All Forum Posts by: Russell Ponce

Have they changed the regs recently? I know that folks certainly were still creating notes through an RMLO.

I'm looking for a good title co in Birmingham, AL, someone easy to work with. I'm not looking to wholesale but having that as an option would be a plus.

Thanks

fax lines are really inexpensive. Cris Chico gives a pretty good explanation of how he determines values in a Sean Terry podcast, #64 I think 

You asked why everyone isn't investing in mobiles, there are a lot of people and there is a lot of information out there on this niche, just keep digging. I don't know if I would like to hold a mobile long term for rent though, I think there are better strategies.

The late Lonnie Scruggs has a few books out and John Fedro has a lot of free info on his website 

I don't know your market but it might be possible that you would learn more and make more money starting out as an agent. You could do everything a wholesaler does ie, find deals for investors as well as sell houses retail. Just a thought, good luck

I've heard of it being done, where there's a will there's a way. Check out Joe McCall @real estate investing mastery 

I have to agree, the use of the word "checkmate" comes across like you out witted an old man and are doing the Ickey Shuffle. The post doesn't read that way, you seem like a good guy, maybe just a poor choice of words. 

I think Jay hit it on the head, the "wholesale only" model is set up to broker transactions. I've done it myself and I thought so even then. Of course I'm a terrible wholesaler and I usually recommended that folks get an agent to get the most for their property. 

There are, however, some flimsy aspects to some of the anti-wholesale arguments. If Jamal and the seller agree to a $24k sales price who cares if Jamal gets on title or not? The seller still gets the same $24k. If it's a legal issue then I'm all ears but it often comes across as a moral objection and it's over a technicality. If the problem is with the wholesalers profit, well the seller got what he agreed to and can always hire an agent to represent him.

@Jay Hinrichs

Jay, I'm going to take a wild guess and say that just might work out for you, when you get settled in I'll give you some tips on places to eat.

@Shaun Reilly

You make great points, human nature can cross all boundaries and classifications.

I agree with a lot of the anti-wholesale crowd in theory, there's a lot of amped up, unregulated newbies with dollar signs spinning in their eyes that are being unleashed upon unsuspecting citizens. Shoot, I was one of them, still am I guess, trying to carve out a niche in this industry. 

I feel pretty good about my actions but from 10,000 ft I imagine it looks like the wild wild west down here and it does seem like its getting a bit out of control, a lot of people with a little bit of knowledge. I have great respect for some of the more established and conservative voices here on bp, but I personally like at least some of the free wheeling nature of the game. I just discovered Jack Miller's books and I love it, there's wheeling and dealing, and haggling and trading. 

Whatever a cat burglar has for guts, I think I have the exact opposite. I can't talk to a seller with the idea of "closing" them or hypnotizing them into giving me half their equity, but I do hope to make a deal if I think there's one to be made. 

Anyways, the anti-wholesale crowd makes some good points and its been constructive for me, personally, but I think there's way too much focus and bitterness towards some of the technicalities. Two established vets can "partner" on a deal with a handshake but if a wholesaler calls his buyer his "funding partner" without approval from congress he's a verified scumbag?

I definitely think that rules, laws, and regulations should be heeded for practical purposes, but if we let them govern our morals what happens when the rules change?

These posts about wholesaling are like old "Threes Company" reruns, very unique thinking, not redundant whatsoever. 

I was a terrible wholesaler, I never really wanted a seller to sell their house for 50 cents on the dollar but I think I learned a little and am happy for those struggles.

I'll admit to being a little naive, but when people make offers; homeowners, investors, or whomever; do they always have the money in the bank? Or do they sometimes have to depend on a third party?