All Forum Posts by: Bill R.

When I first started REI I owned my own moving business and I kept it for the first year I was rehabbing. After my first year (12 properties between rehabbing, wholesaling and joint ventures) I had enough capital and consistent leads that I was able to liquidate the moving company. The tough thing is to get the money coming in either consistent enough or large enough to make it work - takes some time. I also feel that if it is going to be an REI business, you should not do the rehab yourself - I did most of my first rehab myself and found my leads dried up because I was not concentrating on the business but on the rehab work. You need to be out getting the next deal while the rehab on the previous is going on - after a while you will have to decide how many rehab projects you want to GC at a time - for me it was 3.

@David Jonsson@David Jonsson@David Jonsson I had in the past ordered title directly after going to contract. I have had some of those deals fall apart for different reason and been out of that money. I now get as much info from seller as possible about possible title leans (let them know it is better for me to find out now and start working on it A.SA.P). Then go and research title yourself - you can find out everything yourself. If you ordered title first, not a bad thing - you can let prospective buyer know you have title and can have its assigned (for cost) to new buyer. Now my end buyer pulls title not me.

@Oiluj Lopez

I use normal white envelopes, white letters for the first 2 times I send to probate - included is one of my business cards. Then I send my we buy houses postcard as follow ups for the next 3 times. This deal was not from my mailings, but I have closed numerous deals from my pre-foreclosure mailings. Those are yellow postcards that I have made and cut from legal sized card stock at Stapels - they are, You are in jeopardy of losing your house to foreclosure type postcards - have had real good luck with those.

Closed on Friday. On to the next

@Ty Burns Contracted property for 20k, marketed for 40-45k. Buyer I have done business w/ before was at 30k - told him 35k would be a deal. Next morning he committed. 15k assignment.

@Brandon Kargol First of all thanks for your service. I would say read as much as you can and get well versed in real estate. Get to know terms, contracts, language, ect. This will give you some credibility. When you get back you can dive into the hands on stuff.

Thanks guys

Hey BP wholesalers, after taking last year off I will be closing my 1st wholesale deal of the year Friday. I have been actively creating and mailing to probate, bankruptcy and pre foreclosure. Concentrating mostly on probate, some calls came in that I put offers on but no takers. What brought this deal was just making sure people I come in contact w\ know what I am doing. I ran in to a contractor buddy and he asked me how I was doing and in conversation I told him I was active in REI again and he could hardly contain himself to tell me about a seller he knew looking to unload his house and how he couldn't do it. Said he was extremely motivated, drove by that afternoon - met seller 2 days later. Under contract and lock box that day, market to 3-4 serious buyers on my list (that I have sold 2 in past) they went in on their own and had assignment signed 1 day later. Title is back, clean, all attorneys in contact - closing Friday. Feels good to be back in the game.

@Kyle Samuel

What's up Kyle, it's been a while. Good luck with West Hartford project.

@Raymond B. Thanks for the info.