All Forum Posts by: Robert Leonard

@Christine Lovett I think your mistake is your emphasis on how they can help you.  If you emphasize how you can help them, they will be much more likely to call you back.  They may not be wholesalers, but your competition that does their own marketing for properties to flip.

Try something more like "I saw your bandit signs. I'm marketing in some of the same areas that you are. If I find properties that don't fit my criteria, would you like to buy them?  I'm a cash buyer and I would like a look at anything you find that you don't want to buy."

Welcome to BP and here's to your success @Austin Bayard !

Let me know if you have any questions I might be able to help you with? ;-)

@Mike Watkins KEEP CALM & INVEST!

IMO, it was a great show.  While there have been several "heavy hitters" as guests on other podcasts, this was a very different focus - thinking big!

I always recommend the book "The Millionaire Real Estate Investor" by Gary Keller to new investors.  The first thing he focuses on in the book is "Think A Million."  If you've heard of "Think and Grow Rich" by Napoleon Hill - the whole book is about the importance of the way you think.  I could go on and on about how important mindset is to us as investors.

GREAT SHOW GUYS, THANKS!

@Lawrence Cox III my question is, would you buy a note if you had the cash you could get from the sale of this property if you sold it for cash?  IMO, a young investor (typically looking to grow their investment dollars to accumulate wealth)  would benefit most by ownership of property than ownership of notes.  Your personal tax picture is a major factor in this equation.  You should get that answer from your tax advisor.

No license - no commission.  Unless you are an exceptional negotiator, a buyer can find anything on Craigslist just like you might and buy without adding a "middle man."

Your question says you haven't read much yet to get an understanding of how wholesaling works and how it's done legally.  Keep reading and listening to the podcasts - you'll get it.

Wecome the BP @Lee Nugent !

@Michael Faulk organizes a local meetup group for real estate investors in that part of the state, look him up here on BP and send him a colleague request. I'm sure he'll be able to help you make some good connections!

Welcome to BP @Robert Lockwood !

I always recommend that new members in the Baton Rouge area join "The RING" real estate investors networking group in Baton Rouge.  We meet once a month on the 2nd Tuesday of the month.  There's a meeting coming up Tuesday night.  It's a good place to meet some active investors and learn a little something that will help you in your business.  You can join for free on meetup.com.  There's only a $5 charge at the door to cover rental of the hotel meeting room.  Hope to see you there!

Otherwise, check out my profile and let me know if there's anything I can help you with!

Welcome to BP @Michael Glorioso !

I invest all over Southwest La from Alexandria to Baton Rouge to Jeff Davis Parish and points in between.  I am a cash buyer and I want to invest in the Lake Charles market.

Email or PM me and we can grab lunch or coffee and see if we can help each other?  There are lots of other Lake Charles area investors here on BP.

Hey @Moe Salem ! Welcome to BP!

The price to set up an LLC in LA went up last year. It costs $100 for the initial filing and then $35/year after that. It's extremely easy and can be done in minutes.

There are advantages to choosing to have your LLC taxed as an S Corp for flipping/wholesaling, but that's a conversation that you need to have with your tax and legal advisors. You need to make the selection of whether to be taxed as a pass through entity or as an S Corp at the time you create your Tax/Employer ID Number (TIN/EIN).

I would also recommend you contact David Birdsong. He's an attorney who I would consider a subject matter expert on REI.

There's plenty of money to be made in the future, if you intend to work on your own.  IMO, you should partner with someone local with experience to make sure you do things right for this deal and share the profits or be happy with a birddog fee.

@Cole Phillips welcome to BP!  I took a live class for my pre-licensing training and the tests (state & national) were a breeze.  I don't know if it has to do with learning styles or what, but the "nightbeforetheexam" was recommended to me and it only shook my confidence.  I was told, "if you get over 70% on it, you will have no problem with the real test."  Well, I never got 70% on it and it made me think I wasn't really ready for the exam, but I passed both on my first attempt.  Needless to say, I have a negative opinion of it.

The national part of the exam was really a breeze.  The state exam was just a little goofy on the wording of the questions that made the answers less clear.  But it still wasn't that hard.  Best of luck to you.  I never used or heard of any audio test preparation material.