed. The house just went on the MLS and has already generated a lot of interest and a couple offers. I am really hoping we can get it under contract in the next several weeks.

Also, this weekend we put two REO properties under contract! I am very excited about the potential of these 2 and cannot wait to get started on them.

We have started to see things looking better from the flipper perspective, in fact we were having a lot of problems getting offers accepted for the last several months...last week we had two and are on the verge of a third.