All Forum Posts by: Lamar Cannon

I agree with @Lynn Currie . You did and excellent job buying this at the price you did. You basically bought 2 houses in a really hot area for $187.5K each.  This is pretty close to 1/2 of current retail value.  

If your lawyer draws up condo docs, you could then sell each property separately.  You could keep one sell the other (for almost as much as you bought the entire property for, if not more).

Drawing up condo docs is less expensive, less of a headache, and basically accomplishes the same thing as subdividing the lot

Some additional things to consider:

• -How much reno. does other house need?
• -Will deed restrictions allow a condo regime?

Awesome. Congrats!

Congrats! 234 units in 6mo is an amazing job! What does the capital stack look like? Are the properties fully funded by the investors or is there debt involved? What is the exit? Is it to do upgrades then raise rents & sell the properties in 10 years?

Imagine you are 65 years old. You grew up in the 60s. You want to sell your house so you respond to a nice letter someone sent you. The person shows up and he/she is in their 20s. How should the person look? Think about this, then dress like that. Buying houses from people is all about image & perceived credibility. If the seller is spending half of the time thinking, "How is this young looking guy going to buy my house?" your chances of getting the deal are slim (even if you have the best offer) Look your best with every seller. Some people do not like tattoos and they view them as unprofessional so I'd cover them up to prevent any unnecessary deterrents. I'm not opposed to wearing suits. Sellers will always compliment you and appreciate it. I actually prefer wearing suits when talking to sellers. Why? Because most sellers are 35+ years older than my team and me. They will not understand how we will be able to buy their house cash. The more successful you look and act, the less of an obstacle this will be.

Michael Chase Not looking at the house could be a major waste of everyone's time if you do not do it correctly. When wholesaling houses, I rarely go see the house before we get it under contract. Of course that opens us up to offering more than the house is worth. We mitigate that risk with an option period. The seller and I agree that in exchange for me paying them ($10-$100), I will have the option to terminate my contract for any reason during a specified period. Therefore, no one's time is wasted because the seller knows that the deal is not 100% until I decide that I will continue with it. During this time buyers & contractors walk the property and identify areas of concern and if we discover something that brings the repair costs outside of the expected number, we can either renegotiate or terminate the contract before the option expires. Going to see every house is easy when you are working with 1-2 houses, but when you have 20-30 leads, it becomes more important to have a more streamlined process. We have a very high contract to close rate and we've only had to terminate one contract in the last 12 months. The seller was happy, because during the option period, we helped him evict a non paying tenant. This alleviated his frustration and he still owns the house today. If you have time, definitely go see the house. If not, get it under contract with a good option period, set proper expectations and you will be fine.

Danny Winters how's it going. The guys have given some awesome information. You seem like you are motivated and I have a feeling you will do well. Here are some tips I wish I knew starting out. -Networking is key. Use Meetup.com and Eventbrite to locate real estate investor networking events. Build up to networking at least 6hrs per week. John Fedro has a good post about that. -Market Consistently. Choose a couple marketing strategies and stick to them for at least 6mo. Divide your budget by 6 and spend that amount on marketing each month. A lack of consistent marketing and switching up the marketing too often usually leads to a lack of deals. -Write your goals down and review them daily. Among many other benefits, this will keep you on track and prevent minor setbacks from being discouraging. -Get a mentor. Find ways to add value to people that are successful and they will help accelerate your progress. You are going to do well. Let's hear some success stories soon.

Good Job! Keep it up!

I've found this to be pretty common.  I've talked to homeowners that have a pile of yellow letters on their kitchen tables.  Curious as to how I was not in a massive bidding war, I began to ask homeowners how the other investors treated them.  The common answer is that they either never called back or "took forever to call me back."

Common Reasons this happens

• -No systems in place to effectively answer or return calls
• -Investor is too busy and puts it off
• -Investor is satisfied with the good deal they are working on so they put everything else on hold.
• -Don't get alerts every time someone calls and realize that a 
• -Some new investors are nervous to call people back or become timid because an angry person responded

Early on, I lost a good deal to another investor because I was going to call the seller "tomorrow", which became 5 days.  I promised myself this would never happen again and put systems in place so that all sellers are contacted within 48 hours of the call - we currently average 2hrs ;)

Bottom line is that every second you wait is another second for them to call someone else. 

Good seeing you too @Roberto Andrade !

That was an awesome meeting! Great presentation @Lynn Currie !

Thanks for hosting @Mike Walker  & @James Sinclair 

It was good seeing you @Jon Klaus . Glad they snapped a pic of us!

Good seeing everyone there @Corey Young @Randon B. Robyn Roberts, Bill Fleming