All Forum Posts by: Benjamin Barredo

Man. That's a lot of postcards. 

You're doing the right thing but you just need to stick at it. I've heard the real returns don't come until after the third mailing. So hit the same group up again and again, change the wording but the same massage. 

Add you can see, I'm be too. I'll be following your progress. Good luck brother. 

Hit me up if you want to bounce ideas of me. We're in about the same place in our journey and sometimes that's better than 10 seasoned investors telling you to do 15 different things. 

Hey Jeffrey Wagner!  Welcome. 
I'm also a manager in healthcare and just starting out in real estate investing. 

Do you have a game plan yet? Which niche attracts you the most? 

There's way too much to know on wholesaling to give you a quick post that'll have you on the road to succeed in a day. 

Regardless of what anyone says, wholesaling is the hardest way to start in this business. Yes it's the cheapest but it's not easy. I stayed a month ago and it's like a second job. The funny thing is I am getting into real estate investing so I can get away from working but that days not here yet. 

Back to it being hard....I have been at it a month doing about 10-15 hours a week on, plus working a 50 hour a week job and raising a baby. On top of that I haven't closed a deal yet. I only got 3 leads so far too. 

To your question, the easy answer is, you have to learn how to

1. find distressed/motivated sellers
2. Approach them, convince them to sell you their house for cheap
3. Get it under contract
4. Sell it to a buyer at a mark up so you can make your fee. 

But you have to know a ton of other things in between all of that like

-what areas are investors buying in
-where to find leads and how to get in touch with them
-how to find buyers
-how to recognize a deal
-how to understand the numbers do you can actually come up with a selling price that makes sense
And on and on and on. 

Start reading and start asking questions. It'll fall into place enough for you to start but you'll never be a whiz. Everyone is always learning. 

@Tom S. and @Andrew Michael

If HML are not owner-occupied, how can you use the BRRRR in REI? I thought the whole point of the BRRRR was using HML to get the property, rehabbing it, and then refi with a traditional lender at a 30year amortization?

@Rick H.

Any suggestions for a newbie on the best way to find out information on heirs, beneficiaries, claims, and disputes? I use intelius.com to find out if someone is alive but it seems to have horrible contact information or old info. I always get disconnected messages. But they have a great price for us budget friendly start-ups.

I like the Opportunities but how to you buy the owner's equity? Give me a scenario if you don't mind.

@Rick H.

Can you point me in the right direction for this PETIO method? What is it?

That's a great plan @Glenn Gayet. Where are you finding potential partners? I would be wary of people you meet online or across similar channels where chance brings you together. I fooled myself into believing the universe brought us together only to learn they were about as serious as a 16 year prom queen at a football rally. If you go somewhere like a REIA meeting where people are there for networking, that's a good place. If you find the deal and do all the leg work but they guide you, offer 50% if you're comfortable with that. I'd probably do something still similar to a 75/25 split because all they are doing is talking to you, a person motivated to speak to them and doing the due diligence. Now if they end up holding your hand through the deal and negotiating terms, walking you through every step, then yes, 50/50 is a good way to go.

@Glenn Gayet

I agree. If someone wants to partner with you it's probably because they are having a hard time finding deals, or they want to mentor you. But I doubt mentors are coming to hunt you down. So my guess is this guy is in need of help when it comes to lead generation. My take is this, if it's your deal coming to the table, you take 75% of the total fee and pay him 25% for using his buyer and that's as high as I would go. I wouldn't commit to giving him dibs on any deal he wants. Take the acquisition fee as @Brie Schmidt suggests. If you start letting this guy pay you a bird-dog fee, you'll end up working for him for chump change and missing out on opportunities to deal with other investors that might be able to open new doors to you.

Build a buyers list, keep this guy on it, but don't just sell to him. Put your deals out there to maximize your earning potential through good ole' fashion competition.

What do you need to know? My question is mostly if anyone know the market. I can do my own due diligence about the house. The market I'm not experienced on studying so what type of stuff should I be looking for? 

I had the wrong address. The guy had bad connection. The House is a 3/1. I'll check out crs data. I couldn't find any sales on Redfin. He house is super ugly too.