All Forum Posts by: Ryan Dossey

Crane Credit Union is decent but kind of "regional". They'll only do certain areas. We also like Greenfield Banking Co. 

I think that the issue with Renatus isn't the education quality or structure. It's the MLM component behind it. If you do a little bit of searching on the site you can see how some of their members come across. They vehemently defend the "brand" yet haven't ever done a single deal. 

REI in general has an extremely high wash out %. From some of the coaches I know that number is as high as 90%.

If the sunk cost principle, a structured course, and interaction with the team is the difference between someone entering financial freedom vs never getting started... That's worth something. I personally haven't paid for any Real Estate education other than @Ben Leybovich 's course when I was looking for something to give to my parents. 

If you're wanting to understand the basics spend the $500 +/- Ben charges and chat with him, 

That being said I have honestly heard good things from Rich Dad & Fortune Builders students. Not so much with Renatus. 

Just the bar with the shelf above it. We have a few A - Class rentals here and have never had any complaints about it. Honestly if they want a closet storage "system" they should be buying a home. 

Just dealt with this on a duplex and it cost the resident right under $600. 

There are two kinds of treatment. Heat and chemical. Chemical is typically cheaper. 

 Your exterminator can walk you through how/what to do to treat all of their belongings. 

I would absolutely pass the cost on to the tenant (check your lease). While bed bugs sound super nasty it could be as simple as someone in their office or gym having them. 

Did you not walk the unit prior to purchase? 

@Keegan Beck If you're just starting out I'd suggest that you partner with a local cash buyer and offer to source inventory for them (for a fee). 

This way you don't have to back out, worry about exit strategies, or @John Thedford. 

Real Estate is a very small "business" community. If you get known as the guy who doesn't preform... You're going to make life really fun for yourself. 

@Nick Gory In your state you're playing with fire. The only way you can really do what you want to do is if you're taking title and flipping the house. (Even if you've done no work)

While your above justification sounds "mentally sound" most judges I know especially ones that Ohio is putting wholesalers infront of will "Judge Judy" that response so fast you won't know what hit you. 

If you can't personally close on the deals... No sweat! Just network at REIA meetups and find someone who can.

Those agents you're getting sassy with are the very ones who will hand you over..... 

@Andy Rumple Totally agree with both of the above. I should clarify... We pass it on whenever we're able to get it. Which is about 98% of the time. But we do an extremely thorough explanation at contract signing so there's no... Why is this missing? Drama. Been there.... Done that. 

Alright... I'll jump in. 

It is totally standard for a wholesaler to ask you to pay the closing costs as they're paying the closing costs on the A-B transaction. So they're not going to pay them twice. 

Make sure they're pro rating taxes for you. In Indiana taxes are billed in arrears but we make sellers pay them for the time they've owned it. If you don't request this you're leaving a free $1000-1500 on the table. Most legit wholesalers offer this up without asking as it's understood how taxes work here. 

They are requesting a non refundable deposit because they haven't dealt with you. As a new buyer you're going to have to be prepared to follow through on what you sign. Now... You could always opt to do your inspections prior to going under contract (and any other due diligence your heart desires) but that doesn't stop me, or another buyer from coming in and buying it right as you decide you do want it. 

Once you've got an established track record as a "buyer" the legit guys won't even really care about your deposit. I buy stuff from the top names in Indy and I'm not asked to provide it or POF. They know if I sign I'm going to close.

As far as countering... I wouldn't do it on the grounds of the deposit but literally everything in this business is negotiable. You want to pay 97k for a home they're asking 100k for... Doesn't hurt to ask. 

Again.. Just don't get the reputation of being the guy who beats people up on price. I simply ask what can I get it for? We have trust... So if they can't come down a hair they will. If they can't... And I can make the #'s work it's still a deal. 

On the downside... There are some downright knuckleheads in this line of work. If you have questions or concerns on someone you're dealing with just ping one of us and we can give you an honest answer. 

Yeah you will be on the hook for the full amount/time frame of the lease. I would ASK him if you can help him find another tenant to replace you so you can move sooner. However, given your initial interaction.. I would not hold my breathe.