All Forum Posts by: Pete Storseth

@Hai Loc

Honestly I dont know. I'm more likely to team up with newbie wholesalers to learn, but still save for my house hack and stick to my goal.

@Ehab Shoukry

For the interest on hard money and seasoning for six months, did you factor that into the analysis at first? Or once the offer was accepted you figured it out?

@Nicky Reader

Great tips. Thanks

So I found a property with 3 units.

375k asking price, looks remodeled.

Listed for sale on many site, as well as for rent. I assume the owner, lives locally, wants to sell.

I have her name and address from Appraisal district.

I'm new so I just wanna double check the next step.

I need to find comps, which is hard for this property, because its converted from single family to multi-family in a single family neighborhood. Figure out my max offer and send her a letter?

This is just one property, a single lead. So obviously I need to do this about 200 times to get a deal, but is this the right process? Thanks BP, you guys are awesome.

@Nicky Reader

Yeah, I was hoping he'd just answer some questions. Maybe find a friend who wouldn't mind taking a call from time to time.

Didnt expect the "pitch."

So short answer- just start calling, marketing, and searching.

Drive for dollars, get an agent to send me properties to analyze, and what else?

@Daniel Lane

How would you find a wholesaling business? How would you get into it without paying them 20k or more? They've been helpful in getting you excited but end with the "pitch."

At least this guy is one on one over skype and he's local. He is very adamant about doing it the right way, knows about lease options in Texas, so that's what attracted me to him

@Nicky Reader

One or two deals would make the $1000 back. That would be a response from the potential coach.

I contacted him because of his knowledge about lease option in Texas, which everyone thinks is illegal, but the sandwich is all that's illegal.

My issue is I wouldn't be able to do a wrap around mortgage or lease option anyways without specific knowledge in what I'm doing. This guy doesn't have a script, just legal docs and contracts, that he said he WOULD cover fully.

Thanks for the simple answer though, since the 1000 would slow me down on the house hack, I probably shouldn't do it.

I met a guy who offered to "mentor" me in wholesale/lease option strategy for $1000. I'm saving money now for my down payment on my first house hack so I'm not loving a $1000 withdrawal from my bank account that would slow me down. On the other hand, if he helped me wrap my head around it, and I got 1-2 deals with 5-10k in profit, it would be worth it.

Any thoughts?

@Jay Famm

Did you ever get started?

I met a guy online that seems very ethical, so I reached out to him.

I scheduled a skype meeting with him even though he's local to work around our schedules.

After a generally good conversation, he offered to work with me, but asked for either $1000 for 6 sessions or $2200 for 6 months of 2 sessions a month.

I'm saving for the initial costs to do Fha loan, house hack. Any amount of money will definitely delay when I can get into my house hack. However, if he can hold hands with me through getting at least one or two deals, wholesales or wraps, it would be worth it.

I'm not considering a guru type mentor, but does anyone think it would be foolish to pay for this?