All Forum Posts by: Mark Mynhier

Where you farm for wholesales is a subject with lots of answers, depending on who you ask. Personally, I don't typically wholesale, but I always have one rule of thumb: Know your market. If you are comfortable knowing all of the information that you need to present the property accurately, then work that area. www.city-data.com is a great source of information about any area. Remember that you live and die by your reputation in this business. If you get a rep for a wholesaler that gives good deals and accurate comps (always a problem with wholesalers I have tried working with), then your business will grow. If your comps are unicorns and rainbows and the deals don't have meat on them, your business will not and you will get a reputation as such.

I wrote a blog about it on MOR Financial (http://www.morfinancial.com/#!Your-Reputation-Precedes-You/c168d/9505220F-BF2C-4616-A05A-E77CCC96807A) that talks about building your reputation, if you want to read it.

@Annette Torsarkissian besides title companies, there are thousands of buyers at the local REI meetings. FIBI (For Investors By Investors) is having their annual Holiday party in a couple of weeks. THAT is probably going to be the biggest gathering as a pool for you to fish in. Club In Action has a monthly meeting in Burbank, Sam Sadat has Sam's RE Club in Culver City, there are a few other good ones (and a few bad ones, too).

You can also connect with BP members on here who flip houses. We are a great source of to buy from you, if the deal is good. Network on here to find out the criteria that we want and then find houses that we need. Win/Win!

Monxi, from my "day job" I'm very familiar with and very much respect Homeboy Industries. If there is anything that I can do to help, drop me a line. I'm always willing to help out people who are getting started...especially someone who has helped others.

In the meantime, download the books from here and network like crazy. There is a CashFlow game in Burbank next Wednesday (Club In Action on MeetUp.com), if you want to network with some people in the business in person. Great group of people.

Mark

Thanks for the update. I usually have mine for a bit over 90 days before selling them, but it is good to know the time-line so that we can stay within the law. Does this mean that we can put it up for sale before the 90 days, but cannot close escrow before the 90 days? Or, is this a prohibition from putting it on the market before 90 days?

Thanks,

Mark

Understanding the market is important, as well as figuring the buyer's "why". The other side of the coin is that we can just accept and rehab to what the new money in town dictates and create a short-term business model around this phenomenon. Things are cyclical with different countries hitting the market at different times. Study the markets and build the business around these cycles. Right now it is Chinese money; many years ago it was mid-East money (anyone remember the 70's?). Keep on top of which markets are producing the best yields for buyers and create the homes for that market.

Keep us updated. The LA area is so diverse from block to block. That is why research is required. Looking forward to seeing the progress.

@Edgar Stanislavsky a good place to learn about this type of deals (and what you should be both looking for in the deal and looking to get out of the deal) is a local Real Estate Club. There is a GREAT one in Burbank and it is meeting tomorrow night. It is the Club In Action and they are more of a Mastermind group than a traditional REI. They take deals, tear them apart, put them back together again and explain why it would work or not work. Keep educating yourself and you will get better results (financially and peace of mind).

@Will Barnard is right about looking at the spread and the investment.

Mark

Ryan,

Oddly enough, I go to Norman a couple of times a year for business. There are a few other rehabbers in that area and, if you want, I can pass your information to them to contact you so that you can discuss the local issues and needs with someone who has been doing it for a while.

Drop me a line at Baile.Properties.LLC@gmail.com if you are interested and I'll reach out to my friend.

Mark

Emerson...I looked at some of the properties you have in LA. Do you only deal in $1M+ houses or do you ever deal in some in the mid-price range? I'm always looking for ones in the $350K-$600K price range that have room for rehabbing.

Thanks,

Welcome to BP. This is a vibrant and caring community and you will find lots of advice and friendships here.

One thing I was wondering is what you mean by "invest." If you are thinking about buy-and-holds, then LA is a more difficult market with lower CAP rates than other areas. If you mean that you want to invest in rehabbing houses, then the returns (dollar wise) can be much higher, since the housing prices are higher.

If you haven't played CashFlow, I would suggest it. It is a good way to clear some of the cobwebs and think outside the box (safely instead of with your hard earned dollars). There is one in Burbank (Club In Action) tomorrow night and many, many others in the area. With that will also come some connections to help you expand your knowledge and network.

Remember, your network is your net worth. Expand both with local experts.

Good luck, and drop me a line if you want to talk more.

Mark