All Forum Posts by: Phommala Songkhors

hi everyone! when you are a wholesaler. once you've found an owner to sell their home and have accepted your offer, how long do i have to find a cash buyer to buy that property. do i have a specific timeline? a month? 2 weeks? I'm new in REI, please let me know i appreciate it

My team and I have been getting bombarded with wholesalers looking to get started in investing. We used to work with wholesalers but unfortuntely it has become a major waste of time. Typically what happens is the wholesaler is new, went to an event and now wants to find deals.

We find the deals, get them under contract and then the wholesaler can't produce their end buyer/investor and the deal crumbles. This is not only a waste of everyone's time but a bad mark on our team reputation here locally that I take seriously.

Due to this we stopped doing double closings and assignable contracts for wholesalers (we still do assignable contracts for a select few clients that have different scenarios that require it). We have started filtering these wholesalers out by requiring the end buyer to be on the offer from the beginning and the wholesale fee be worked out up front. This has screened out about 99% of the wholesalers.

I am getting so many buyer leads that want to wholesale still, so I thought it was worth asking if other agents have a process that has worked for them that is mutually beneficial where we can help these clients and actually get to the finish line without wasting all of our time. Thanks in advance. 

Hey guys, I am seeking some guidance if possible, and hope this is the right place. I currently have one STR near Yellowstone NP and have about 200k in equity on that property. I am seeking options to buy another rental property but I don't have a W2 job or a lot of capital to fund buying another property. The deed to my rental property has been transferred to my real estate LLC and has 2 years' worth of income on that. Does anyone have any advice or think a certain solution would be best for me? I did talk to a lender about re-financing my property but she advised me not to do that because I would have a much higher interest rate. I just really want to get another property while the bidding wars are no longer a thing. Thanks for taking the time to read this, and I appreciate all of you here on BP.

My dad has about 35 doors in one location which is his main source of income. The units are probably worth $2mil and are bringing in probably $20k a month.

The units are about 25 years old and have not been serviced good the last 5 years. It’s too the point where there’s probably $200k worth of stuff to be done to get them back to 100%.

My dad is older and doesn’t want to go into anymore debt so he is having thoughts of just selling and getting out of it.

The negativeI see to that is:

1. What is he gonna take the money he gets from selling it and do with it to bring in the same amount of money to live on?

Seems to me he needs to keep them spend the money it takes to fix them up to get full rent and just take that hit.

Just wanted to get some opinions. Thanks

Hello Everyone,

My wife and I have been wanting to purchase STR for years, but are now ready to finally start purchasing properties in 2023. The biggest issue is that I need help purchasing my first deal from start to finish to make sure I am finding the best deal possible.

I found a real estate investment group through Instagram that allows 1 on 1 calls, group calls, and a facebook forum. The only problem is that this program is $10k which seems pretty steep, however, would it be less expensive than paying to learn from my own mistakes?

If anyone has any experience with buying into mentorship programs such like this, or if you think there is plenty of information out there to go out and do it myself, please let me know your thoughts as I would appreciate your input!

I am a rookie to real estate and interested in purchasing a multi unit property next year. I complete the BP Rookie Bootcamp and I want to invest in REI one-on-one coaching with someone that is experienced in purchasing multi unit properties. Please send references! Out of state is fine too.

Thanks in advance ☺️

Any tips for branding and networking to raise money I want to build a syndication business.  Im only 23 I don't really have a "mentor" or know anyone actually doing what I'm trying to do. Where are some places I can actually build connections with people