All Forum Posts by: Account Closed

if there is no value - let it go - alternatively call an auctioneer and sell absolute (absolute above what ever the balances of your fines).

That might work - 

Thank you all for your kind comments--------

Over the years I receive post cards, those silly yellow letter from those who want me to call them about selling my properties - I am very amused as I read them.

Ryan - I am an investor in those areas and have been for over 40 years - you know it's funny - I don't know where this word "wholesaler" has come from or how long it has been popular on the internet or sits like this ------- As an investor - we control, buy, flip and assign properties all the time - we never pay RETAIL it is always under RETAIL - or if you like the word WHOLESALE - I think it is silly to stick a name on yourself like WHOLESALER!   An INVESTOR - I am proud to be - 

You said you'd like to work with "wholesalers". How would you work with them - what would you like to accomplish? You would like to .................

• Give them leads
• Share in their profits
• Pick their brain for valuable information on how to......
• .... Flip properties - view their contracts - look at their assignment agreements - learn what control and roll is all about, financing or out clauses they use......?
• I found in the past that those folks who give themselves the title of "wholesaler" aren't really truly investors (wholesaler) many have take a seminar in a motel on the weekends and fancy themselves as experts in the real estate business ------- a newbie with a title does not make one successful in this business.
• In fact - they have very little knowledge of basic creative financing - contract engineering - seller financing mortgage clauses - power prospecting - dealing with industry agents - title companies - auction - tax sales or how to stay legal when deal with foreclosures mortgagors.
• Be careful - there are some tricky folks out there who will say anything to peek into your wallet.

Charles

I would start with getting a credit line on your home or other real estate you own -  this will give you the opportunity to write your own mortgage when you need it.

There is a thing about being an agent and working on creating  your own portfolio - it is in my opinion, if you are going to be an agent - be the best agent you can (you won't make lots of money, but you'll be the best).

If you are going to be an investor than go to it with vigor, enthusiasm and a goal to make lots of cash flow and equity, make many offers and create a business where you represent the very best client - a client that can make decisions - a client you are very familiar with------YOURSELF!  

If you compare dollars you could make representing others for a commission and representing yourself - the answer will become very clear - how many properties would you have to sell and get to settlement to make a commission $15,000 working on the standard split?

How much could you make by flipping ugly houses in Baltimore (and there are lots of them)? The answer Sir is $10,000 - $15,000 - (possible in one months) and just think you don't have to play by the restrictive rules the state set for us agents, you don't have to worry about financing not going through, housing code violations, nasty sellers or buyers - open houses - no need to beat the bushes for listings - no need to show properties or make appointments to show properties to so called buyers who don't show up. No need to work evenings and weekends - no more office politics or sales managers - need I say more - AGAIN I WILL SAY --------YOU ARE YOUR BEST CLIENT!

A side line is a slide line - you can only do one or the other well - it is your choice! Welcome to the club of wealth - free time and fun.

Charles

Go to Home Depot or Lowes 5:30 - 6 AM - you will find every tradesman you need - all you have to do is ask questions - you find them there because this is where the get material for their jobs - they look like workman - drive pickup trucks and are busy load drywall, 2x4's and plumbing stuff in their vehicles. 

"Excuse me, I wonder if you could help me? Would you be able to refer a carpenter (mason - electrician - whatever it is you need) to me - I own some houses and need to finish some of the work. Make sure you let them know that they can work evenings or weekends - you just may find a tradesman who could use some part time cash.

Good luck ----- Charles Parrish

Repeated response to a previous post: 

Yes lots of opportunities here - you should attend some of our auctions - look it up on my profile - last week an investor netted $12,000 on one flip property - was in for $60,000 and flipped it for $72,000 - all within 3 weeks - 4 more weeks to settlement and he walks with $12,000 (no rehab, no need for a loan, no HML and no ownership, no agents, no title companies and no settlement cost).

At 74 now, I have been here in Baltimore investing for 48 years - my friend Ned Carey was one of my protege.

We are now going deeper into commercial development - finishing a 11,000 sf tavern on North Charles Street - (finished cost about $1.4MM) should be open in a few months. Working on 120 units now several tax sale deals.

Baltimore could be a great place for you to invest - learn the market - make offers all the time and look at 50 properties before offering on anyone of them. This will force you to understand Baltimore values - do this and you will be knowledgeable.

You may need a local coach or mentor to hold your hand - someone who knows the area. Only work with someone who is a proven success - has a portfolio of properties and can educate you on the ins and outs of different neighborhoods. Talk is cheap - look at his credentials before investing in a mentor.

Be smart about what you do and who you work with - you can look at listed real estate but your best deal is going to come from dealing directly with sellers.

Also remember creative financing techniques - nothing down deals - Control and Roll System - Delayed Settlements - Hybrid offers - and don't forget owner assisted financing and make sure you always ask for a principal mortgage.

Have fun - make full disclosures and make sure you understand the laws related to mortgage foreclosures - fail to do this and you may have a paid vacation to the Gray Bar Motel (a nice little room with one small window and the food is free, but the space is restricted).

Remember your goal should be CASH FLOW or EQUITY - forget the emotional appeal - it is all about numbers - understand them and you'll do well in Charm City.

Charles Parrish

Yes lots of opportunities here - you should attend some of our auctions - look it up on my profile - last week an investor netted $12,000 on one flip property - was in for $60,000 and flipped it for $72,000 - all within 3 weeks - 4 more weeks to settlement and he walks with $12,000 (no rehab, no need for a loan, no HML and no ownership, no agents, no title companies and no settlement cost).

At 74 now, I have been here in Baltimore investing for 48 years - my friend Ned Carey was one of my protege.

We are now going deeper into commercial development - finishing a 11,000 sf tavern on North Charles Street - (finished cost about $1.4MM) should be open in a few months. Working on 120 units now several tax sale deals.

Baltimore could be a great place for you to invest - learn the market - make offers all the time and look at 50 properties before offering on anyone of them. This will force you to understand Baltimore values - do this and you will be knowledgeable.

You may need a local coach or mentor to hold your hand - someone who knows the area. Only work with someone who is a proven success - has a portfolio of properties and can educate you on the ins and outs of different neighborhoods. Talk is cheap - look at his credentials before investing in a mentor.

The problem with Washington investors coming to Baltimore - is that they pay too much because they compare DC prices with Baltimore values.

Be smart about what you do and who you work with - you can look at listed real estate but your best deal is going to come from dealing directly with sellers.

Also remember creative financing techniques - nothing down deals - Control and Roll System - Delayed Settlements - Hybrid offers - and don't forget owner assisted financing and make sure you always ask for a principal mortgage.

Have fun - make full disclosures and make sure you understand the laws related to mortgage foreclosures - fail to do this and you may have a paid vacation to the Gray Bar Motel (a nice little room with one small window and the food is free, but the space is restricted).

Remember your goal should be CASH FLOW or EQUITY - forget the emotional appeal - it is all about numbers - understand them and you'll do well in Charm City.

Charles Parrish

If there is a secret of tax sale profit, it is doing tax sale deals all year long, no need to wait for the regular sale - you know the one with all the competition - I use a system we call "Tax Sale Poaching" - related to direct mail and direct contact with owners in tax sales - a public service type of marketing.

Sure you can do a Control and Roll - you have nothing to lose - make a low ball offer subject to the property assignment using the auction method of marketing.

Your cost - the cost for advertising to the auction company ---- The Control and Roll System works great when you know how to work it ---- basically you are selling real estate you don't own. 

The leverage doesn't get any better - we do these all the time.

Charles

Read and understand all the condo agreements and make sure you are buying well below market value.