All Forum Posts by: Trey Brooks

Hey Y'all, Hope all is well! I am in the process of wholesaling my first deal, in Jackson Mississippi. After I got a buyer I found a pretty nice attorney to close the deal. But, just now the buyer told me we don't need the closing attorney and that his bank could just notarize the paper work. Plan A) I'm selling the contract for 150% more than what I got it for, so the attorney recommended doing a double close... But now since the buyer doesn't want to use a closing attorney how do I go about assigning the contract? -Thanks in advance, Trey.

I have my first house under contract, & have a buyer! My question is what do I do next in order to get the buyer and seller at the close together??? Do I go to a title company? Attorney? Find an agent??

I'm still a beginner so take my post with a grain of salt. When you're marketing it state that "Im selling an assignable purchase agreement for the property listed below" Because you're selling the contract and not the house. Hope this helps ( and is legal) -Trey

Good afternoon y'all, hope all is well!! Good news: Today I put my first house under contract!! (Hoping everything goes as planned!) Bad news: After having her sign the contract I was so excited i went to the house, looked at it... Then I called my parents to tell them the news! One hand cruising, the other holding the phone to my ear. I look at the hand on the steering wheel cause I felt an itch... & Ofcorse there's some blood filled critter crawling on my arm!!!! Then I look down and my WHOLE LOWER TORSO AND UPPER THIGH IS COMPLETELY COVERED IN THEM. I START FREAKING OUT (assuming they were bed bugs) So my dad tells me to get out of my car and take off all of my clothes and ditch them, instead I found the nearest Appartement complex and dived head first into the pool with a 3 piece suit on 😂 I'm currently drying up, & have concluded that they were fleas not bed bugs *Sigh of relief* This is the stuff the gurus don't tell you about, but I'm enjoying every minute of this ride😂 Questions: •I'm still deciding weather or not, I should wholesale this deal or buy it & rent it out. -If I do decide to wholesale it, do I need to take care of the flea infestation or the actual buyer? •Does anyone else have any infestation experiences & did they hinder the deal at all? Thanks you guys, in advance. -Trey

Good afternoon y'all!! Last week I posted about how I was meeting with a motivated seller at her house.... The meeting went extremely well (I made a bunch of mistakes, but you live & you learn). In person i offered the Gal 12,000 for her house, (Comps were 15k-30k) (All cosmetic repairs besides roof, so far) which was wayyy to much for a wholesale deal. So today.... I shot her a text (unethical probably) that stated: "Hey Mrs. Frances; hope all is well. Sorry, about the inconvenience. I apologize to inform you, that I did the estimates wrong, since I'm still getting used to the Jackson, Mississippi market. But based off of the comparable houses in your neighborhood... For a cash offer I can only pay $2,000. (Since I eat the closing costs, roof repair, & other cosmetic repairs... Plus possible repairs I don't yet know about.) If this is something that still works for you, let me know. If it isn't then let me know what price does work for you, since I want to make this a win-win situation. -Thanks in advance, Trey Sorry about my mistake. Hope to hear from you." She replied with: "It'll work hope I can get 3,000 and that's fine, I'm heading to Vicksburg I'll be back at 4 can we meet [To sign the contract]. I delayed it to tomorrow at noon... Because I have no freaking clue what to do now. I know how to get a Texas contract, but I have no idea how to get a Mississippi one. (I read a whole text book about Texas Real Estate contracts, but is that information applicable in MS?) Do I need a title company at this point to validate the contract? (I think here they use attorneys?) I guess my question is: •When I meet with her tomorrow, what kind of contract do I need? •When do I get the title company (or attorney) involved? •Any info that lays out the next steps would be appreciated. OH & I'm getting the house under contract for $2,000. The house is in a C/D neighborhood ... Since I'm new should I just wholesale the deal to get rid of it, or should I buy it & rent it out (She just had a tenant move out last month that was paying $400 a month in rent) Sorry for the long post, appreciate you for reading!! -Thanks in advance!! I'm excited!!(obviously) Trey

You guys are awesome!!

Professor @Susan Maneck Thank you so much for being a wealth of knowledge any way we can exchange emails or #'s incase I have more questions, or if you need someone to run errands for you? 

@Tamara Elliott-Deering ; that is hilarious😂 Why won't he move? Did getting your license help you at all? Your advice is pretty solid, house hacking may be the way to go, I believe. PERFECT advice to give to my dad aswell, thank you. 

@Robert Lum; Your advice is amazing as well. Will definitely keep you updated. Would love to hear how you started & any adversities / triumphs you've encountered. 

Thank y'all, again. 

