All Forum Posts by: Darrell Jones

@Erica Villarreal  thanks for the suggestions

Thank you everyone for answering my question for me and making it clear. 

@Wayne Brooks

Thanks for the info, greatly appreciated!!!

Hello everyone,

I have a question regarding earnest money and making sure the seller doesn't walk away with any earnest money I give him/her.  How do I protect myself from a seller disappearing with my earnest money for a property I put under contract?  I believe I was told to use my own escrow/title company or the sellers but how can I be sure that they will really put the money in escrow if they insist on using their own?

@Larry Thomas

I'm also an Army Veteran who served in Iraq, and Thank you for your service and sacrifice.  I'm also a wholesaler and what I'd suggest you do first is listen to the podcast on those who are very experienced and successful at wholesaling.  I'd recommend BP Podcast 067 with Tim Gordon, and Podcast 042 with Mike Nelson.  There's a few more really good shows that talk about wholesaling but I suggest listening and taking notes if you want.   Good luck and WELCOME HOME!!

@Frantzces Lys

If you're dealing with an investor who knows what they're doing then he/she is going to want accurate numbers on the total repair cost. You say that those condos are selling for 300K make sure that's an accurate Comp as well. The formula a lot of investors go by is ARV x .70(or .65) - Repair Cost - Wholesale Fee= Your offer Price. What I've learned from a lot of successful wholesalers or Investors who are buying from the wholesalers is not to be too greedy with the wholesale fee. Leave some meat on the bone for the end buyer as they say. Good Luck I hope this was of some help to you.

I currently live in Spring, TX and am looking for an REI club in the Houston area. Can anyone assist me in locating one? Greatly appreciated

Very good point @Hattie Dizmond. There are pros and cons with investing in both the stock market and Real Estate. It's all about having patience and being in it for the long run. I believe that's why a lot of wholesalers get a bad rep because as you've pointed out previously some don't leave enough meat on the bone or they come up with an inaccurate ARV and low repair cost and think there's a deal.

@Hattie Dizmond I Just moved to Spring, TX and want to jump into the RE investing world and want to become active.  I don't know the area or where I should start.  Any suggestions?

Hello BP community my name is Darrell I recently moved to Houston, TX from Connecticut and am looking to get my feet wet and network with RE investors in the Houston area. Not sure what kind of investing avenue I want to engage in but I need to get started some where soon. So if anybody has any advice on any REI clubs or would like to drop some knowledge, I'm just a sponge right now looking to learn everyday and apply what I learn along the way.