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All Forum Posts by: Account Closed

Account Closed has started 32 posts and replied 44 times.

Post: quitting my job for real estate

Account ClosedPosted
  • Flipper/Rehabber
  • Washington, DC
  • Posts 61
  • Votes 8

Thanks @ramon. my job wouldnt let me leave earlier under any circumstance. Their reasoning behind that is other employees would feel entitled to that privilege if the need arises and could throw off the balance of the workplace. As i mentioned before i have other veeifiable income coming in that will pay me a couple thousand more than my job if i were to quit and put more time into it.The advantage of quitting is that my other source of income doesnt require me to be at a job so i would have more time to focus on real estate because i could set my own schedule for earning income. So basically i am not quitting to live solely on savings. Makes sense?

Post: quitting my job for real estate

Account ClosedPosted
  • Flipper/Rehabber
  • Washington, DC
  • Posts 61
  • Votes 8

It would be impossible to ask the meet up to Start earlier because its a formal meet up. Its not an informal event. And as far as income goes. As i said my current job Is not my only source of income. I have other verifiable income which pays me more than my job if i worked more hours at it.

Post: quitting my job for real estate

Account ClosedPosted
  • Flipper/Rehabber
  • Washington, DC
  • Posts 61
  • Votes 8

Hello guys so i am caught up in a dilemma here. Three months ago i joined my local reia and i have learned so much about investing from the meet ups although i had prior knowledge before attending the meet ups, i needed to get some networking going because as we all know, this is a relationship business. This reia has helped me so much . i have team up with a broker and an agent and i have started submitting offers on properties through my agent. However,my job is holding me back. I asked my job if it will be possible that i leave work 30 mins earlier on tuesdays when the group meets up and they declined this request. However i have been doing it for the past two months without consent but i was finally told i cant do it anymore. My job is not my only source of income so i was thinking that i quit and be able to attend these meet ups because these meet ups have really helped me a ton. I have learned a lot and expanded my knowledge base my great measure. Any suggestions?

Post: for sale by owner lead

Account ClosedPosted
  • Flipper/Rehabber
  • Washington, DC
  • Posts 61
  • Votes 8

Hey guys i am a new wholesaler in the washington dc area and i was wondering what are the steps to take after you have seen a run down 4 unit building with a for sale by owner sign. I already have an end buyer who i think might be interested in this property because he buys in the area.

Post: BUILDING YOUR BUYERS LIST

Account ClosedPosted
  • Flipper/Rehabber
  • Washington, DC
  • Posts 61
  • Votes 8
Originally posted by @Steven Leigh:

Good tips and links above. I'll just add one more.

http://retipster.com/buyerslist1/

Work your way through all of those, and then repeat!

I agree with "quality over quantity" to a point, but the wholesaler with the largest buyers list always wins! The larger your list, the faster the deals will go, and for a higher price.

Another tip: Send your deals to everyone on your list at the same time! Don't let buyers talk you into showing it only to them first. There is no benefit for you, and they just want to try and get it at a lower price before there is a "bidding war". Guess what? The bidding war benefits YOU.

Build relationships with some local buyers for sure, and if you have a property with a tenant that is hard to get into, for example, you might just show it to one or two buyers who can make a quick decision. But in general, don't let buyers talk you into giving them deals first as it will drive your prices and profits down.

 Thanks steven great advice!

Post: FINDING OFF MARKET DEALS

Account ClosedPosted
  • Flipper/Rehabber
  • Washington, DC
  • Posts 61
  • Votes 8

Hey guys can anyone suggest the best ways to find off market deals? im finding that some off the buyers on my buyers list rather have me bring them off market deals than properties listed on the MLS. Any advice would be helpful thanks!!

Post: FINDING OFF MARKET DEALS

Account ClosedPosted
  • Flipper/Rehabber
  • Washington, DC
  • Posts 61
  • Votes 8

Hey guys can anyone suggest the best ways to find off market deals? im finding that some off the buyers on my buyers list rather have me bring them off market deals than properties listed on the MLS. Any advice would be helpful thanks!!

Post: BUILDING YOUR BUYERS LIST

Account ClosedPosted
  • Flipper/Rehabber
  • Washington, DC
  • Posts 61
  • Votes 8

Hey guys do you have any tips on how to build a massive buyers list. I'm trying to get my deals out the door as soon as i get them under contract. Thank you!

Post: SECURING HARD MONEY LOANS

Account ClosedPosted
  • Flipper/Rehabber
  • Washington, DC
  • Posts 61
  • Votes 8
Originally posted by @Jeremy Pakalka:

@Account Closed He has pre-approval for a certain amount to be loaned. Once he has a property, he will submit the info for final approval to the lender. As a heads up, many hard money lenders offer what I call a teaser....they say you will need no money at closing if its a true 70% deal but they will never agree with the ARV. They will lower the ARV so you have to have money at the closing table. No lender wants to give out a loan without the borrower having skin in the game.

As far as repaying the loan, it depends on your strategy with the house once its fixed up. If its a flip, you simply repay the loan when you resell it for a profit. If its a buy and hold, the lender will want to see pre-approval for refinancing once the house will past inspection. The hard money loan will be repaid when you re-fi out of it. 

 But being a wholesaler, seeing that im assigning my contract in the house to an investor who will do  the rehab, and im not the one that would be fixing up the house , how does the money get paid back in this instance?

Post: SECURING HARD MONEY LOANS

Account ClosedPosted
  • Flipper/Rehabber
  • Washington, DC
  • Posts 61
  • Votes 8

Hello guys I am new to wholesaling properties. so I was talking to a fellow real estate investor. he wholesales properties in my area and I asked him about his hard money loan source. he said that he doesn't have any deals under his belt at this current moment but however, he has already secured funds from a hard money lender. now how does this work? I thought you have to present a deal to a hard money lender first and then they will analyze the deal to see if it makes sense before loaning you the money. And how exactly does this loan get repaid to the hard money lender?. thanks guys looking forward to your responses