All Forum Posts by: Peter Vekselman

The key is to make sure your numbers are correct.  Where are you getting your values from?  How much work in construction?

I would have reliable source of your own team members.

When I started I lost money on my first 6 deals.  Almost all because I trusted all the wrong people.  Wrong realtors, contractors acquisition people, etc.....

Remember, trust but verify.

The key to direct mail is consistency.  I have met plenty of people that never made any money with direct mail.  I have never met anyone that committed for 12 months that has not made money. 

The key to marketing is the ability to build a relationship.  As you can see the ones that are having success are the ones that have figured out how to do that.

So you have to get them on the phone and get them to put you in front of the line.

Marketing and relationship building is the key to the game.....

If this is a livable house it probably needs less then 30k worth of work.  With the numbers you are using that would still make this a very good deal.

The fact it has been on the market for over 5 days and still available makes me think you may not have correct numbers.

I would verify your numbers.  Especially on what the property is really worth.

Just remember, even Michael Jordan was a rookie at some point. You are at great age.  At this point learn as much as you can and can involved at every level and learn as much as possible.

On top of all this, at your age there is no better time to make an error.

Go for it!!!!

@Jay Henrichs your mistake was not the title work it was spending thousands of dollars before making sure the title was not clear.  I would never recommend anyone spend that kind of money without knowing if the title is not clear.  I see you say you are a develop that should be basic 101 stuff for any developer.

Having said that, the question was asked about basic real estate deals.  I have closed over 2000 of them and currently doing 5-10 per week.  In order to close 2000 I must have put 10,000++ under contract.  But for what ever due diligence issues was not able to close on the majority of them.

Had my closing team run title on all the ones I had under contract they would have simply been over worked on things that would have not generated any revenue for anyone.

Out of the 2000+ that I have closed less then 5 had title issues that prevented me from closing.

Thus the key is to have excellent team around you and if you are new to the area or working with people you don't know make sure you understand what you are doing.

As far as your last comment about being a wanna be investor check out the video bellow of a tour of my operation.

http://coachingbypeter.com/the-new-office-empire

The great thing about real estate is that it allows you to leverage money, people, resources.

So yes, if you are on the leverage side I would use it to the fullest extent possible. 

The problem with leveraging is doing it without knowing correctly what you are doing.  For instance someone who knows how to leverage can leverage 1M and make 5M.  On the other hand someone that does not know how to do it correctly can leverage 30k and lose it all.

So the real question is not how nay can you do? But how well you are going to execute it.  In the end, getting money for the right deals is not  overly difficult.

I would definitely start out by wholesaling a few deals.  This is the quickest way to make money, wont require you put money into deals and a great foundation to then branch out into other various strategies.

the other good thing about wholesaling is you can leverage off other peoples efforts to expedite the process.

You can get your deals from other wholesalers and you can team up with other investors to leverage their exsiting lists of investors.

Although it is possible to do title searches yourself I would ONLY do them to get basic information like a potential lien on a property. 

I would never actually close a property based upon my own title search.  I would only have a title company or a closing attorney close on a deal.

Having said all this I would also not spend too much time worrying about titles early on in the deal process.  Too many people spend too much time worrying about all the preliminary things and in the end never get the deals closed.  Focus on things that are actually going to be making you money.  Things like making offers and getting deals under contract.