All Forum Posts by: Sean Brennan

Thanks for talking this out with me guys.

Carl Schmitt To be honest I don't think I could knock on doors all day, but I think there are many other viable strategies

Kyle Weimer totally agree with you. If you can get a flow of wholesale deals than you have the power to pick and chose what you do. That is what I want. I've been to two REIA meetings so far and everyone wants deals. If you are good at finding them you can write your own ticket.

So, if someone with reasonable intelligence and confidence does this full time with $1k per month investment in marketing but starting from scratch what are the odds of success within 12 months... to me success equals covering living expenses ($4,000 per month or approx. 1 deal per month) at first and enjoying what I do.

Long term the dream is buy and hold of course :)

I work from home and I've only put in 8 hours of appraisal time so far this week and probably 50 hours of reading, listening to audio, networking, posting here, and thinking about wholesaling (actually if you count the thinking probably way more) ha.

Carl Schmitt that is an interesting thought... worse case scenario I can always get appraisal work if I am not being productive. But yea, my response was going to be pound the pavement, cold calling, knocking on doors, ect. also going to auctions, open houses.

Motivation: appraising is boring, it is a job even if you are self employed, commercial appraisal is not scalable, and does not create wealth

RE investing creates wealth, there is the thrill of the deal, and I want to be an expert in finding deals before I make my own investments.

What would your first thought be if someone told you they had enough money for 12 months of living expenses and $1k per month for marketing and were going to quit their job and start a wholesale business without ever having done a deal?

Can an LLC be a trustee or does it have to be a person?

So, Will Barnard suggests using a trust for wholesale transactions in the BP summit audio. He mentioned that he would be the trustee and the end buyer would be the beneficiary. This is the only place I have heard of this. Everywhere else I have read mentions using an LLC and assigning the contract or doing a double close.

What are the advantages and disadvantages of each?

Congrats!

I am really so excited to learn to be an expert at finding deals. I know once that happens I will be writing my own ticket. That said, I got a great dose of reality from some experienced people in this thread:

http://www.biggerpockets.com/forums/93/topics/83223-joining-the-1

I am a patient guy and the way I look at it is the time is going to pass anyway, right? So, I might as well learn an awesome skill.

Tonight I went to a REIA meeting in Manchester, NH. It was a good meeting with a lot of people; but, I realized I am not really interested in the NH market at this point so I probably won't go back unless it is a really interesting speaker.

One great thing I got out of the meeting was some time with Ann Bellamy. I got to hear her story about how she got into hard money lending and I learned all about her business. It was really generous of her to give so much time to newb like me. Also, she gave me referrals for an attorney and a CPA.

I am also digging @Sean Terry's podcast. It can be a little salesy at times but it really is balanced with some excellent content.

I look forward to talking with a couple of attorneys and CPAs over the next week to set up my business entity, get some contracts, and really lock down the mechanics of the wholesale. Then I will finally start building my marketing machine :)