All Forum Posts by: Thomas Mitchell

wholesaling. If you don't have any $ it is your best bet.

@Taylor Shapiro , basically I showed him how that if let's say, god forbid, I died in a plane crash the day after closing, all he has to do is call a lawyer, pay $1,000, and he can foreclose on the property in 30 days. (Texas is fast) Then he's got a house instead of a lien. I also increased the lien for 10K more than what he's putting down, so he gets his money first when it sells. If we have to drop the price on the house I KNOW it will sell for 100K. He'll get his 10K and I'll get nothing. I'm also purchasing it in my name so he has no liability on it. We're getting a mortgagee title policy so he's covered if he has to foreclose for some reason. If anyone knows of any other way I can protect him, please let me know.

Total investment will be 82K for purchase and rehab. He has a lien on the property at 92K so he is guaranteed 10K out of the deal. I will take the next 10K and we split whatever is left over. I'm ball parking the sales price at around 120K. I set this up to protect him as much as possible. A lot of this is based on trust, since we have a personal relationship beyond the business relationship. We aren't buddies, but we see each other regularly at the gym.

Hey guys,

I just wanted to share a success story with you. I've been doing real estate on my own (wholesaling, buying no money down, etc.) I found a deal in my area and I advertised it at my local crossfit gym. (for those of you who don't know, crossfit is AWESOME and it's expensive. Since it's expensive, you will find very wealthy people going there.) I offered the owners $ if one of the members bit, so they were up for it. One of the physicians who works out there contacted me about the property. We met, I showed him how protected his money would be if something went wrong, and we went to look at the house. He committed and now he's funding 100% of the purchase price and rehab for 50% of the profit at the end. By my calculations we should both we walking away with about 17K after it's said and done. It took me 2 years, but I finally have someone with deep pockets who is interested in funding me. I'll leave you with this...it's something my dad taught me when I was in high school and I kept it in my wallet for years:

He who has a thing to sell

and goes and whispers in a well

is not as apt to find the dollars

as he who climbs the tree and hollers.

for me it is because the day job is very lucrative. I can make 5-10k in one month just by doing what I need to do. Sometimes more. It is hard finding a balance between the two, though.

@Jerry K. That is actually a very long story. I was going to buy an apartment complex and the owner asked me to manage it in the interim. (Thankfully, I didn't buy it.) However, one of the tenants saw my car that says "I BUY HOUSES" and said that her mother had passed away 7 years prior and there was a house involved. It was a LONG 2 months of putting the deal together, but we finally made it happen. She barely had money to buy cigarettes and after taxes she made 13K on the sale of the property, so she was happy. I tried to do a pass through closing where I bought it in the morning and sold it in the afternoon, but we couldn't make the timing work. That's why I had to hold it for 8 days.

Hello everyone. This post has no point but to share a recent success of mine and to motivate everyone to keep working toward their goals. I purchased a house last week (4/2/2 in Texas) for $30,000. I used a funding partner to purchase it and sold it 8 days later for $55,000. The house appraised at 70K, so my buyer was still getting a deal. It needs a new roof, flooring, paint, and some landscaping, but it will be a great rental for him. I paid my money partner an even 1K to use their money for 8 days and I netted 22K out of the deal. Not bad for about 10 hours of work! I can't really brag to my friends about this so I'm posting it on here to share my success, but to also let everyone out there who is struggling know that it can happen! You CAN do this stuff! I made more in one transaction than a minimum wage worker makes in a year. Now, on to the next one!

gig em.

123flip.com has a business plan on his website that you can take a look at and copy from. I think you have to sign up for his newsletter to get it.

edit: I'm new to BP so I'm not sure if they have one on this site. I'm not related to 123flip so i'm not promoting him. Just disseminating information.

@Account Closed I disagree with you about starting real estate wholesaling. It's a great way to make money without putting any of your money into it. That helps a lot if you don't have any, and usually a new investor is in that position. It also helps you to meet other investors in the area and get to know what they are looking for. The strength of a wholesaler is measured by their buyers list. These people can also be used as partners/investors once the wholesaler has established him or herself as a rain maker. I think the natural progression in real estate starts with wholesaling.