All Forum Posts by: Ke Nan Wang

I think the best way to go about seeking "free" mentorship is to find a market you want to invest in and start talking to Realtors in that market. A seasoned investor/Realtor who values relationship does not mind give you some free time in a hope that some day down the road, you will use them to close a deal. But doing it this way you need to either have a nest egg saved up or have a good paying job with a prequalification letter in hand. 

If you don't have much money yet, I would advise you to save money to that point. 

There is a way of investing in real estate using other people's money (OPM) but it's very difficult to do and most likely require you to pay some coaching program to get it started. 

Historically does it flood in that area and how bad is it when it gets flooded? You get the best info simply from talking to neighbors who have lived in the area for a long time, preferably have seen the last few big storms. 

We have built and held new construction short term rentals in a flood zone area. We have historic data showed the neighborhood get some water, but never flooded badly in the last 2 decades even with some big storms and hurricanes that heavily flooded other areas in town. We built the house as high as we can. Did FEMA flood elevation survey and have a pretty profitable run with that property so far. Have had a couple bad storms this year but nothing came close (knock on wood).

Check out the project here:

https://www.knancorp.com/617-sands-dr

It's a viable idea, the devil is in the execution. 

1. Every homeowner is bombarded with "we buy your house" junk mails, text messages, spam phone calls every day, so how are you differentiate yourself from a million other wholesalers in the market?

2. Most people work with real estate agents that's what they know and it's a regulated industry. Wholesaling is a wild west, if you work with people you trust, fine, but there are also bunch of scam artists/liers out there, the less sophisticated buyers can get hurt easily if they don't know how to screen wholesalers

2.5 same as every other contractors, handing out flyers, door knocking. The key is repeat business. Consistent quality that makes the customer happy, within their budget, and make you money, how? Are you gonna have your own employees you can control or do you just sub it out to contractors who may or may not show? now you have people just call you, complain...

3. How do you quality control the contractor? The good ones charge good money, cheap ones don't show up or do good work. So you are basically being a contractor and how much spread are you making?

4. Assume it's a $30 lawn cut job, how much are you charging the customer and how much are you selling it to the contractor? Is it worth the money for you to be responsible for a job and only make a small percentage? What's your license and insurance to allow you to do the contract legally? How and when are you and your contractor get paid? Again, contractors also get called from people who sell leads too, so how are you different than the rest? Are you charging less per lead? or do you get paid a percentage when the contractor get paid? 

5. So just like every wholesaler out there. 

6. just like every wholesaler out there.

7. It's called assignment of contract and get an assignment fee. same thing

All in all, it's a wholesaling game with a little extra services thrown in. The execution would be the same as wholesaling. 

One of my wholesaler friend is doing this but instead of trying to make money on the service side, he genuinely does it to help out the seller and not upcharge anything or even invest his own money if it's something small like clean up the property. 6-12 months down the road, he builds a good relationship with the seller and gets to buy the property from the seller. I feel like his way feels more genuine and viable than your idea proposed. 

The biggest disadvantage you have is your age and I'm assuming you look and act like a 20 year old too. If you look and act way beyond your age then disregard what I just said. 

So many advise here are your normal traditional real estate coaching advise but most people do not trust a 20 year old to handle their real estate asset unless you've already built a brand for yourself (not applicable) or they are really going out of their way to do you a favor. Opportunities like that is not something you can count on. 

I would recommend first, greatly strengthen your David Green's defense pillar, meaning, live a very very lean lifestyle, every expense has to be a very conscious decision. 

Then with a lean lifestyle, this allow you to work for a good team that can offer to teach/coach you lead gen and sales and you worry less about the commission split because you have less bill to pay. Your few years, do not worry about your income, value your education and building good relationship with people no matter where you go. Say yes to everything, show up with enthusiasm. When you become valuable to others and have a good network of people, you income will grow naturally.  

Hi Kristine, I'm sorry to hear about your experience. I would say that only a very small percentage of the people here are the real deal. Even many "experts" who have appeared on your favorite podcast aren't as successful in reality as they portrayed themselves on the podcast, let alone a stranger from a forum. Don't let it discourage you.

I can tell you that you can learn 90% of the things you need to get started for free or at very little cost (<$100, mostly from books and go to local real estate networking events). If you're just starting out, there's plenty of free content available to teach you before you reach the level where it makes sense to invest in a coach or join a "mastermind" group (personally, I strongly dislike that term).

As long as that business reports the income and you report the expense there is no conflict. 

We own a construction company and a rental property portfolio. We don't use our construction company to generate an invoice against our rental portfolio unless we want to show more income of our construction business for the reason of either applying for a loan or increase EBITA to boost up valuation of the company. Everything performed on a property is a straight up expense paid to the vendors or subcontractors. 

First time for me too. Let's meet up and chat. I'm looking forward to this as well. 

 I second this. Try your best to find another employment is the most secured option, even if you had to take a little pay cut. 

The reality is this, the market is going soft, so your ARVs are coming down. But sellers aren't seeing it that way yet, so it will take sometime, maybe a year, for sellers to come to reality that those prices are not feasible anymore. 

You could double down on your entrepreneur journey and try to make it work, it will be nerve racking until you make it through. Are you and your wife committed to walk that path? 

Still speak to the agent and if both parties sign the release and cancellation form with the EMD go to the seller, you will be released from all future liabilities. I don't think the seller would not take the EMD and take you to court. Much easier for the seller to take the EMD and move on to the next buyer.