All Forum Posts by: Chris Bounds

@Sam Craven, to add to this conversation - I wonder if you can get a wholesaler to pre-sign EMD release form if they choose to deposit to a title company in lieu of a direct deposit. Or maybe add verbiage to your assignment contract that authorizes the release. I'd imagine that would need to be title company specific as some are more investor friendly than others.

Like you mentioned before, getting EMD back from a title company when the other party defaults is not easy. I had money tied up for about 4 months before I finally got it back. Not fun!

@Account Closed, there are several good REI meetings in the Houston area. There is only 1 in the Sugar Land area. The Stafford/Missouri City has 1 that I know of. PM me for details. Not sure if I can post them here, particularly since I run one of them.

@John Barr, how many deals have you done in the past year since you attended Phil Grove's program? You say you quit your corporate job, but are looking to escape the rat race. What do you mean by that? You only appear to have 2 posts on BP and your profile says you've just recently bought your first rental (congrats, btw!) You'll see a lot of skepticism of gurus on BP for obvious reasons. There are a lot of gurus that sell basically the same thing (very basic info that can be found on BP for free), in the same way (attend a free meeting, get sold on a weekend training, get sold on a private mentorship program, get sold on a mastermind group, etc.). I smelled that same trap when I attended their REI meeting. Maybe they have a good product to offer, but having been to and bought into some of those guru programs before I have a good sense about the sales trap now.

Ouch - not cool!  I haven't done a lot of business from wholesalers, but I've always wondered if that kind of thing happens.  Unfortunately for them, a bad reputation from quality buyers spreads very fast even in a big city like Houston.  Thanks for letting us know who to stay away from.

Yes, I was working full time then. I woke up at 5am and did a few courses before work. Then more during lunch. And even more on my laptop in front of the TV during the evening. However, I was already an experienced REI at the time so I knew the vocabulary and most of the general information.

@Denita Ozenne, I took my classes online through Real Estate Express and I do recommend them to others.  I did it in 1 month.  That isn't normal, but I was motivated to finish it asap.  Per the TREC website they have one of the highest passing rates.  Good luck!

Hi @Caroline Ortego, you're in the right place! Be sure to plug into a few of the many local REI events around the Houston area.

Welcome! You're in the right place. Be sure to connect with the many local REI events around town.

@Huy N., each deal gets you closer to being able to quit your day job, right?  Keep it up!

Congrats on another successful deal @Huy N.!

@Paul Stephan, I agree with what @Russell Brazil said.  As a buyer it makes little sense to NOT use a Realtor.  The only reason would be if you simply do not want to rely on another person as a go-between.  I'd think of them as a "free" assistant (no disrespect to Buyers agents!) on the transaction.  The seller is usually paying all commissions so if you have a Realtor representing you then they will be handing most of the paperwork and phone calls for you.  

If you're unhappy with your Realtor then you need a new investor-friendly Realtor.  Otherwise, just make sure you know what your doing if you go directly to the Listing Agent.