All Forum Posts by: Thomas Mitchell

@Henry M. Closed on the purchase and sale today. Money deposited.

the beauty of a capitalistic society is that no one cares about what you did in the past. The only thing they care about is what you can do for them - right now. You have a million opportunities ahead of you that you don't even know exist. Opportunity begets opportunity. Go out there and succeed!

welcome to the club. learn, read, consume all that you can about real estate. Be active on these forums. And most importantly, focus your efforts on finding deals. That is priority number one.

I can tell you that being a realtor part time will not make you a good realtor. My realtor despises part time realtors. If you have a client that wants to see a house when you have to work your other job, what will you do?

@Scott Lunn To answer your second question, there are two variables when working with wholesalers. Well, three really, but the third is their fee and you'll know how much it is because they are assigning you the contract and they will have to tell you how much you are paying them. The other two are ARV and repair costs. What you need to look for is inflated ARV and underrepresented repair costs. Some wholesalers have no idea how much it costs to repair a house because they haven't ever flipped one. Also make sure you get comps from your own realtor on the house so that you have a solid idea of what the ARV really is.

@Scott Lunn Wholesaler here. I have wholesaled 5 deals this year so far for +/- 40K. I had an investor/buyer ask me the same thing. Here's the short, easy answer: risk. I make a cool 10K without putting any of my money in the deal, I don't have to deal with contractors, and I don't have to sit and wait for it to sell on the market. I also don't have to worry about any of the hidden costs that you inevitably encounter when you start rehabbing an old house. I get my money at closing and I walk away looking for the next deal. The one I'm closing next week I got in for 45K and sold it as is to an investor buyer for 60K. It needs about 15K in work and will be worth about 100K. But guess what? The next time I call this guy with a deal you better believe he's going to answer. After seeing how low I buy properties he even offered to partner with me on future deals - the first time I met him. While he toured the property he actually said, "I just don't see how I can go wrong with this one." Sure, I'm losing some of the money I could have made if I flipped it, but instead I'm making a guaranteed 15K for about 3 hours of work. I'll do that all day long if the opportunity presents itself.

Do you only loan in major metros?

When in doubt, use their first name.

"Carle,

My name is...."

Remember, don't over think it. Just do it.

I'm not sure about Florida, but in Texas the title company will do an heir-ship affidavit. That will require signatures and testimonies from 2 people related to the deceased who aren't involved in the transaction. It's pretty simple and shouldn't give you any problems. When I have a seller in this situation I tell them that I will pay all attorney fees associated with the heir-ship affidavit and use it as a negotiating tactic to lower my purchase price.

ok, so I have paid a lot of money for guru training over the past 3 years. I have to say that I thought ron's material was the best I experienced. I even told him that when I was at his event. And to be honest, I was invited as a guest by one of my associates so I went for free. But I can say that the course was worth the 3K even if I had been the one paying for it.