All Forum Posts by: Manuel A.

Thanks Brian!

Thanks for your reply's keep'em comin!

Thank you Jim.

Hopefully the next person who comments has the decency to not be a snob and use euphemism to take a silent hit at someones use of words.

Hopefully the next person who makes a stab at someone, can, without the use of a fallacy, but that's wishful thinking.

I'm out before I have to defend myself with more logic. And if you want to correct your grammar Mr. Snob, put a space after your horrible use of an ellipsis. Your, you're, you are, welcome. :D

Well Eric's thoughts are in good intentions, you should believe some of the news. The US IS headed towards a horrible collapse. You are smart to want to want to protect your retirement. And although I may not be good in real estate (yet). I'm a knowledgeable in economics. I don't want to make a crazy long post so here is where you can get good, reliable, accurate information on the economy and where we are headed:

Peter Schiff: This is his YouTube channel, take a look at his videos, especially on gold. Gold is a great investment now and probably for a while.

http://www.youtube.com/user/schiffreport

This is all you need practically.

Also, Ron Paul, he's great at predicting the US economic problems. He's also running for president and will probably win the Iowa caucus Jan 3rd. I'm voting for him. He is very consistent and trust worthy. He also wants to end the Fed. As does Peter Schiff.

http://www.youtube.com/user/ronpaul

Believe the reliable propaganda. 2007 is nothing compared to what is coming. The only problem is we don't know if it's going to come 2012, 2013, etc.. but it's coming with the decade (10 years). Your welcome!

I'm broke as a joke. I'm a full time College student living off food stamps, pell grants, and partially my mom. I can maybe get $1,000 saved up in like... I'm not sure, but a long time, months. I don't have a job because I'm trying to focus purely on school, and I have about $5 in my bank account.

Besides wholesaling, what and how would you get into real estate investing in my situation? Like, rehabbing, renting, etc...

If you would be so kind point me in a direction, that would help me tons.

-Manuel

I want to get a perspective of what I should be shooting for this year in terms of wholesaling.

So if you could, for the sake of all of us beginners, please answer the following:

1. How many deals do you make per month? Just you, not you're company as a whole, or you and a partner, just you.

2. What do you usually make as an opening offer? 50%ARV, 55%, etc...

3. What do you usually shoot for in the end when signing your contract?

4. What "exit strategy" do you use? Assign the contract, double close? Other?

5. How many people do you have on your "buyers list"

6. Main seller marketing strategy that works for you? Direct mail, bandit signs, cold calls, etc...

7. How much do you usually profit per sale and what is your minimum?

8. How many "no's" do you get before getting a "yes" in terms of someone signing your contract or accepting your offer. It can be a very vague guess. Like 90% no, 10% yes.

9. ***Optional*** Tell us about your first deal wholesaling. Nervous? Did you have someone with you? Etc...

I myself am crazy nervous doing my first deal alone!

Hope every other beginner can learn from this post! Thanks everyone.

I thank you very much Jon Holdman for you response. And yes, I believe I can handle figuring out determining value (in other words, "comps" right?) and also for repairs, I have an uncle 20+ years handyman. He does roofing, plumbing, electric, landscaping, everything! I also have an aunty in real estate. She's very ethical and as a result doesn't close much deals. If a person can get the house but she doesn't agree with the financials, she won't complete the deal, although I'm sure others gladly do. I don't talk with her much but will try to now probably...

Thank you again Jon,
-Manuel

I've read a ton of info, and feel confident in proceeding into wholesaling but I have 4 questions before I continue:

1. What kind of a contract do I need? What clauses need to be in it? I have no idea what-so-ever as to what should be in these contracts. So please be very detailed. I'd very much like if someone could share their contract with me so I can analyze it. Please, someone give me detailed info or share their contract.

2. Is my thinking correct of the wholesaling process:
a) Find really cheap house using this formula (65%FMV - repairs)
b) Get it, "under contract" which I guess would say something like, "You are selling me this house for (65%FMV - repairs). I will, "close" (meaning I'll have a buyer and, "assign" my contract to him/her) within 30 days. If not, this contract is null and void." (Is there any money transferred in this contract phase?)
c) I find a seller and do I say my 5k (or whatever profit I make) is a finders fee, or is it simply a mark-up of my price I got it for?
d) When the contracts are signed... what happens? Do I have to do something with them? I have no clue and have never been in real estate. What is all this talk of a Title company? How do I set this all up, or is this the buyers job that I assign my contract to? Do I just assign my contract to him, then he closes to the seller and I walk away with a check and don't have to deal with any Title checking or legal stuff? Sorry if i'm so rookie sounding.

3. Do I need money to get started, besides for gas and food and what not...

4. Do I need a license. If so what kind?

Here's my background if you're interested:
I live in New Mexico, have no money, and am a computer programmer/student in the medical field currently working on apps for the Android market. And yes, I am unemployed, on food stamps, pell grants, the works... Please be detailed on question number 1. Thank you soo much.
-Manuel Acuña