Goodmorning BP! Hope everyone is having a fantastic morning!!! A little back ground: My name is Trey Brooks (19). I've been interested in real estate since I was 7 with the discovery of HGTV😂 (It's just something about houses that really cranks my gears (; ) Anyways, my father is a musician. A few years ago he decided to build my mothers dream home in Sugar Land, Texas. (By Houston). He bought a lot of land for $50,000 & built a house on that lot for $700,000 (Total investment of $750,000). A little over a year ago he sold that house for $2,200,000. That is where his interest for real estate was born, but his passion is his music career & he is currently on tour (But due to him growing in age, he wants to get out of that lifestyle). He has assigned me to learn all that I can about real estate investing. So that when he gets back I can basically teach him the ropes then we can conquer the world of real estate investing together. Id be the brains & he'd be my cash source. With that being said, he also wants to put his money in high Yeilding investments (seeking capital gains at the moment, then rentals for wealth building.) Kind of like a duplication of the accidental flip I mentioned above. Along with partnering with people developers. I've spent the last 10 months reading text books (cover to cover), personal development books, meet ups, seminars, internships, etc. But I haven't been able to get the practical application that I believe I need to make things come full circle. As a college freshman, in a cage with many distractions, I decided to visit my grandparents in Jackson Mississippi for the summer in order to get rid of all distractions & put all of my energy into my passion (real estate)... Learning/Doing all that I can before I go back to school in Texas (University of North Texas) and I definitely plan making this happen while attending school. My questions are: •How did y'all get started, with doing something actionable? •What have y'all experienced that has yielded the most return on investment? •Has anyone else done parent & child relations similar to my situation? •If you were myself, how would you go about seeking practical application? I've kinda started with wholesaling (since it teaches you a plethora of strategies / skills). I've started putting letters on people's doors, talked to my first motivated seller last night/ meeting with her this afternoon. Still trying to get over my fear of door knocking, which I think will happen in an hour😂. Sorry this is a long post, but I'd appreciate all feedback. -Thanks in advance, Trey.

Goodmorning BP! Hope everyone is having a fantastic morning!!! I got my first call from a motivated seller... & am going to look at the property with her this afternoon. Earlier this week a jehovah witness was passing out flyers, & I was like since you're giving me a flyer let me give you my business card, as I work with a group of investors who buy houses for cash. She then gave me a call later this week... And after scoping out her motivation, I found out that she is extremely motivated. She has a home that she was renting out... The tenants just moved out... & she wants to get rid of the house, just so it it out of her hair & she doesn't have the money to do any repairs to it. I got all the information that I needed over the phone, & drove by the house / neighborhood last night. The house definitely needs a new roof and other houses in the area only sell for $15,000 to $30,000. She owns the house free and clear. From what I can tell this area is a C or D neighborhood, minutes away from a zoo though(; but, I'm new to the Jackson Mississippi area, so I'm not too sure of the market in certain parts of town. My questions are: •Am I wasting my time with this one? Because of how low I would have to offer on this house? •Would an investor even consider buying in a price point that low? •I want this to be a win-win-win... & I don't want to make this woman feel as if I'm providing her nothing for her house... With that being said, if I could make the numbers work in a profitable manner, should I still offer as low as I can? I'll have more information after I meet with her at 3!! Thanks in advance for the advice. Would also like to add how much of a blessing bigger pockets is. -To everyone's success, Trey.

Also some practical application: Practice how to talk to motivated sellers, & how to negotiate. (Look at some call scripts). When you feel like you're ready, go door knock. It helps you interact with people, get over your fears, learn about the market, build a connections, & you'd be surprised at the people you meet/ the conversations you have (it's so stimulating/ exciting) . Even if they aren't selling, maybe their cousin's, little brother's, best friend's neighbor is & they've passed along your information to them haha. Get some business cards (like 15.00 for 500) & pass them out while you door knock or at local investor meet ups. MEET UPS ARE GREAT, you just have to find the right one (one that's not a huge sales pitch that feeds on your emotions & sucks you into raising your credit card limit to $100,000 so you can afford their b.s $60,000 course) Print some paper with the typical "we buy houses" jargon & put them on doors... There's a lot you can do!! Message me if you have any questions(:

I copied this from a post I commented on earlier, she asked "what are some little things I should know about wholesaling" Good afternoon There are a lot of little things that you need to have knowledge on when it comes to wholesaling. You can put properties under contract all day long, but you should really understand the legalities of the contract (make sure you know the terminology, etc) Also, you should really think of yourself as a problem solver, & not a wholesaler looking to get a quick buck. 
A lot of motivated sellers are going through some hardship, & nothing makes me more upset than when a seller has just told a wholesaler their situation & the wholesaler follows up by asking "Sooo how many bedrooms / bathrooms are in the house." You need to have compassion & consideration for the people you are dealing with. Other little things: 
•You have to know how to evaluate the deal, you should know how the numbers work. 
•Know if the house has any liens on it. 
•Know how to do comps 
•Know how to offer a win win win situation. A win for yourself, a win for the seller, & a win for the buyer. 
•Make sure you're offering a deal that won't burn the other investor... There are ALOT of little things, but educate yourself EXTENSIVELY, but DONT get stuck in "analysis paralysis" .don't buy into the fake guru programs/ the get rich quick schemes. Let me know if you have any other questions, that's all I can think of off of the top of my head... I WISH YOU THE BEST OF SUCCESS, YOU CAN & YOU WILL DO IT. believe it. 
 To answer your question. Those posts are a great start! But I also believe that to be a good wholesaler you have to be a good flipper (ex. Analyzing deals, knowing ARV, estimated cost of repairs, etc). So start learning other investing techniques aswell. (I know that's a lot, but you'll thank yourself later). As stated above, you should really consider yourself a problem solver. & the good thing about Real estate investing is that there are many different solutions to a problem. For example, what if a motivated seller has more left on their mortgage than equity? You can't wholesale this deal, but the solution could be solved with a subject-to deal. I was always sooo so so so stubborn with this, but LISTEN TO THE PODCASTS!!!! They are free!!! Just download them to your phone (or listen online) & you can learn while you're driving. <----- Podcasts are great. (I thought other wise before actually listening) I wish you the best!!!!!! -Trey