All Forum Posts by: Scott Johnson

Please let me know which you like!

Also, what do you think about the colors?

Any other ideas?

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Here's the deal. I'll have more accurate numbers by the end of the week, but as it stands right now I'm assuming $20,000 of repairs to get it up to $750/month rent. The most interesting part of this deal is that it's a 0% interest owner finance. It currently has a tenant that has been paying $300/month for the last 30 years, and is very difficult to work with. In fact, we're having to do an addendum that states that if we can't get into the property by the end of the week, Due Diligence has two be extended.

My questions:

Is it worth taking a (possibly) lower Cash On Cash in return for a 0% owner finance?

Would you do this deal (why or why not would be fantastic)?

What sticks out to you?

Flip, ma'am. :) 

@Taylor L. Great distinction. Even in a commercial thread, my mind was still working in residential 😂😂😂

@Meryl McElwain how do you confirm what amenities and styles to use in the properties to maximize sale price, but not go overboard (like granite counter tops on a $100K home)?

@Taylor L. Agreed, but I’d also add that if you don’t offer low, it’s harder to identify a truly motivated seller. I’m a wholesaler, so I’ve started adding value to my agent in other ways, such as presenting their listing offers alongside my cash offers and cold calling their lists of leads (and we split the leads depending on what solution the seller prefers).

If my broker didn’t send in my lower offers, I’d honestly find another broker. As long as they know WHY you’re doing something they should be able to help you.

@Erik Whiting, agreed. Learn about marketing for off market deals or develop relationships with local wholesalers, property managers, closing attorneys and brokers. Let them know you want to look at the deals that haven’t hit, or can’t hit, the retail market.

 Hey, Lynn! Did you make any progress on your wholesaling? I wholesale in North Carolina and am coming up there for Gary Con. Want to see about flipping a contract or two while I'm there. Feel free to PM me. Thanks!

Is it like in IL? I'm heading to WI for Gary Con and wanted to do some wholesaling while I was there, or at least look for a rental property. 

@Nicholas Brady, this is a question you have to ask yourself. No one here is qualified to give job an answer because they’re NOT you.

The question is: what do you want?

TEACHER #1: Professors. IF YOU WANT A GREAT PAYING JOB, then complete your degree. College does a fantastic job teaching people how to be a good employee, and these are the people I like to hire. It is NOT a place to go learn how to start a business. Go to your accounting professor and ask how many years he’s been an accountant and is he working in that field now. Do this with each professor. 99% of the time, they went from the books into teaching and therefore have no real world experience, which I’ll cover in the next section. MAKE SURE you’re working toward a degree that is MARKETABLE. Have an employer lined up before you graduate and PLEASE GOD get work experience in that area by working in it part time before you graduate. Doing this will net you a solid income and you can invest the remainder. Regardless of whether you learn from this teacher or not, you’re going to have to start learning from this next teacher if you’re going to be an entrepreneur.

Teacher #2: Life (work to learn) IF YOU WANT TO BE AN ENTREPRENEUR, then learn from the school of hard knocks, which is a much better teacher. Start a business, FIND MENTORS, get punched in the face, fail and repeat. You may want to have some jobs while you’re starting, but those jobs are never about THE MONEY and they’ll likely last only a year. Those jobs are about acquiring skills that will help you grow your business. Direct sales, marketing, accounting, advertising, property management, etc. You can find a job in ALL of these fields that don’t require a degree. Even if you’re not doing exactly what you want to learn, you’ll learn through osmosis and pick up jargon, which will continue to improve your IQ and open your eyes to opportunities others may not see. Immediately take action on what you learn and implement these things into your business (as long as it’s a good fit). You MAY earn less money in the outset, but developing these skills can catapult your business.

MOST IMPORTANTLY: No one can answer this for you. Everyone has their opinion, but yours is the one that matters most.