All Forum Posts by: Lori Greene

Sure, taking 10 - 20% on your first few deals is a great idea. But I have seen lots of advertisements from investors seeking newbies to bring them deals and do the work for a 50/50 split. Maybe start at 10 - 20 then try to get one at 50/50.

Then seek out private money and offers those partners a 10% annual return on their money. On a 6 mo rehab, if they put in $100k, that's $5k profit for them and most of the profit for you. People with money who aren't investors or lenders are always thrilled with a 10% return.

I've always felt that wholesaling and private money are the best ways to get started. And when I say private money I'm not talking about Hard Money. Professional lenders often refer to themselves as private money.

I'm talking about just regular people who have a little money to invest and are intrigued by REI but don't know enough to get started. If you just tell everyone you know and meet that you're doing real estate investing now and if they know anyone who wants to make a great return on their money investing in RE to let you know. Say you'll do all the work if they put up the money.

You'll be surprised at how many people will say, I'm interested or I know someone.

If you haven't done any deals at all and want to show you've done a successful deal, you can always partner with another investor as a 50/50 profit split where you bring them the deal and you do all of the work and they put up the money. Then you'll have some good experience to show potential private money partners.

Always trust your gut. Sounds like you really already knew what you should do because buy/hold/rent feels natural to you and flipping feels uneasy. And having a good portfolio of buy/hold properties is one of the best strategies for building wealth. Later on you'll be glad you followed your instinct and kept it.

Hi Alex,

As far as what apps and services to use, systems to put in place and features to offer. It can be overwhelming and often not practical to try and build your ultimate vision right out of the gate.

The most efficient way to build out your ultimate vision is to start with a Minimum Viable Product (MVP), the most simplified version possible of your ultimate vision. From there, you test things out and make adjustments and additions as needs arise.

This way of creating a large business model is popular these days because:

• It costs less to start out.
• You learn from mistakes and issues as you go so you won't waste money on things you thought were a good idea but didn't work out like you thought they would.
• You get input from the users of your service along the way essentially letting them help you create what they really want which leads to great customer reviews, etc.

That's what we did when we started our online comps service. We started with a super simple service and website and built out from there. And now not only are we doing well with starting to expand into our ultimate vision but we are going in directions that never would have occurred to us in the very beginning. The key is, let your business build itself.

As far as your ideas for decorating, I came across what looks to be a great little app recently that is a virtual staging app for Realtors called Hutch. It let's you upload a photo of an empty room and fill it with realistic looking furniture, rugs, wall decor, etc. And you or your prospective clients can actually buy all of those pieces if you like them. Seems like a very inexpensive way to attract clients with decor.

Tired of calling agents for property value comps? Finally there is a website where anyone can order real estate comps and value analysis from a local agent anywhere in the U.S. without having to contact the agent yourself.

It's as easy as filling out a short order form on RealEstateCompsToday.com. Your order will then be immediately sent to an agent who lives in the area of the property and knows that market well. The agent will run your comps report and email it to you right away.

The most accurate comps report you can order is a CMA (Comparative Market Analysis). It has page after page of side-by-side comparisons of sold properties in the area of the subject property as well as value adjustments for their differences.

The one-on-one value analysis consultations are also a great add-on to a CMA for the most detailed and in-depth value analysis possible.

Real Estate Comps Today will even follow through with your agent and personally inspect your comps report to ensure that you get only the highest quality comps and value analysis within about a day.

The agent will then offer further assistance if you like. From there you can work with your new agent however you want. And you can order as often as you want. Perfect for investors.

There is no other service like it. And it's very affordable: RealEstateCompsToday.com

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Feb 24, 2019

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Marquis, there are other ways besides assigning a contract to wholesale a deal. You can do double closes or disposable LLC's as well. I love using disposbale LLC's personally. All you have to do is create an LLC online and make your offer in the name of the LLC, then if your offer is accepted sell the LLC to your cash buyer for the amount of your wholesale fee. Since the LLC owns the contract, whoever owns the LLC owns the contract. This way no assignment is necessary. If the offer is not accepted, you are free to make the next offer under the same LLC.

This strategy works for me in Utah. But do check with an experienced investor friendly attorney on your area to make sure you can do it where you are. Taht attorney would also be able to give you good advice on how to make assignments work with the changing laws. And remember that double closes can work for wholesaling too.

Hi Tyrell! The first thing you want to do is put out ads to get the deals coming to you. That will push you into action and you'll learn faster than you can imagine once you start doing the work.

Here's an article on BiggerPockets with some tricks to putting out an ad that will get a good response and tricks for how to get more offers accepted: https://www.biggerpockets.com/forums/61/topics/635...

Let me know if you have questions about these strategies. Always happy to help.

Hi Jamar. Here's a great article on BiggerPockets that will show you how to make the deals come to you: https://www.biggerpockets.com/forums/61/topics/635...

I'll give you a hint: Put out ads. But there's a lot more to it. So, read the article and then let me know if you have any questions.

I agree that having clear communications with your realtor on a regular basis is a good idea. That way you not only get to know each other but the expectations are clear on both sides.

As far as a good deal, how could you possibly know when you're going off a Zillow value? Zillow and instant value sites like it only go off of outdated public data. They don't have the insights and personal knowledge of a realtor. You need to get comps from a realtor. These days you can even order them online.

Once you have an accurate value, then you can run numbers to decide if it's a good deal.

If you can afford it, then of course using an attorney to do it right is the best option. But some investors can't afford that when they're starting out. If that's your situation, then you can set up your own for your first few deals and then pay an attorney to help you with the best protection.