All Forum Posts by: Toshia Booker-Blakeley

Hellooo fellow Bigger Pocket professionals my name is Toshia Booker-Blakeley and I am new to RE Investing here in Chicago. However, I do have extensive experience in real estate. Currently I am a licensed Managing Broker (self managed) and my husband Darrell Blakeley is a licensed General Contractor. I've sold, leased and now have started a new endeavor ( strongly encouraged by market change) FLIPS! I would like to use the knowledge I've gained in reference to market activity & my natural creativity with home remodel & design and put it all into one focal point, while making a nice profit and providing a family with an awesome place to live. I enjoy networking with like-minded individuals and can't wait to make a dent in the world of real estate investing!

Congratulations!

Never be fearful of making mistakes, life's most important lessons often come from them. Just always think positive and enjoy the ride :-)

Toshia

Hi Joe,

Definitely stick with your 70% starting out as a newbie. It's important to follow the rules and stick with them and as you get more experienced then you can divert a bit. The 70% rule gives you room in the event things go wrong, if this property or particular market isn't lining up with that then maybe you should move on to the next. Generally MLS listings will be more competitive and have multiple offers because they're on the open market. You can also try targeting motivated sellers whose properties may not be listed with a Realtor which is less competition for you and simply let them (homeowner) know how you can help.

Hi Scott!

I agree with Rick, your offer definitely needs to be timely. All the market research, and criteria should be done and your pre-approval should be available so as soon as you see a property of interest you can go after it. You also need to make your offer as intriguing as possible especially as competitive as REO purchases are due to the fact that majority of the time they're deeply discounted.

If your'e working with a Realtor defifnitely ask them for advice, that's what there there to do.....or at least supposed to :-)

Yes Totally agree with Carolina, get in the habit of speaking with motivated sellers. The key to Wholesaling is buying at deep discount and in order to do that most of the time you would need to develop a relationship with people (homeowner, bank, Realtor, investor/partner).

Hi Matthew!

Trying to target homeowners with equity maybe a little challenging to do without actually knowing how much is owed on the mortgage or if the property is free & clear. Most of the time you would need to sit down and have a conversation with that particular homeowner. I would suggest maybe targeting motivated sellers in the particular target market that you've pulled ARV comps for and screening sellers that way to see if the numbers work for you.

Try the county recorder of deeds.

A Lien Waiver :)

maybe drive around the area you would like to purchase in & see what Realtors are doing business there, sold or listed. Look for a common name It's a pretty good chance they know that market - Hope this helps: )