All Forum Posts by: Melodee Lucido

Michael, yes this one of my two favorite forums. For all around help this is the awesomest place for sure.

I share your thought about the patient pros answering the same questions over and over again. I used to have a national bird dog forum--I think it was 2003ish. I started it to get help finding deals and it turned into a full time training site.

I swear I answered the same questions time after time and I had a BIG RED box on the 1st page that said: "NEWBIES START HERE" so they could get the basics started. Human nature, ya gotta love it ; >

I even walked a guy out in Florida through a deal from marketing to closing---mostly walked him thru his fears and hesitation. Our agreement was that he'd throw me $1k at the end. I was such a dummy I didn't get it writing. All I got was a quick "Bye bye" and a good lesson.

I will start writing bits and pieces toward the goal of having a blog. I've really got to stop wasting so much time----mostly sleeping 6 hrs at night LOL. I love this industry and it never seems like work. I've got some ideas; I'll brainstorm it a bit more.

Thanks for your input. Now, my new friend, what will it take for you to get into action and start your first deal. I'm not being pushy here but honestly, the learning is better when you are doing a deal. It doesn't all have to be perfect.

Jus' somethin' to think about. What's your desired niche?

Success to you Michael!

LOL!

ooooh, got it. That's what comes of reading way toooo fast to try to soak it all in. Thanks for clearing that up : /

um Jarred, you're kind missing the whole point. You have the same idea as some of the local guys . . . "yeah, just bring me some deals, I'll be happy to collect the dough".

K, no. That's not what I'm sayin' here. How many investors are gonna get on the phone (numerous times day maybe) and walk the newb thru how to handle some of the leads coming in. Who will walk the newb through finding the best buying and exiting strategy for each deal?

I love this forum. However, I think sometimes those of you who are rockin' forget what it was like when you couldn't see the forest for the trees. . . when it was all Greek. This isn't criticism. Many here are freakin' AWESOME at patience and helpfulness.

I'm not just talking here about my needs. I'm talking on behalf of all the beginners that come here. I'm thinkin' about starting a blog here for the newbs . . . just one idea to track how it's all progressing.

This was an interesting thread to me after reading the positive reviews in other threads about Cris's course.

I bought a couple courses years ago---decent ones--and I have to say I did enjoy the step by step approach and all the info in one place. I rarely want to buy any course these days.

I like the sounds of this one by Cris but I can probably feel my way along and learn as I go. It's nice to not have the money to tempt me to buy any course lol.

Bill, back when I was brand new in crei I had reached out to some local seasoned investors. Sounds like real good advice, right? It was a disheartening experience.

They were so busy making money they didn't want to partner with me to do deals. They said they weren't mentors and "there are books out there to read". And if I had a mentor like some on this forum/thread I would be scared to ask a question because I might feel stupid for asking it :/

We didn't have forums as awesome as this one back then. Everyone was covering their hand in the big poker game so it was trickier to get what you needed from them.

I would not be one to completely discourage someone from buying a course that had good reviews. We all have our own path and I can't say what will motivate someone to get into action. I could give them my own experience and then let them make their own decision.

I wonder how many here would actually want to partner up/jv with a newb from start to finish. I'm just wonderin'

Jenkins, I am wondering if you have googled the name of the program and reviews. This can be very telling before giving money for any course.

A few months ago I looked at the Cont/Norton backflip program for residentials. It went like this:
1) Find props with jumbo loans on them that are under water;
2) These homes must be current on all mtg payments;
3) Get a contract with the owner;
4) Negotiate with the bank to lower the mortgage based on "the owner is going to walk if we don't so this";
5) the owner gets to stay in the house;
6) We get a big payday

It may have had a few other details in there, I don't remember.

I did a search on G and found many that had bought and returned the course because of NO, I repeat, NO support as promised. Also, no one found that Conti/Norton premise proved to be true.

The repeated question, over and over was why would a bank deal on a home that is current on all payments. Also, why would an owner have us do what they can do themselves---basically, refi.

I decided to pass.

If anyone has any wisdom on this matter or has had some experience with the Conti/Norton products it would be interesting to hear.

Hey there Michael,
I am surprised to see a type written card and the fact that you use stamped stamps (if I understood your post). Is it just letters that are to be hand written?

I used to send a VERY simple---just a bold title & a few bullet points WITH a hand written short sentence on it. I got good (I was told) responses 1-2%.

It has been many years since I marketed in crei. Can you please elaborate a bit? I will check out more of your other posts. And I did order my free yellow letter---it should be here soon!

Thank you for all you contribute here.

Thanks for your reply Bill.

I was hoping for input from so of the SoCal people as to if they are adjusting their margins in this market. It's all good tho. I'm sure I will be learning as I go!

Success to you

Ok you got my attention there Will. You don't work with title companies? Please explain why for the benefit of us beginners.
Thank you,
Melodee

I have a couple of questions that this newbie needs advice on from experienced wholesale flip investors.

Is it still reasonable/common to expect a 65-70% arv margin in today's market? I've heard investors here in the Ojai, Sta Barbara area say that the margins are getting skinnier.

The areas I mention here are higher end (mostly) prices. Heck Oprah, Wayne Dyer, Reese Witherspoon and the like live within 20 miles.

I know deals are still being done. I am just wondering from those of you working similar farms what a realistic margin is.

*****

Along the same lines have you ever found a prop:
1) that fits the profile of your investor/buyer(s)
2) called the bank, did the due diligence and
3) then called your buyer to tell him/her what you have in the works
4) told them to go look at it and tell you what they would pay for it
5) you get the price and flip it to them
6) collect your wholesale fee.

I enjoy Steph Davis' mentoring and she says she has never gotten burned doing this.

Thank you in advance for your prospective on these questions.