All Forum Posts by: Mashika Johnson

@Esprit Smith how long have you been doing it?

Hey Everyone,

I need all the experienced flippers who have every flipped a house virtually or long distance front and center! I came up with the idea this morning that I wanted to venture into other markets to fix and flip and partner with active flippers in those markets to build up my cash to invest with other strategies that I am interested in. I want to get insight from people who have actually done this successfully. Here are a few conversation starters:

1. Did you build out a team to do the flip virtually or did you partner with someone in the market who had everything else in place, but you brought them some form of value?

2. If you built out a team, how did you find the players for your team and how did the qualification process go?

3. If you partnered with someone in the local market, how did you find them and how did you know they would be a good fit? (Did you base this off their goals or who they were as a person?)

4. What processes did you put in place to open lines of communication, get updates on what's going on, make sure that your interest in the deal was protected, and that the process went smoothly from start to finish?

5. What challenges or struggles did you face by not being local?

6. What did you include in your operating agreement with the partner?

7. What criteria/I will only do this deal if...did you create along the way?

Any other advice would be greatly appreciated.

Thanks in advance!

Mashika
  

@Kevin Moules

Thanks for the tip!

@Brandon Richey

How did you get the 75k line of credit?

@Kevin Moules

Thanks to you I just learned that you can get a multifamily property with a FHA Loan. My husband and I have been trying to figure out how to get a multifamily property, live in one of the units, and avoid putting down 20% for a downpayment. Way to go!

@Brandon Richey

Well you're killing it regardless especially in such a small time frame. Did you start with a lot of capital?

@Brandon Richey

Wow that's amazing. How long have you been in the game?

For those of you who read Rich Dad Poor Dad, you know about the 3 day real estate class that Robert Kiyosaki took. His instructor gave the students an assignment to find 100 properties in 90 days and do a one page report on each one. In "Why The Rich Get Richer," he goes into more detail about what was included in the report. If they found a possible deal they had to physically inspect it, analyze it, and write the one page report on the pros and cons of the propert, possible income growth, forecast on debt, taxes, and phantom cash flow. Just out of curiosity I wanted to know if anyone actually ventured off and attempted or did the assignment. As I'm reading "Why The Rich Get Richer" it has me thinking that it wouldn't be such a bad idea because you're increasing your knowledge on how to find good deals, and instead of just picking anything you can cherry pick by forcing yourself to have more patience while competing the assignment. Has anyone done it? Let me hear your thoughts.

Hello fellow wholesalers. I've read time and time again that wholesaling is a numbers game. I mostly drive for dollars. I've only been able to do about an hour and half worth of driving a day because my girls want out of the car by that time. I come home with about 12-20 addresses which only lead to about 3-8 leads that I mail too. If driving for dollars is your main source for lead generation how many hours a day are you driving? How do you map out coverage of an area? For example if I target a specific neighborhood, I want to make sure I hit every street in the neighborhood. How do you accomplish this. Also do you map out your driving course for that day? If so, how do you go about doing that? What is your daily target for the amount of leads that you want to have at the end of driving? Do you meet the goal? How many letters are you sending out a day to make this make sense and actually get calls from home owners? I also skip over leads that have the homeowner actually living there and houses that have 2 bedrooms or less. Am I leaving money on the table when I do that? Any advice you could give would be helpful.

@Wesley W.

Is this just a basic bank account?