All Forum Posts by: Robert L.

Jennifer Griffin First and foremost, get an LLC. Banks want to know that there is protection around the investment. Otherwise, you may have more difficulty getting the funds you need. For flips, best to initially find a Hard Money Lender (HML), call around and find some that are nice to newbies and will not scoff at you or not want to work with you when you ask newbie type questions. Make sure to find terms that will work with your investment. Don't be afraid at the high interest rate. Doing flips, you're not paying for "annual", since you should only have the property and loan for a max 6 months, hopefully less. Do a Google search for Hard Money Lenders. Then, start calling. HML should be lending to you based on the After Repaired Value (ARV), not the current value. They will likely require 80% down payment. So, your follow-up hunt will be for a GAP lender, who will loan you that 20% you need. If you get to the point that you need another exit strategy, like holding the property, as in if it does not sell fast enough, then you hunt for a conventional loan. Be careful though, you don't want to walk into a situation where your flip bankrupts you. As exciting as a flip can be, it may be best to get a few Wholesale deals under you first. Use that to raise your capital for an emergency fund, in case you run into trouble with your flip. This is what I'm doing. As much as I'd love to get a flip done, I realize I want to be profitable and not bankrupt. Not that I'm scared of making a mistake, that's inevitable. I've already done that on a wholesale deal I'm working on. Minor mistakes and they're correctable, but it is so easy to make a mistake. You just want to be sure to protect yourself from the big ones. Best of luck!

I can't say yet. I'm just starting out. But, I'm fortunate to have time with others who are more experienced. It's a tough time to be starting out, when the market it up. But, is also a great time to learn and get ready for the next dip in the market.

Check out RentOMeter.com

The APN is referencing an empty lot in Lockwood Valley, which is Ventura County. Ask me how I know. ;-)

Yeah, been out there, for County related business. Long drive. But, beautiful place. Especially for those who don't like other houses within spitting distance.

By the way, the address that's showing is the owners mailing address.

They don't give you the property address on that list, making you work for it.

That's why I gave you the link to the assessor' site.

@Charissa Mood

Does this help for what you're looking for?

http://assessor.countyofventura.org/research/propertyinfo.asp

Personally, I use a pay-for site called PropertyFarm.com it's not cheap, but it is awesome. Everything needed for marketing to potential sales leads. No need to leave your computer. CRM. Saves a lot of time.

Before I took the exam 10 or so years ago, I heard from a few people (even people already working in the business to some degree already) that it took them a few times before they passed. My Wife (girlfriend at the time), found a Cram Course. It's been so long, I haven't been able to find out who it was through. But, I think it was a 3 day class. It was great and we both passed the exam the first time. The class gives you test taking skills, along with information they gather for what's on the exam. This was after taking the course and only to be a supplement to the course.

Why not? But, everything and anything depends on your mindset of the word "works" you use and your expectations. Set your mindset to, "how can I make it work?". Wholesaling is simply the idea of getting a property under contract at a much lower than market price. Then assigning that contract to a buyer at a higher price than what the contract is for. I realize you already know this part, but it has little to do with what the market prices are. You are to worry about after-repaired-value (comps) because of your buyer's need to make a good deal of a profit. So, first, you can find buyers and find out what they want. Next, market and market and market and market and market some more (it is said that it can take 5 times marketing to the same seller leads in order to get someone interested) for motivated sellers. I was just informed that a year or so ago my aunt sold my grandfather's house to an investor. She needed to offload it and it did need an investor, it was a dump (or to an investor RE Gold!). That area is the high desert of CA. I was not in the investor mindset at that time and I probably would not have done business with family anyhow. My rule of thumb is to not do business with family. For the most part. Find the properties that need investors or a new investor and you'll find the deals. If there are investors in the market you are wholesaling to and you know what they are looking for, then you may have a good turnaround. To your success.

@Cornelius Charles

Hi, Sounds good. I look forward to seeing you guys there.

Hello all; My name is Robert Langley and after daydreaming about REI 13 years ago (Thanks to reading Rich Dad, Poor Dad back then), I am now looking to dive in. I'm hearing that it is especially tough right now in the Ventura area, but it could be a good thing. Maybe another shift is likely in the works. I do plan on attending the VC REI club in T.O., hopefully next week. I'd like to get to know investors in the Ventura and Oxnard area. Any local, seasoned, RE Investors interested in a business lunch? I'm currently interested in Wholesaling (I figure I should learn the tough stuff first. And if I can make it through that, then the hard part is behind me. That may be inexperience talking, but I'll run with it.), with plans to eventually flip and also buy&hold for cash flow/retirement. I'm looking forward to seeing what I can accomplish in this business. Best Regards, -Robert