All Forum Posts by: Account Closed

What is SPUNG?

Consider joining your local REIA. Good way to meet fellow investors in your area.

I have wholesaled land.  It really isn't that different than wholesaling improved property other than the price points are a lot lower, the spreads thinner, and the market for them a lot smaller.

To determine if it is even worthwhile, check out the comps in the area for move-in ready properties.  If the price per square foot is less than the cost of new construction, you may not want to waste your time.   No business person builds new houses on vacant lots that will sell for less than they cost to build.

You have been fed a line of you-know-what.  The Freedom of Information Act makes charging for that information illegal.  By law, they have to give it to you FREE.

She told you what she told you because government employees are 1) incredibly lazy and 2) like to act with authority because they work for the government.  It makes them feel important.

Go see her in person and ask her again.  When she gives you the same line, tell her to give you the form they offer for requests for information under the Freedom of Information Act.  More than likely, she will tell you that she doesn't have one. Tell her that the law entitles you to that information free, and you need to talk to the person in charge of the department.  When you get high enough up the food chain, you'll get the person that knows you are within your rights and will give you the list.

One last thing - BE INCREDIBLY POLITE AND PLAY THE VICTIM.  They have to give you the information eventually, but if you march in with an attitude, they can stall you for a long time.

@Pete Nieves

I can appreciate all the confusion when  you are first starting out...not quite sure what to do when.

When I got in this business over 10 years ago, I hired a professional trainer who dropped into my market, spent 3 days with me in the field, and actually got some deals for me under contract while he was there, teaching me as we went, that I was able to monetize shortly after he left.

If that is of interest to you, contact me, and I'll share his contact info with you.  He is still around achieving the same results for people.

Do a search in Zillow for recent solds in your target area.

Click on the ones that show a sold price way below market value.  

Note the addresses.

Look up the buyers on your county website.  Those buyers are typically cash buyers.

Build a list of those buyers and market to them.

Hola Jesus.

That's the way the seminar industry works.  They invite you to a 3-day seminar that is really a long infomercial to set you up to buy one of their training packages.  The fee you paid to attend basically covers the cost of the room they used.

There is nothing wrong with that provided whatever they sell you provides something of value that you can monetize.  Unfortunately, many do not.  I have no personal knowledge, but I understand from others that Fortune Builders does provide content that is of value in their higher level training coaching programs, but that is just hearsay.

You can fumble around and continue to glean stuff from the "free" material out there.  You may have some success with it now and then...even a blind squirrel occasionally finds an acorn.  But sooner or later, you are going to pay for an education one way or the other.  Either from hiring a pro to teach you or through trial and error.  

Personally, I am impatient so I hired an on-site mentor who dropped into my market over 10 years ago setting me up in business.  I have recovered my investment with him many, many times over.  

Finding someone who is legit vs. someone who is a scammer can be a challenge.  I can't vouch for others, but I can vouch for my guy.  Contact me separately if you are interested in talking to him to determine if he is right for you.

My concern is that you are setting yourself up to get taken.  There is nothing to stop an unscrupulous person from taking your money and giving you nothing in return in the scenario you described, and unfortunately, a lot of unscrupulous people are in this business.

IF you want to do that, you are essentially a private lender and need to act like a private lender taking back a mortgage on the property so the money you put in, your loan, is secured.

Alternatively, I suppose you could enter a partnership agreement and make sure your interest is secured.

Regardless, you need to CYA on the downside.  Then, you have to figure out if the CYA is worth the cost of the fees you will pay to set it up and to pursue a remedy if things go sour.

If you are birddogging for rehabbers and flippers now, why can't you make that part of the birddog arrangement?  Agree to take your fee on the back end in exchange for providing free labor during the rehab and an inside view to the mechanics of the deal? That way, you accomplish the same thing, risk no capital, and learn and earn instead of learn and pay.

At true pro realizes there are no competitors in any market in this business, only partners and fellow investors, and should welcome your request and appreciate your initiative.

If the bank owns it, you looked at it with the former owner and not the owner. The former owner can't possibly enter into any kind of business relationship with you on that property. You must deal with the owner, the bank. Can you wholesale REO's? Yes but it is tricky. You can't do and/or assigns. Some impose deed restrictions. That's just a couple of the obstacles.

I classify properties like the ones you listed as "why bothers"