All Forum Posts by: Henry M.

Brian,

I believe Lease Options are still legal. However, from what I remember, the length of time (6 months) and the fact you cannot compound them (term)... Is limited. 

So a lease option technically is legal.

But...

I get your point.

Now in regards to bird dogging, if it still exists in 2016, IMO is only retrieving info regarding (as someone mentioned previously) vacant or distressed homes, such as overgrown lawns, or via through networking or maybe a gopher if you will, for whomever is mentoring them. 

If the person becomes more seasoned, then being a bird dogger, I would assume, will eventually lead into becoming a wholesaler. Which @William Bernard, may continue to write about in his "The Truth About Wholesaling" forum/book... Lol.

To be honest, I've never used a bird dogger before... Not to say that I wouldn't. 

If I were to use a bird dogger, then it would be for seeking information on distressed properties'. This of course, considering that many are public record.

The better question is... Has anyone ever worked with a bird dogger (BD) or more importantly closed a deal from a lead/research of a BD?

If so, how much did they make (i.e. $100 - $500)?

How did you structure it, so as to not make it "illegal"?

Just curious. Many of those who I take on as a limited mentor... Should I consider them as BDs?

Again, not trying to get caught up in titles, but I want to meet the most successful BD out there. 

BTW, has anyone ever written a book on bird dogging? Such as, "Making a Living as a Bird Dog King/Queen"..?

PS: I think I beat this dead horse into a dog. Lol.

Just my two pesos.

Big Henry

Glenn Mayo,

I know you may not want to hear this, but you should start by reading this entire thread... If you had, your questions would be answered.

Big Henry

Lamont Mitchell,

I believe Jay Hinrichs, Derek Jones, and Victor Saumarez have hit the nail on the head in their posts.

If you have submitted your offers, only to be rejected or never presented, yet the homes sold for your asking price or better, then it may be the EM as Jay alluded to. However, as Victor stated, this tactic may work normally in distressed areas... If the areas you are offering these estimated prices are less than the average sales price in your targeted area, then Derek makes a great point.

Now here is another curve ball that you may not have thought about, if none of the above is true... The issue may be with your mentor. If he's been in the game around, he may have burnt many bridges. It may sound far fetched, but maybe try on your own and see what the results are.

In my opinion, I believe all of the above is true... More so, Jay's take, which is true. Here in Texas, you normally don't have to deposit the money into escrow until the offer is accepted... Not sure how CA is, but I have used Jay's technique, even with banks in doing a shortsale or deals such as what you are pursuing, and it will work like a charm from time to time. One time, I sent the bank a copy of my entire offer in a cashier's form... It was accepted.

Lastly, you stated the following:

"For example, two weeks ago we submitted an offer of $88k for a property that was listed for $106k with a $250 EM. I estimated that the property needed about $30k to $50k in repairs, so in my opinion, our offer was too high."

If you may indulge me, what was your estimated ARV for the above quote?

Just my two pesos of reinforcement...

Big Henry

Tanesha Mills,

Let me say, first and foremost, "no" to the $30K investment... however, I am not against paying for your education.

When I began in real estate, I purchased a few programs which cost me less than several hundred dollars. I have spent several hundred easily on books from the local book store (i.e. Barnes & Noble, Books A Million, and even from the internet). Of course, there was no internet back then, like there is today, nor was there a Bigger Pockets...

So I am not against paying for your education, but when someone is willing to part ways from their $30K, that indicates they are either motivated or desperate.

Please do not become desperate in your desire to fast track your way into success.

Success in real estate is usually at a very slow pace and process... It's during this crawl where you will pick up the most experience. I am not a licensed Realtor, nor am I against anyone becoming a Realtor (if this is your desire)... However, it is not necessary to be licensed to make money in real estate... I say that without a shadow of a doubt.

Take your time... Enjoy the journey. Read, read, and read. Watch videos and engulf yourself in the market you are in. Most importantly, network and find out who is real and has experience.

I hope you find what you are searching for and if you ever need anything... Feel free to colleague any number of members here on Bigger Pockets and ask them your questions. I'm confident most will help you and give you direction in your new journey as a real estate investor.

A real estate investor is someone who invests their time in learning and acting in real estate to make money.

Just my two pesos.

Big Henry

PS: There use to be this mall my wife and I use to frequent in Ocala, Florida and in their food court area, there was a Japanese restaurant which made the best Shrimp Tempura... Lol. Memories...

Hunter,

I don't know you, but I am very impressed with your quick maturity. I have a great feeling you're going to be successful. 

You have a great head on your shoulders and truly believe with much more education, and not just as a Realtor in the box, but also as an eventual real estate investor who thinks outside the box... You will do fine.

I kind of feel proud of you... Maybe it's because I see a lot of myself in you (based on your response) and how I started out.

Keep your head up and push on... Please keep us posted and I am looking forward to reading about your many future successes.

BP FAMILY

Big Henry 

I'll be the odd ball... First off, congratulations. Now you are free from that burden. 

Second, be still and relax for a minute. Family comes first. Learn about yourself and enjoy life... Even if it is for a few days.

Recharge!

Third, regarding real estate... READ. Just immerse yourself in your market. Learn, learn, and learn (my spin-off of location, location, location... Lol).

Finally, go back to searching for a job.

Do not pull the trigger yet in trying to invest in real estate until you understand the fundamentals of real estate.

Last thought: Cash is king, so hold onto it... Use OPM until you have educated yourself in this vast arena we call real estate.

Just my two pesos.

Big Henry

In a nutshell:

Shortsales can be as long as 9 months... Bank/Lender has no loyalty to homeowner... Loyalty is to investors who usually hold the note.

If you are going to dive in... You'll want to hold the HO's hand... In the end, it will have to be listed by a realtor. Usually the bank's designated Realtor. 

Price will be dictated by BPO... If you want to deal with the 100 Indians w/o a Chief before you get to Loss Mitigation rep or whomever is in charge of file... Then be prepared.

Bottom line, besides a contract, which will usually be meaningless to the bank... You'll need an Authorization to Release of Information signed by HO, before even making a move.

GOOD LUCK.

Many times, they'll proceed to foreclosure or they'll stall with all the red tape.

Today, it is very difficult to be successful in a shortsale. But if done correctly and bank or investor (s) want to depart, then you can land a tremendous deal.

Then we go to the actual acquisition of property and finally your exit.

Again, in a nutshell. 

Just my two pesos.

Big Henry

Steve,

Great data... So Android holds 78% of the market share and Apple 18.3%... Hmm. 

Who should we be catering to? It should be the larger market share. IMHO.

Big Henry 

Brandon, 

What's the pay & benefits?

Big Henry

This absolutely correct. 

It is just a quick and dirty way to assess whether the numbers on the surface will prompt you to conduct additional due diligence.

Nothing more. 

To read any more into it is foolish.

Big Henry