All Forum Posts by: Wendell De Guzman

Do you want to receive PASSIVE INCOME from a property that is occupied with a long term renter? Here's a GREAT turnkey property for you. All you have to do is buy this and start receiving $1100/month rent. Below are the pictures and cashflow analysis:

Please send me a PM if you're interested in seeing the property. Proof of Funds or Pre-approval letter from your lender is required to schedule an appointment.

PICTURES - LINK     

Right on.

My advice to anyone wanting to wholesale: 

Be careful who you listen to. Why listen to a non-wholesaler to learn wholesaling? It's like learning brain surgery from a pediatrician.

Wholesaling is NOT easy. Beginners or newbies should learn rehabbing and landlording before they learn wholesaling. In this way, they know how to rehab properties and what landlords look for. Otherwise, they send out ridiculously low (or inaccurate) repair estimates and bad deals that they can't sell.

 I researched and talked with my contacts in Cincinnati and Sean is the real deal.

Sean, you may not know me - I wholesale properties too although most of what I do nowadays is rent to own. I have access to capital and I lend money to other real estate investors also. 

 Like you, I don't understand why some people think that getting a property at a HUGE discount if the seller agrees to the price is unethical or predatory. Now if the seller has mental issues and he does not know what he is doing and you got the deal at a steep discount, then that is unethical. But if the seller is desperate and seeking a solution - and that solution involves selling his/her property at a steep discount, so be it. Investors who can solve the seller's problem in a quick way deserve to get BIG profits.

I bought a property in Cincinnati before for $1 and flipped it the next day for $3,000. The ARV of the property is $40,000 and the house needs $12,000 in repairs. Does the seller care I bought it at a ridiculous discount? NO! He was appreciative of my help (in fact, he was the one who said - "I will give my house to you for $1"). My buyer loved the deal as well because she fixed the house up and now renting it for $600/month.

Good thing that seller does not hate wholesalers :-)

SO BPers - enough of this hatred for wholesalers. Not all wholesalers are created equal - some are good, some are bad, some don't do anything. But that's true in any industry - even with licensed real estate agents.

 I agree with you - I learned wholesaling AFTER I become a landlord and AFTER I've rehabbed houses. By doing so, I know my property values, repairs and how to present the deal to a landlord or rehabber. I also learned how to talk with motivated sellers and learned negotiation skills prior to me wholesaling.

Wholesalers who are experienced real estate investors tend to be good wholesalers because they know their numbers, their market, they know marketing and negotiations. Just listing these skills...make me realize why a lot of newbie wholesalers FAIL in this business.

Maybe that's a good article to write: "Wanna Be a Wholesaler - Read this Furst: Why 90% of Newbie Wholesalers FAIL"

No - in 13 years investing in real estate I have not encountered such a rule. It's quite an absurd rule and will not work in many cases. Be careful of these gurus.

For instance, roof replacement is not $5,000 - depending on the size of the house, it can be $4,000 or $7,000 or $20,000. There are "rules of thumb" though if you want to quickly estimate repairs. The rules of thumb below generally works with houses between 1000-2000 sqft: (in more expensive markets these rules don't work)

Cosmetics (paint, carpet) - $5,000

Remodel kitchen & bathroom - $10,000

HVAC + new AC condenser - $5,000

Replace roof and sidings - $10,000

Update electrical and plumbing - $6,000

Then you can add a 20% buffer on the total repair estimate based on these rules of thumb.

ONLY use these rules of thumb when prescreening properties. Always verify the actual repair cost using a good GC working off of a detailed Scope of Work.

Do you like talking to people? 

More importantly, do you like listening and getting people to confide in you their problems? 

Most importantly, are you passionate about helping people and you wonder how you can help people through real estate investing?

Wonder no more - if you answer YES to all these questions, we want you as our Acquisition Analyst. As an Acquisition Analyst, your exciting responsibilities include:

1. Answering calls from sellers of properties - getting their information & assessing their situation

2. Brainstorming, strategizing and coming up with acquisition options so we can help the seller solve their real estate problem while at the same time ensuring that we can acquire their property in a profitable way

3. Presenting these options to the seller, negotiating with them and closing the deal; and

4. Doing the due diligence prior to closing on the property to ensure we know all the risks and have mitigation and contingency plans to address those risks

This position requires someone with the following skills/ experiences and expertise:

A. At least 2 years experience in sales

B. With experience in cold calling

C. Knowledgeable about NLP and have used it to sell

D. Academic background in Psychology is preferred but not required

E. Experience with MS Office Suites/ Google products like Hangouts, Google Drive, Google Sheets, etc.

F. Nice, pleasant personality and telephone voice

G. Experience using a CRM is preferred but not required

The compensation package includes an allowance of $20,000/year, a generous commission per every successful acquisition and stock options so you participate in the growth of the company.

If you want to help people and make money at the same time, why not join our fast growing company as our Acquisition Analyst? Submit your resume now to [email protected]. The deadline for submitting all the resumes is this Tuesday, May 31.

The Acquisition Analyst will start work on June 15, 2016 and shall be need to be local in the Chicago area.

About Our Company:

PCI is founded by a successful COO of a wargaming company and a successful real estate entrepreneur. Together, they set about dominating the Chicago Real Estate Market by professionalizing real estate investing and living by the principles of diligence and creativity. For more information about our company, visit our website at http://pcirei.com.

Here's a Podcast interview here on Biggerpockets about me- the co-founder and CEO of PCI:

http://Biggerpockets.com/show65

 Sunny, 

It's not easy finding deals this good. Unlike most people, I do this full time and we're backed by extensive experience and lots of cash. So we can get discounts that others don't get. Anyway, to help newbie investors, I wrote a 6-part blog/ forum/ video posts here on Biggerpockets entitled "The Science of Finding Deals." Here's Part 1.

Here's an idea for you:

Learn how to invest with little to NO money. If your spouse is so afraid of losing money, if you invest with NO money - if you do it correctly, chances of you losing money is small and you won't lose as much money.

How do you invest with little to no money?

1. Read the book "The Book on Investing in Real Estate with Little to No Money" written by @Brandon Turner. I like the chapters on "House Hacking" and "Wholesaling".

2. Listen to my podcast at http://Biggerpockets.com/show65. In there, you will learn how I bought a property no money down (using a powerful strategy called "subject to") and made over $30,000 profit on a house I sold rent to own. Also, in my podcast interview, you will learn how I acquired a 100+ unit apartment complex worth $6M by shelling only $5,000 out of pocket.

3. Wholesale a deal or two first and generate that CASH. When your spouse sees that you're making cash with real estate without you spending and risking any cash, then she will associate real estate with making money not losing money.

If I am in your situation, I will learn as much as I can and then persuade others using results not words.

The BIG BOYS or the BIG Landlords don't tell their tenants they own their properties. 

If you own 1 or 2 units and you're a small time landlord by all means be open with your tenants and let them know you own their units.

But in my situation...with 100+ units, some tenants can get envious and they become "lawsuit-happy". So, in my situation, it's not wise for me to tell my tenants I am the owner. Again, technically and legally, I am not the owner. My LLCs own my properties. I personally own nothing.

Besides, telling my tenants that I am the owner is not really for their benefit. It's better if they know who the property manager and maintenance manager are so if they have problems, they know who to talk with.

If you want to know how I screwed up being a landlord and what I learned and how I went from losing a 36 unit apartment building to foreclosure and how I bought a 100+ unit apartment complex, listen to my podcast interview here on Biggerpockets by listening to http://Biggerpockets.com/show65.

@Tyrone Jackson, I already looked into this deal. Too much rehab.