All Forum Posts by: Jeff Smith

Thank you Andrea I will go look again.

Hello BP 

Im looking for a good place to run background checks from. 

I started to use the smartmove service from transunion that BP links to in the resources tab for tenant screening but the more I looked around the site the more I realized they dont show any pricing, as if it was to expensive to tell you until they "got your info" so I thought I'd ask here first.

I've been buying houses and wholesaling them for a long time, I have never heard of the 50% rule. At least not for houses anyway. My question is "Whats is it your trying to really do here?" Your running numbers with what appears to be 2 different methods combined into 1, buying it wholesale and then renting/cashflow. 

There's always the deal of the century every week. Hot market or not. Surely your not the only investor in your market, how are the other guys finding good deals but your not? Its all about marketing my friend. Spend some money and time on marketing so your phone will ring, or better yet go find a wholesaler or 3 and have them bring you deals.

Here's the truth about these tv guru's. When the seminars come to town promoted by these tv guru's remember the tv guru is just getting paid to let this 3rd party company use his name. Scott Yancey was coming to town. A salesman who was really good was doing his thing in the front selling the people, qualifying them and closing them, I tried to hand out my business cards during the "Break" and they got pissed and thru me out. (HAHA) ( No Scott Yancy tho) next month ************* comes to town so I go again to network n hand out my cards, and guess who was there... the same salesman and his crew and he gave the exact same sales pitch word for word that he used the month before. WOW, well then a month later Flipping Boston comes to town, now I tried calling these guys bc I want to be introduced bc Im the president of my REIA and I was hoping to get brought up to the front you know bc they ALWAYS DUMP THE NEWBIE BY TELLING THEM TO GO FIND YOUR LOCAL REIA, anyway guess how suprised I was to see the SAME salesman and crew again (btw no Dean or Boston guys) so It is really just a 3rd party company who is killing this biz bc they're scooping people up for $2k each and spinning they're heads around to pitch them for 3 days on a $40k coaching bs program. Then they dont even get $1k worth of education when they spit them out to the REIA. Ive seen this happen time and time again and I hate it. So to answer your question @Cynthia Eugene run away from them and any other road guru. 

The question I have is What do you want to do? What is your goal in real estate investing? If its to wholesale then get it at a good price where you can have cash buyers running towards your deal. If its long term cashflow then take all the owner finance you can get get and do what it takes to get it rent ready. If its this weird story above I think your missing a key factor. If I were Jim (the note holder) I have no incentive to let this dance take place. If Jim cant sell it and pay me my cash balance so I can go on then he will have to make his payments to me on time. If he cant make them then I get the house back. win win win for Jim then Jim turns around and sells it to the next person who wants to owner finance it but this time Jim is more savvy and says Im going to ask for more skin in the game so I dont have to go thru this whole thing again and he gets $10k down and sells it for a higher price like $50k since property values have increased and he had to spend a little to clean it up and paint it etc. So can you see way Jim has no motivation to change his position? 

The first thing I see that is missing is Motivation. Is the seller motivated? Then ask yourself if this is such a hot market and such a great deal thats a cashflow king why are the sellers who are investors selling it? I buy all my properties for 50% of ARV. Is this $399k full retail? Here's one way you should look at it, you mentioned you might wholesale it but in order to do that you'll need to be in it at the right price. The price is $399,999 (call it $400k) well my experience tells me List price and Sold price are rarely ever the same so the average retail negotiation from a listed property is 5% so thats really retail at $380k How much money is needed for repairs? Call it $20,000 so back that out of the price $360k closing cost is $7200 Equity is minimum of 30% how many months til you get it fully rented, you still have to make a mortgage payment rented or not. so say 1 month on the positive side of live is still $2000 I would make a offer at $236k

I just realized I spelled your name wrong, my apologies Braden.

 Hi Brandon,

I recently had a contact with this company/guy/group.

I manage a wholesaling group in facebook and a guy by the name of Decker Randolph posted about private money lending in the sum of $150,000 @ 0% for 12 months. I called him and he's telling all about it and I got several red flags going off by the way he was trying to describe it. Long story short I asked for referrals but instead he calls a guy that had gotten many loans. His name turns out to be Don Jacobs. Don tells me he has got about 20 of these loans, then as I question him more he says he just refers people that have gotten approved then he says its best if I talk to the MAN who runs the company and his name is Dr. Watkins but when he called him he didnt answer. Thats when I decided to research some more and came across your post.