All Forum Posts by: Logan Boyter

Thank you for the congratulations everyone! @Sharyif Grevious I'm in Shreveport, Louisiana. @Chris K. I spent in total around $80 for the list and $500 for the letters, and we'll use the list of names for a few months yet!

Hello everyone on BiggerPockets! I have a propensity for rambling, so I'll try not to make this into a novel. (No promises)

On Tuesday of this week (11/19/13) I closed my first wholesale deal. My check from the title company was $16,000, plus the $1,000 deposit from the buyer, means that I made $17,000 on my very first deal. I am absolutely floored, and I couldn't have done it without the help of many many people.

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2 months ago I was working a factory job at a place that makes generic pharmaceutical drugs, and I could not have been unhappier. I would listen to BP podcasts during my break, and one of them was @Jerry Puckett talking about his wholesaling business, and his website Market Like A Wholesaler. Well I checked it out and decided that this was my guy. So I scraped together the funds to send out ~500 letters to absentee owners in my area (I was only making $10.50/hr at the time, but I am fortunate enough to still have very few bills since I live with my parents) and I sent them off. I got about 25 calls off of the first ~250 I sent out, and one of them turned out to be someone who was really interested in selling quickly.

It was a very long process and I'm sure I don't need to detail out every step here, but I asked Jerry a multitude of questions along the way, as well as my sister, who is a Realtor here in Shreveport. I don't know where I'd be without either of them. But thanks to both of them, I got the contract on the property for $50,000, then I noticed that I overlooked the ancient electrical work and had to talk them down to $43,000. I listed it on a Thursday morning at 8 AM on craigslist for $55,000, and by 11 AM that same day I had two buyers looking at it and they actually bid it up to $60,000. By 2 PM that day I had the assignment of contract form signed and had the deposit in my hand from the end buyer, and from then I had to just wait for closing without getting too nervous. Everything went fine at closing and everyone involved was very happy. The people I sold it to actually plan on living in it with their children that will go to the school next door, and the owners were happy to have it off their shoulders and have money in their pockets.

If you're considering wholesaling and need to send yellow letters, or do anything else he offers, I wholeheartedly recommend Jerry. No, he did not put me up to this :) He is just that awesome. He answered every question I had, and gave me the tools I needed to follow up on leads efficiently. Like I said earlier, I couldn't have done it without him, my sister, or the awesome attorney at the closing title company. This is just the beginning of a wonderful journey!

Welcome to BP, Braden! I'm an investor in Shreveport myself with plans very similar to yours and your partner's. It looks like you have a pretty good idea about real estate investing already, but be sure to read the ultimate beginners guide if you haven't yet! Good luck and I hope you'll find everything you're looking for on BP!

welcome back to BP! Where at in Louisiana are you in currently? I'm in Shreveport myself

Fellow newbie here, so I'm really hesitant to give advice. You've been studying much longer than I have (i've only been at it 3 months or so) but I've definitely put as much free time as I could into understanding everything I can about real estate. That being said, I'm going to do my best to help you out here! Sorry if I'm just rehashing stuff you've heard over and over, but it certainly doesn't hurt to hear it again. And if it's stuff you've never heard, all the better.

First, make sure she has enough equity in the house to be able to sell it for what you want to wholesale it for without her bringing money to the table. Another thing is that she's told you there are no major maintenance issues, but virtually everything I've read says to examine the property first hand if at all possible, there may be problems she isn't aware of, or even worse, purposefully hiding from you. This goes double for an out of state owner. Also make sure the way you're discerning the current value is correct - good comps in the area sold in the last 6 months within a half mile, etc.

Another thing is that 80% of FMV may not be good enough of a deal. Let's just say the duplex costs $100,000, and you get it under contract for $80,000. Your fee might be ~$5,000 to assign that contract to a fix and flip, or buy and hold, investor. If it's the former, they have to cover closing costs and other fees that I can't list off the top of my head. That leaves a very slim profit margin for the person you assign the contract to, and that's assume absolutely no work is needed to flip the house! I would definitely attempt to talk the deal down to ~70% or lower, if possible.

Like I said, I've never done a deal, but I certainly have what I believe to be a substantial amount of knowledge - Certainly nothing compared to the veterans of the BP community. Nonetheless, I hope I could help! And to all the veterans reading this, if I'm way off the mark and overstepping my boundaries certainly tell me and I won't post again until I have real life experience in real estate investing!

I read their book since it was free, aside from S&H. It was the first REI book I read and it gave lots of good info. That being said, they were always trying to get me to pay them to be my mentor and they constantly send me emails with the same goal. It has never seemed worth it to me, but I'm not sure about their seminar

thanks Jenkins! I'll definitely check those links out when I get off work (currently on lunch break)

Hi John! I'm willing to do whatever I can to make my real estate investing come to fruition. Thanks for the warm welcome

Thank you Michael! I'll definitely keep you in mind over the course of my journey. I don't know much about mobile home investing. Time to do some research! Thanks for the tip!

Thanks James! I saw you post somewhere a while back, when I searched the forums for Shreveport. I definitely will be reading everything I can here on BP, and I've read and reread the Ultimate Beginner's Guide. Thanks for the tips and the warm welcome!

Hello everyone! My name's Logan Boyter and I'm a new 19 year old real estate investor in Shreveport, Louisiana. I'm not entirely sure why I got into real estate investing. I think it was because my brother and I were talking about our future, and I said something along the lines of "Why not just buy houses and rent them out? Isn't that something people do for money?" Since then the plan has evolved and morphed in many ways. Within the next week my brother heard an advertisement on the radio about "The Flipping Formula", from Dave and Pete on the show on A&E. It was free, all we had to pay was shipping. My brother told me about it and I took it as a sign, read it and became enthralled. Since then I've been reading as much as I can, making plans, trying to poke holes in them, and then making better plans.

I got the book around two to three months ago, and if it were up to me I would've started advertising for motivated sellers the day I learned that wholesaling was a possibility, but I was having trouble finding a job. I had just gotten out of my first year of college and decided to take a break for a semester or two, and I had to move back home. Job after job fell through, but finally (a week ago) I got a job at a local pharmaceutical company, and now I'm getting ready to gear up and actually start investing, finally. In the mean time I'm listening to every BP podcast in my spare time, reading every book they mention on there, and generally just doing the best I can to be prepared for my first deal. My end goal is probably the same as the majority of the people on here: Have enough passive income to quit my job! That's all I can think of for now, thanks for taking the time to read this, everyone.