All Forum Posts by: Mark Moore

Depending on the niche of investing you want to get into, I would suggest a Business/Marketing degree as a solid foundation.

When I began to understand the nature of investing, especially wholesaling, I realized that I'm being tasked with finding buyers & sellers, not selling homes. I happened to major in marketing and can recall multiple projects where we did ACTUAL direct marketing campaigns for local businesses - I use those lessons today in my own DM. 

Most investors start off raising capital via wholesaling BTW. And it's a lot of fun. 

Not to mention that Marketing is essentially a social science spin off into the business world (consumer behavior, pricing strategy, professional selling, etc). I'd rather learn about what influences buying behavior than what makes Pavlov's dogs salivate. 

As part of a any business major, you will have sufficient exposure to things like accounting, finance, management, etc as part of your core curriculum. By the time you get through 4+ years of a standard University education, you should be well rounded enough to get the job done. What they don't teach in college is hustle, so you'd have to find that yourself :)

As far as an accounting or engineering degree (previous suggestions), I completely and respectfully disagree. Those hyper-specialized functions are best left to people who work FOR you - I'd rather pay my accountant to navigate the IRS requirements on my S-Corps any day of the week. 

Think of yourself as the man with the vision, or the conductor of an orchestra - you need to spend your time wheeling and dealing. Best of luck. 

I know I'm late to the dance, but I'm going to throw in my 2 cents anyway. 

A lot of people use Zoho, but I find it to be too much like salesforce.com. This might be great in practice, but it reminds me too much of my previous corporate hell-hole job. Tracy Caywood (I believe?) with "property mob" designed a wholesaling template for Zoho and it's around $250 (she offers a discount but you have to email her). If I wanted Zoho, I'd buy her setup - seems very thorough. You'll have to use Zoho's "pro" version at $20/month. 

All that said, and after a long trial period, I've personally decided to use Pipedrive. I'm a huge fan - very customizable, great app, reallllllly simple/usable, it links with other tools/apps and it's not too expensive : $12/user/month. 

Thanks, Roy. That's essentially what I meant...so it appears that made sense. I was also curious if there might be anything I would need to prepare for, or expect. 

Thank you for your thoughts!

Hi Everyone!

I'm in the beginning stages of a potential wholesale deal and have some questions. 

First, I want to say that this isn't my 1st deal, but it's the first deal that isn't completely straight forward and I know there are plenty of people with VERY creative deal structuring experience on here. 

Assuming that the deal ends up being viable, how would you proceed with the following criteria:

1. The ARV is $250K

2. There are some major repairs that will be needed. For this exercise, let's assume it's $50K total.

3. The seller owns the house nearly free and clear....except for the complication...

4. The seller has a $65K HELOC.

How to proceed? Is it as straight forward as "I'll offer you $X minus the $65k heloc"? 

Your advice is appreciated in advance! 

Mark

I've been new for a while but have recently gotten some serious traction and have made a deal, working on a second. 

Most people would agree with me when I say that even if you don't make a buck, just DOING SOMETHING is your best bet. It's amazing how much confidence you gain just by taking action. When it pays off, and it will, the world begins exposing opportunity everywhere you go that you might not have seen before. 

Keep it up, man! 

Update

I did find a buyer and actually ended up in a multiple offer situation after only having the home under contract for 24 hours. 

@Mark Freeman Yes, I did well on this deal, but I didn't want to get greedy. "Pigs get fed, Hogs get slaughtered", right? Further, I didn't even take the highest offer, I took the offer from the person that it makes the most business-sense to work with. 

Anyway..in the end, I'm very happy with the results and owe many thanks. Will update again after we close in October. 

Cheers! 

 Thank you, Rick! Great meeting you... I'll stay in touch!

Mark 

I know a guy, Delon :)

Area: 30032

Updates for anyone who is interested :

After some negotiation, the Seller accepted my offer!

Also, since I didn't share originally: the ARV is $110K for this property per my Realtor's CMA (which I'll share with potential buyers!).

Mark 

Thanks, @Brett Russell. Yes, you're correct--my addition was sloppy on the income figure. Luckily it wasn't a devastating amount! Good catch.

As for the cap rate you calculated; I wouldn't be offering the owner $60k, and I don't believe he expects it, which is why I provided a range in my cap rate calculation. My insurance figure is accurate, but I'm not sure about the management. I've always heard 6 or 7% in Atlanta. Thoughts anyone?

Either way, I'm still optimistic that this is a very solid deal and would adjust my fee to make sure the final purchaser ends up in a favorable position.

Thanks again!