All Forum Posts by: Russell Ponce

Congratulations my man!

"First you get the money, then you get the power"

Hey right on Eric, glad to hear about your success 

You can find investors by checking through listsource for people who don't live in the properties they've purchased recently.

Bill brings up a good point, a whole business has sprung up around what, to me, was introduced as a gateway endeavor into the world of investing, or used by successful investors to offset an abundance of deal flow (see podcast #37). There is, to my understanding, some precedent in other activities where regulations kick in after a designated number of transactions (car flipping, selling houses owner finance)

I would only caution that when you wholesale there is a different risk, you can market and not come up with anything, not a single solitary deal. If you take a property down, even though you may mismanage it, at least you have an asset to work with. As a wholesaler you need to create a deal out of thin air. Not trying to discourage you, I would  (and do) wholesale too but it's just not always as easy as it looks.

The buyer is your funding partner or money guy. As long as you have the property under contract you are reasonably protected and the end buyer would be pretty short sighted to undermine you and lose a deal source. You'd have to ask someone else but I  think you can record your contract which would cloud title in case the seller breaks the agreement. In Sean Terry podcast, #64 I think, he interviews Cris Chico and Cris goes over how he handles these things. Good luck 

Btw, the seller and buyer shouldn't even meet at closing unless they have to in NY for some reason. 

Lots of good stuff but the podcasts are my favorite 

Most, if not all, successful wholesalers I've heard of only put their phone # on their marketing. You may find different but that's the advice I've come across. 

There are a couple books you might be interested in, the first one is "Business Brilliant" which compares the thinking of middle class kids who stayed middle class vs middle class kids who grew up to become multi millionaires. 

The other one is called "The Richest Man in Town" where the author interviews the top guy (or gal) in 100 different towns.

I think some strategies work well together, for instance if you are a rehab and sell or rent guy and are marketing for your deals then I think it only makes sense to wholesale deals that are good deals but that you don't want to do yourself for whatever reason. 

Type the @ symbol and then the first few letters of the name you're trying to tag and then below the box the person will appear and you click on that. FYI not all devices will cooperate unfortunately