All Forum Posts by: Sharon Vornholt

Like J Scott, I would say "It depends". If you are a part-timer or are new, it might benefit you to work with someone at least for a while.

From the other side of the fence, I wouldn't want a partner. At this stage of the game, I would prefer to outsource what I didn't want to do rather than taking on a partner.

For anyone that has been wondering about the postive benefits of blogging for BiggerPockets or hanging out on this site, I wanted to tell you just how valuable it can be for you and your business.

My first "AHA" moment came about last year when I found a cash buyer for one of my houses from Bigger Pockets. He saw that we lived in the same city, and he called me up and said "Do you have anything for sale"? As luck would have it, I did and he bought the property!

Today I had another BiggerPockets moment.

I just got off the phone a little bit ago with a reporter from New York and the publication "Fiscal Times". He was doing a story about real estate investors and the (large) number of transactions that they are now responsible for out of the total sales each month. He estimates that number to be 24%, but some folks think it is nearer 30%.

Our conversation was 100% positive with regards to real estate investors. When I asked how he had come across me, he said "Bigger Pockets". How cool is that?

Joseph -

You want your house to be really nice for the area; you want it to stand out from the rest. But don't over repair the property. You simply won't get your money out of it.

You don't need custom cabinets at that price point. Just a fabulous counter top and hardware. I would concentate on "where can I get the nice finishes for less". Every dollar you put into that house is coming out of your profit. You can have a beautiful property to sell that is a cut above the others without breaking the bank.Remember that you aren't going to live there.

Matthew - I am a full time wholesaler in Louisville, KY and I always do a simultaneous closing. I close right in the attorney's office. (I also buy and sell in a land trust.) It costs me a few hundred dollars to do it this way, but I don't like the aggravation of having the seller know what I am making on the transaction. I use the B to C funds to close the A to B transaction. It all happens within the span of a few minutes.

Steve - I am a full time wholesaler at this time. I have done rehabbing, owned rental property and tried most of the strategies available to real estate investors. They are all good. You need to find the one that is a fit for you at this stage in your life.

You need rentals to build long term wealth in this business. Wholesaling is great for earning large chunks of cash. If you are just starting out, you don't need much cash or good credit. I never make a downpayment directly to the seller. But like everyone said, you have to understand the business before attempting this strategy. If you don't you will most likely pay too much for your first property or two and you won't be able to sell the deals. Become an information sponge, and find a mentor or two in your local REIA group.

Yellow post cards or letters are fine for most groups of people. But, I never send them to probates. I only send very professional "white" letters (never post cards) to them. You have to be very mindful that they have lost someone. I have great results with those probate letters.

I am a full time wholesaler, and I would recommend that you become active in your local REIA. I bought and sold my first few deals within that group. You can usually attend a few meetings before you have to join. The cost to join is about $100 a year here. Those folks in that group are still on my buyer's list.

If you are putting up Bandit signs, maybe you should consider car signs too. I personally don't like them on my car, but my daughter has a little red pick up and she drives across town every day. We just got a really quality tailgate sign for her truck (covers the whole tailgate) for under $100 from Signazon.com.

Also, post some free ads around like on Craigs List. You can post "we buy houses" ads. When you finally do find a house use Postlets.com to make a free quality flyer.

I really believe that education is the key. You will find that and a mentor at your local REIA group. Utilize this site and real estate blogs for education. I have a ton of information on my blog about getting started. There is no shortage of free information out there.

Adam - I really believe you should start in your own backyard and learn the business. Trying to start this type of business in another city is a recipe for disaster. I buy wholesale properties all the time from folks (absentee owners) that did just that. In most cases they are losing a chunk of money when they finally throw in the towel.

I can recommend a great book on landlording. It's called "Landlording on Autopilot" by Mike Butler.

Mike bought over 100 properties while being a full time police detective in Louisville, Ky. Eventually his business was so profitable that he became a full time investor. The way Mike was able to do this was by setting up sytems. This book is from someone that actually still has a very large portfolio of rental property. He has a great website with a lot of useful information too including a daily free "Lunch and Learn" series at noon. You can find him online. Just google his name.

Another great book is by Mitch Stephen called "My Life and 1000 Houses". This is another phenominal book by someone that built his business from scratch. You can find book reviews and an audio review for Mitch's book on my blog.

Marlena - Why don't use ask for an extension of time to close and continue looking for a buyer?

Also, I agree with putting up some signs. Go to a sign shop and get some blank corrugeted signs. Make up some "Must sell - Cash" signs with your phone number and put them up in the area. You might shake out a buyer.

One more thing, have you listed it here on BiggerPockets? I once found a buyer here.