All Forum Posts by: Account Closed

 Haha nice! Thanks for the info! 

@David Dey Thanks for the info! When you cold call with your iPhone, do you use any kind of software? I know there's a software called smartphone.io where you can dial up to 3-4 people at a time, have the call recorded, and auto generate a phone number that isn't your personal phone. 

If I personally dial them using smartphone.io, do you think that could lead to trouble down the road? I was planning on using that first, and then giving them my personal phone number after I identify people with motivation.

@Alexander Babenchuk Thank you for the Contract! I did want to make sure that in the process of getting deals, I don't break any law. I was looking up if cold calling and text blasting is legal in Florida, and it says it's illegal unless there is consent before, which would basically outlaw cold calling and text blasting.

I don't know a lot of other wholesalers in the area, so I was wondering if anyone else knew if this was legal or not.

Thanks again for the contract! I appreciate it.

Hi, I'm curious how everyone's been doing so far.

I'm an aspiring wholesaler in South Florida, and I was wondering if cold calling and text blasting is legal in Florida. I did a quick ChatGPT search, and it said:

"In Florida, the laws regarding cold calling and text blasting are quite strict. On June 29, 2021, Florida Gov. Ron DeSantis signed CS/SB 1120, a bill on telephone solicitation effective July 1, 2021. This law impacts businesses that engage in text message marketing and telemarketing to Florida residents. The law requires a marketer to obtain prior express written consent for all “telephonic sales calls” (which includes text messages) made using an autodialer. It also removes certain exemptions that were in the existing laws that allowed telemarketers to make sales calls under specific conditions. The law also prohibits use of technologies that display a different caller ID number for the purpose of concealing the identity of the caller."

I was wondering if this is true or not. If this is true, doesn't this basically mean you can't pull lists and text or call these people? Is anyone or anyone you guys know are cold calling and text blasting potential sellers, or are you guys sending post cards?

Also, if anyone knows any Facebook wholesaling groups, please let me know! 

Hi, I'm getting started in wholesaling real estate.

I'm in the process of using Incfile to create an LLC, but I don't know any lawyers or CPA around my area.

What would you recommend me doing to find great lawyers and CPAs to make sure my affidavit of interest, purchase and sale agreement, and my contract is in compliance with my state? And the same regarding filing taxes. 

I know there are sites like Avvo to find great real estate lawyers with good reviews, but I'm not sure what to do to find CPAs and attorneys who are familiar with wholesaling real estate, or are general residential real estate attorneys good enough?

If there are anything else I should know, please let me know!

Thanks for your help!

Hi, I had a quick question about getting the right CPA and the lawyer for the LLC.

After setting up the LLC using a website like Incfile, I would need a lawyer to go over the purchase and sale agreement, affidavit, and the assignment. How would I find a good lawyer to go over these documents, or would I just go on sites like Avvo to look for a good general real estate attorney?

And the same question to find a CPA, how would I get the right CPA to look over the earnings of the LLC?

And lastly, could I join some of the Facebook groups just to get a sense of what's going on in the Wholesaling community? I'm currently in Fort Lauderdale.

Thank you for your help!

@Jonathan Kim Yeah, for sure! 

Hi, it's amazing that you saved up quite a bit of money and started to look for properties. I aspire to do the same once I graduate the university I'm attending. 

Since you're in an expensive area(California) and looking to invest with 15-25k, it would be pretty hard to find properties, especially on the MLS. You might be able to find properties that are a little distanced to major cities in California.

I read from Brandon Turner's 'The book on renal property investing' that even in expensive markets, people who earn relatively low income (for ex. Baristas, mailman, etc) still need a place to live. I would try to identify those markets in California. Then again, since California is a difficult place to invest for beginning investors, you would have to do a lot more due diligence. The laws are not landlord friendly. I know there are some investors who are thriving in the California market, and if you could get to meet some of them, that would help you greatly.

I think California is a great market for those who can identify opportunities that most would shy away from, or cannot identify. Although California is loosing a great number of people, the state is still a huge economy, and those who identify hidden opportunities and have experience will thrive.

I agree that owning a property and not being able to find 'good' tenants is scary. Hence the reason why it's a good idea to buy a house hacking property where the monthly payments on an FHA loan over 30 years would allow you to 'survive' if you made mistakes and could not find tenants, or overpaid for a property.

As for the questions, I'm not a investor yet, but I did read everything I could get my hands on about real estate, and I believe:

1. It's recommended to buy your first property through the MLS even if that means you're not getting a GREAT deal because you are likely to make mistakes on buying your first property, and you would rather buy with an agent's assistance than on your own.

2. Advertising yourself, such as on websites like Zillow, or Apartments.com, or just hiring a reputable property manager to advertise for you. I heard putting 'For Rent' signs on the property might get your property vandalized(because it means it's empty), so it might not be a great idea.

3. When I analyze deals on the market, I use the BiggerPockets Rental Calculator. I would watch a few videos on youtube from BiggerPockets on how they use the calculator, and start analyzing 2 deals a day, maybe even more. When you start using a calculator, you would know how to estimate expenses like Capex, utilities(multifamily: if the utilities are separated), repair costs, vacancy, etc.

Lastly, it's really important to have cash reserves of 6 months of expenses before you get started.

I hope this helped, and please correct me if I'm wrong! Thanks :)

Hi, i'm a 19years old college student in Fort Lauderdale, FL. Here's the stuff that's golding me back.

I do sort of have analysis paralysis. I don't want to loose money, especially when I'm starting out. I'm unsure if this is great planning or analysis paralysis, but,, before I become a real estate investor, I want to be a home inspector and a real estate agent, as I want to be able to identify what's wrong with the house I'm going to buy. Identify how old the water heater, the roof, the electrical, the etc is. I'm kind of worried that if I buy a property, I'll be struck with a massive rehab cost. At the same time, I would also like to be a real estate agent so I have access to the MLS, and can check out competitions of the house I'm buying without having to call agents and making things inefficient.

I'm also an F-1 visa college student from South Korea, so I'll need to get a greencard before I can get a mortgage.

I do plan on 1. Learning everything I can, 2. Be a RE agent and an inspector, 3. Get a firm grasp on the laws regarding real estate, 4. Get good contractors so they don't break my deal

I get that a lot of landlords fail because of poor management, improper tenant screening, paying too much for a property, and etc, but what I'm more concerned about is how very successful people go from 8Million portfolio to 2M in debt. I'm researching everything I can on how a person with a great portfolio goes in millions in debt.

One scenario I found was when there is a bank run. When there is a bank failure, and the tenants don't pay rent, but you can't take your money out of your bank, you would miss the mortgage payments, and game over. I heard this scenario from another post.

I do agree with the posts above. Depleting all your cash reserve for the next deal would not be recommended. 

I would wait a little(maybe until your lease is over) and then move on. Since you only have 2 properties under your name, you could likely get more bank loans to buy more properties. When you do hit your limit, options like portfolio lending, seller financing or partnering makes much more sense. I think portfolio lending can be a great growth opportunity for you, and if you can't find any portfolio lenders, either partnering or seller financing might be the next greatest option. Waiting until you have your ducks in a row sounds like a wonderful idea. I would wait things out until the situation becomes calmer(like the completion of the current renovation), then move on.

That being said, how did you find a property in 2020 that was $172,000 that became $340,000? Did you use the MLS? Direct mail? Getting properties $100,000 under the list price sounds like a screaming good deal, and since North Carolina is a very hot market, I am curious how you were able to get the deals?