All Forum Posts by: Russell Ponce

Theres a thing called "shiny object syndrome" that everyone knows about. Its when a newbie gets excited about every strategy they hear about. Lots of us go through it but you wont be successful until you get past that stage. Listen to the podcasts and let them guide your curiosity, check out different strategies and then decide on ONE as was stated above.

You can generate income in RE (wholesaling, rehabbing) or you can invest your money into RE (buy & hold) or you can do both. BP is mainly focused on these two areas (generally referred to as real estate investing or REI for short), but you can also get a job in the industry like as an agent, mortgage broker or even in construction.

Beware of wholesaling. It sounds easy but probably 99% of people fail at it. However if thats what you choose then send me a message and Id be happy to speak with you, Im in north bay. If you choose something else go talk to someone doing what you are interested in. Good luck!

Type "lease options" in the search bar and read through some threads. There are 3 really active l/o guys that offer lots of help here

Your purchase and sale agreement can include a clause that makes it crystal clear who pays what. You can also fill out an amendment for specific issues not on P&S and turn that in to title co.

Lots of info here on wholesaling. Check out podcasts 12 18 21 37 to get started, theres some more after those as well.

@Rasheed Hope I would just focus on one strategy at first. BP podcasts are great, also check out No Limits Podcast, theres a Do or Die series documenting a brand new Florida investor. Its legit info.

As stated, podcasts here are terrific. Also check out NLP (no limits) podcast and listen to the entire Do or Die series with fellow BPer Tom Kroll, its awesome!

The above response makes a good point, make sure u hv a buyer for these properties if u think they are questionable products. Go to listsource and select the zip code. Select sale dates in last 6 months and select absentee owners only (these are typically investors). Purchase this list and u will hv investors who buy in that area. Write to them and see what they are looking for, make sure they can pay cash or hv private financing. When u get the list it will show the address of the property(s) they hv purchased and you can type that address into realtor.com and see what they bought and how much they paid.

There's a lot of moving parts to wholesaling but pretty simple once u get it down. You will make mistakes but we all do, tell people u are new and they will be patient and helpful, u are putting in work to make them money, they will love u.

Good advice above. You will be making lots of offers and hearing lots of "no" so get used to it. Dont forget to follow up.

@Damon Armstrong The 70% makes room for expenses AND profit. If the investor needs 30% profit the 70% formula wont work for him/her. If the investor needs at least a certain profit then plug that number in, ex: ARV - $20k - expenses - repairs = MAO. Compare that number to 70% rule and use the lower max offer.

When you agree on a price, fill out a purchase and sales agreement with owner. Turn that contract along with a small deposit into a title company. The amount of the deposit will be filled in by you on the agreement (This is the money you will lose if you screw it up so keep small).

Make sure title company will proccess assignment of contracts.

After that just find a buyer willing to pay more than you did, ex: your contract agrees to pay seller $100k plus closing costs, you find a buyer willing to pay $110k, you and buyer fill out assignment of contract agreement for $10k. You turn that into title co. and set closing date. Now its like buyer's name is on your original contract, he has basically purchased that contract. Buyer wires in $100k + closing costs + $10k for you.