All Forum Posts by: Matt Horwitz

I recommend studying direct response marketing/copywriting. Check out a site called 'Copy Hour'. You have the smarts and the empathy... if you can channel that into authentic copy, it'll be a competitive advantage. Sounds like you're already doing this energetically (via voice)... just need to practice getting that into a different medium and laid out effectively. 

If you're starting out I strongly recommend against virtual wholesaling. You have so much to learn and are out of the loop to start... going into a new market without your feet on the ground and detailed knowledge is usually a mistake for most. Start local. Stay focused. Stay patient.

Data points are a good start. Find comps that sold. Boil all prices down to price per square foot. Average them out. Then show the seller how far above market rate they are.

Question stack. List out a few questions off the top of your head and put into a document (which type of deed is best for X county, is there transfer tax, do I need title insurance, what other questions should I be asked, etc.). Call 3 title companies. It's awkward at first, but screw it. It's how you learn. After those 3 calls, refine your questions (now you'll have some context). Call 3 more title companies. And repeat the process one more time. After making 9 more calls, you'll have FAR more clarity then you have now. Hope that helps ;)

Save up that 50k. Good idea. Continue learning. You'll get more clarity as time evolves. Hit up a realtor and start looking at houses ("threshold theory"). Also look at houses on CL. Get in the dirt.

What street and zip code is it in? What's the square footage? Do you have any experience rehabbing?

Systems, systems, systems. And pattern recognition. You'll need them in order to be successful. Choose a focus area, preferably where you live. Look at 50-100 deals before you make an offer. If you're starting out and have to travel long distances just to possibly engage in business.... ehhhh, probably not the best idea.

Are you in need of financing to purchase this rehab in Marlton? If yes, then what others are warning about is correct. The loan will be a "commercial" loan, under different (usually more expensive) terms. Things are more expensive (like interest rate + down payment), but sometimes I find it's still worth it to pay more (for example, if you like your privacy... which I do... so I'll pay for that). 

Regarding an S-Corp – more specifically an LLC taxed as an S-Corp – this is generally not advisable (in this scenario) as you'd need to take a reasonable salary (which is subject to self-employment taxes). Your rental income will be known as passive income by the IRS and will not be subject to self-employment taxes.

BOTH. Don't let a lack of funding hold you back from hitting the streets and getting busy. If you find a good property and the right opportunity, you'll be so much more driven to hit those phones and make 20+ calls a day. You'll find the money. Now balance that out with making more casual/networking calls and talking to lenders. Bring a property that is on MLS/Zillow and make it a hypothetical to see what they're looking for. Learn both sides at the same time. All these "either/or thinking" is not helpful for us. Both! ;-)

Taylor Jennings - nice man! rock it !!