All Forum Posts by: Benjamin Barredo

I'll be there October 11 and I look forward to meeting everyone. I have a stack of business cards that I'm ready to trade.

Ready to do big things.

@Victor Jernigan What is Tuesday's meeting going to be about?

Regarding the advice you have to @Brian Grubb, what would someone like me in the Knoxville Area (currently hunting down potential deals in the South Knoxville Area by D4D) look for as far as deals to wholesale? Should be concentrating on 30-40% LTV handy-man specials for rehabbers? What type of criteria are Buy and Hold investors looking for? As general as you can be without telling me the normal "everyone is looking for something different" answer. I know they are but for a new wholesaler with a very short buyer's list, I need to focus on the most popular deal so I can start closing. I gave myself the goal to close 3 deals by New Year's Eve, that's only 1 per month - which isn't big but at the same time is big for someone who has yet to close a deal.

Also, what does the "Year of the Investor" mean, exactly? Just out of curiosity?

@Steven J.

Ooh, that's embarrassing. I type really fast and get ahead of myself a lot. lol

I didn't mean that banks saw me as a shiny object but rather as a newbie with a "shiny object" syndrome running around thinking he's going to be the next Real Estate Billionaire and they blow me off.

I have just started going to meeting last month (I've been to three) and I'm making connections but so far I'm getting the same offer from investors. "Bring me a deal and I'll show you how to work it". Which is AWESOME, but first I have to find a deal and as a newbie I don't always know if I'm looking at a deal. And then, unless I get the deal under contract myself, they're still not interested in helping. But maybe that's because I haven't met the right person yet or they haven't seen me enough yet to know I'm serious. Idk.

Finally, did you mean to say to meet small size bankers "outside" my area? Is that just for practicing purposes? Like shooting hoops in the driveway with dad before going to the playground court for a pick-up game?

Thanks for your reply. I'll try to fix that spelling. I don't want to be viewed as "the illiterate guy" on BP. lol

Thanks @Account Closed, he's right, I wasn't being negative. I was just being real. I understand that situations are different and believe me, I've crawled out of a dark place to get where I am and I'm not even 10% of the way to where I want to be. I just know that, in my journey, I've learned one very important thing - nothing in my life is going to change unless I make it happen. Yes there are people in this world that get freebies and doors just seem to open for them but it's not like that for me and I'm guessing it's not like that for you.

If you really want advice, like I said, call a lawyer or walk down to the Sect 8 office and start knocking heads or call family and ask for some help or go polish some shoes, or go to the landlord and ask if there is anything you can do to help him out so that you can keep that house. But getting on a real estate investor website or searching forums for advice from people that can talk all day but not doing anything to fix or change your situation is a complete waste of time. Now I know it's Sunday and there's not a lot you can do today but then again, I'm sure there's something you can do.

Like I said, maybe you can call that landlord and offer to do some sort of free labor for him to help him save money somewhere that can be credited to your rent until the Sect 8 get's right. Go cut some grass, paint some walls, do apartment showings, collect checks, take photos, or something that will help him recoup the loss of not making money off of your apartment.

Point is, if you want something to really happen, you have to do something to force it.

Action = Reaction/Change

Inaction = Same 'Ole Thing

Hi everyone. Ben Barredo here from Knoxville, TN, a fired-up real estate newbie that is grinding and fighting to make things happen.

I have a question...well, a two part question.

I've listened to a lot of podcasts, read a lot of forums, and read books telling me to go out and meet bankers, loan officers, and make relationships. How the heck do I do that? Is it acceptable to just walk into a bank and take up a loan officer's time while not really offering to do anything that day? Will I be chased off or looked at like the 90% of "shiny-object" syndrome newbies that talk a lot but don't do anything? Should I wait until I close a few wholesale deals before I try to approach them?

The other part of the question is, how do I get pre-qualified with a letter from a lender so that I can make offers or bid on Auction.com for a 25k foreclosure or something? (has anyone ever used Auction.com? I found it today and there are a TON of cheap SFH on there in my area). Should I wait until I have 20% saved up?

I can tell you that I'm hearing in the local REIA's that deals are harder to find right now but that's mostly from rehabbers.

I personally think the market seems good for sellers right now because homes don't sit long if they're in decent shape. My wife and I recently started closing on our first house and it took us 2 weeks from start to finish to sift through 25 houses and land on the one we wanted. And all of them were great homes. If you don't mind paying EMV (85-100%LTV) than you'll find stuff fast.

Hit me up with an email.

Or take Robert Kiyosaki's advice and figure out a way to afford that place to live while you're waiting on the government (tax payers) to cover that rent.

I know we are all in different places and I'm not knocking you and where you are. I have been poor my whole life. I'm just saying that the Landlord isn't in the business of giving people a place to live for free. He only got into Section 8 because, once the bureaucracy is out of the way, it's a guaranteed check (guaranteed cash flow, equity, leverage, etc.). I'm sure a small part of him feels good about helping people but I can promise you that's not the reason he got into that niche.

If you have been involved with this site at all, you'd know that it's a business networking site that focuses on Real Estate Investors, so if you're looking for a shoulder or someone to tell you how to get one over on your landlord, you're in the wrong place.

If you want legal advice you might want to call your local section 8 rep office and talk to them because I doubt you'll get much advice on here other than what you've seen so far.

I feel for you, I'm sorry you even need to depend on this program. If you want advice on how to find a better job (I grew up poor and moved from minimum wage to middle class in a few years - so I can write a resume) and improve your situation, holler at your boy. Other than that, make things happen and good luck.

@charles parrish 

Do you have a template of those skinny contracts? My mind has a hard time grasping what you're saying unless I read one or write one. 

I never heard of it. Where can I find information?

@Johnathan Alesso Congrats! You inspire me. I've only been going at wholesaling for a month. My goal is to take the money from wholesaling and then fuel rehabs that will fuel my rental buying which will create the cashflow I want to quit my job. I'm grinding and hustling but no luck yet. I'll be there soon though. That first deal is just around the corner.