All Forum Posts by: Chris Clothier

Matthew -

Welcome to Bigger Pockets. Looks like you have a good plan for building some cash. Bottom line is start doing something. Building a buyers list, making offers on properties, meeting with other investors who could possibly help mentor you. Just don't be paralyzed. You can do it and absolutely be successful - just get started!

Best of Luck - if I can help with advice or deals just let me know.

Chris

Hey Andy,

From a pure marketing standpoint, the less you say the better the response. I applaud you for looking to place ads on Craigslist and anywhere else, but definitely try to keep to an absolute minimum number of words when developing your ad. I think letting people know you are a "value investor who can close quickly and help owners find solutions to their needs" is plenty. Most of the replies you are seeing are from investors, marketers and people doing deals and I think most of the comments are correct in advising to just keep it simple. If someone is looking to move a property and responding to an ad - they are going to respond to ads that catch their attention first.

A headline might read - "TOP Multi- Family Property Buyer Needs More South Columbia Properties - TODAY!"

I post in Real Estate Services and get decent response. You after all are providing a service.

Chris

You can try Red Rocks bank out of Southern California. I'm not sure on their requirements for down payment, but i know they work very well with investors. Richard Kaye is the owner of the bank.

Hey Ana,

I think it is a very wise decision for any out-of-state investor to investigate who they are going to do business with before investing. If you do not get the info. on here that you are looking for, feel free to contact me and I will be more than willing to provide you with contact info. to clients as a starting point. I can promise they will not tell you that we are roses all the time! They will probably tell you that we make mistakes like anyone else, but that we pride our company on offering really good deals, great customer service and really quick action when we do make mistakes. Hopefully, that will be a good start toward your due diligence. If I can help you with anything, don't hesitate to ask.

Chris Clothier
Co-Owner, MemphisInvest.com

JC -

Having access to money to use to buy property can be an intoxicating thing and can sometimes lead to clouded judgement. Be careful before you invest and get yourself a mentor today! Before you purchase. Not someone who will charge you, but someone with some experience who will spend a few minutes helping you develop a plan to get started. This can be done in person or over the phone, but you need to get with someone who can give you some direct advice.

You've got the right idea to put the money to work, but buying cheap houses or jumping in with both feet with no plan will be a waste of your most precious resource which is your cash. Your second most precious resource is one you don;t even realize you have, that is time. You do not have rush. You can be earning a monthly positive cash flow easily within 90 days and be doing it with an easy to follow plan and maximum results.

Good Luck - Feel free to reach out with any other questions.

Chris

E -

There is nothing "wrong" or illegal with wholesaling and you can choose to assign your contract of do a dual closing. Here in Tennessee we are not allowed by real estate code to assign contracts so we do all dual closings.

For you and assigning, negotiate like a business and get the best terms you can get. It does not affect you if it is on the HUD or not - that is a concern for your buyer and he will dictate if he wants the fee you are paid to be disclosed.

Biggest thing I do in my property management company is refuse to accept personal checks or cash. It's money orders and cashier checks only. We also make them attend a real closing at our office. Their is no signing of the lease on the back of the car at the property or at Burger King down the street.

As you've read on here already, it's a business - run it that way!

Tyler -

If you know the numbers you wuld like to offer (based on buying down the street, you sound familiar) I would approach the seller with no agent so he can either keep or discount the fee and level with him on the price you need to pay. If the deal is right, you can always find the money. Just make sure you have accounted for EVERY cost in both rehab and holding so that your cash flow is accounted for correctly.

Jon -

Great job. Did you have any idea when you bought the property that you would have more than 1 exit strategy?

Hey Helen & welcome to Bigger Pockets. I saw you needed some pointers on getting started. Feel free to send me any specific requests and I would be more than happy to tell you what I know. I have been in the business since 2003 and wholesaled 221 properties last year in Memphis, TN. I got a lot of great mentoring for free when I got started and am happy to share what I know.

Just let me know if I can do anything to help you.