All Forum Posts by: Account Closed

 I agree, it's rare the kids can't be found. An attorney couldn't find them, a private investigator couldn't find them, and the senators couldn't really do anything about it. They're all 45+, we got some old addresses from over a decade ago but all mail got returned, they didn't live there. No social media, no in-service numbers, I agree that it's a bet. I'm at a point where I can afford this bet and the max loss really is what you said, they want half of my airbnb money, so I plan to set half aside just for that. If they do pop up, which I don't think they will, it looks like we'll have a headache but those 3 own 1/3 of 50% each and I own the remaining 50%. I should hypothetically be able to sell, but I'm also interested in obtaining a lease (specifically structured with my attorney to protect me for these off chances) from the seller because I believe that my llc could utilize that lease and allow me to retain 100% of the airbnb money and still help her out. 

We looked into a trust, can't place the property into a trust without their heirs permission 

The seller's husband passed away, and this year she has been trying to sell the house. Problem is, her husband didn't have a will, so his half went to 3 heirs. 

For her to be able to sell it, she needs the kids' signatures. Her and her real estate agent hired an attorney, a private investigator, and has even reached out to Texas senators trying to figure out where these kids are, and nobody has been able to get in contact with them. They think the children (who are all adults, not actual children) are living on the streets in either Germany or somewhere in the US.

I've been working with both her and the realtor, she says that she is moving back to Germany one way or another and is about to quit paying the mortgage because she has no other option, and doesn't want to rent it out. 

My attorney says it is possible that I can purchase her share subject to, it's on a va loan and in total there is about $140,000 in equity, with the monthly payment being ~$1700. It's a 4/4 3700 sq ft, with no property in the neighborhood selling for less than $410,000. I am wanting to form an LLC separate from everything else I own, help her out by cashing her out on what little equity she has and keeping the property as my first property, and AirBnB it. On AirDNA, it projects an annual revenue of $104,000 with $30,000 in operating expenses.

For the monthly income vs expenses, even if I were to have to give up 50% it seems like a really good deal. I am paying closing costs, attorney fees, and cashing her out. All in all, I am going to be spending $20k. 

To me, this seems like a pretty low risk opportunity. It does to some folks in my network as well. I want to take action. What would you do in this situation? 

Hey Daniel, thank you for your kind words. Let’s connect!

Hi, I'm Carson. I learned about real estate in January of last year, how? Real estate stocks. Particularly, SPG. I looked into their financials and didn't understand a lot of the depreciation aspects of things until I did a little bit of digging into real estate, and then that launched me down the rabbit hole that I am so grateful that I found and has brought the most profound change in my life that I could really ask for. 

I'm lucky when it comes to "starting out," because I didn't think I could do anything. I started out buying Brandon's book on investing in rental properties, and that got me absolutely addicted to rentals, creative ways to buy with no & low money down, and becoming a realtor. I took my real estate agent course for Indiana, went through, but couldn't get my license. 

Here was my gameplan: Work incredibly hard as an agent as soon as I can, buy rentals creatively starting out and then conventionally once I can, and then just to build my portfolio over time. Well, listening to BP, I heard about wholesaling. So you're telling me people can just know what a good deal is, put the work towards finding them for people, and they can make money unlicensed and with little money??? Sounded too good to be true, but it wasn't. 

Why I say I was lucky is that I got into wholesaling cold calling homeowners with a confidently good, borderline obsessive amount of knowledge about investing, so I already had an eye for a deal. I'm not talking about just if the numbers work, but to the point where I know how to tell good areas from bad ones, instead of just "this home has an ARV of $x, needs $x in repairs, I'm going to offer $x." As a wholesaler, you need to be able to identify value. AKA, where demand lays and where it doesn't. When you put your focus on what you bring to your buyers, and maintaining real relationships with them vs them just being "on the list." 

So tip from that, #1 take your state's real estate agent course, whether you choose to get licensed is up to you, I will not. Why? I lead a team, and I don't want to be liable for other people's genuine mistakes, that haven't happened yet but will probably happen eventually. Seriously, how the hell are you going to locate & create a deal and get it moved to a real investor if you don't even know how a basic transaction works. You can't flip cars if you've never driven one, and the similar goes for real estate. 

Tip #2 is that you should just read The Go-Giver, plain and simple. You get paid based off of the value you give to others, and while the gurus say you give it to the seller, I believe otherwise. Is the seller paying you for a service? No- your buyer is. The more value you bring them, as in a more quality deal & transaction experience, the more money you will make overall in assignment fees.  

I started out cold calling a ton, I used batchdialer and I was hitting 150-200+ dials a day in Indiana markets. I didn't know how to identify strong markets at the time, so here I was wholesaling in Terre Haute, Bloomington, and Evansville. I was cold calling like a machine, I tried CRM but couldn't get it to work for my brute brain (Eventually I found close, and I could never operate again without it) so I used pen and paper. Majority of your deals will come from following up, so follow up like a maniac. Seriously, time kills all deals, if you don't abide by that law then you will learn time and time again as you go on. 

I closed 3 deals, then I was given the wonderful opportunity to work at a large wholesaling corporation out in Phoenix. So I started cold calling in July, and started that in October. Working with them was definitely one of the greatest boosts in knowledge and experience I ever got in this. I got fired within 3 weeks. Sounds bad, I just wasn't working out for their needs. We all live and learn, and most of that learning and living is just a collection of our own mistakes. 

But after that, I began calling again and got my first couple deals on my own, I met my wonderful partner Marco who introduced me to a world of opportunity, including institutional buyers through another one of his connections. #3 proactively network to people, it's kind of hard starting out because you have very little value to give but as you learn and expand your network, so does your capability to fulfill other's needs or to create a new need (an opportunity) and fulfill it for them. 

The best tip I can give to grow your network is to just do business. Believe me, when you have problems that need solved, you'll find out how to either solve it yourself or find someone who can. 

After meeting with Marco, Alex, Arthur, and a few other great people, I was now capable of getting a lot more done with the same amount of work, and I have since then met a lot of my own fund representatives and help other wholesalers (which is a great way to start out, too. Having the buyers who need deals, and working with the people who have deals but need the buyers.)

Then, I started my first team. It was a group of friends I met in some wholesaling groups... just don't do that. Tip #4 don't hire your friends. Partnering with them can go well, but hiring will not. My next team was good, we got a couple deals together, and then they found out I was 17. Not only did they begin to treat me a little differently (making more calls, making offers in my company's name without my say because they think it's a good deal, which actually ended up making me lose $2,030 on an EMD) but then I started failing to perform as a leader, I went from daily morning meetings going through everyone's daily reports and going through a couple hand picked calls, and I made everyone give their input on each call, good and bad.

That team didn't fall apart because they figured out I was 17, but that accelerated it. I began to fail as a leader by not having daily touch up, motivation, and weekly coaching. I mean imagine, a 17 year old is telling you what to do over messages, and you haven't spoke with or seen them or the rest of the team in over a week. The numbers started slacking, and so did I. The team ended up falling apart, but that's okay. I am working on building my team back again and larger, and although I have San Antonio covered I honestly hate telling people I'm 22, because that's what I do. 

Another thing that I have learned is that having a really good real estate agent can be a game changer. Mine has not only brought me multiple deals before they hit the market, but she's also always there for me when I have a question, and if I need to find someone for something, she knows them. She also found an apartment for me all the way out in San Antonio that I'm moving into in less than 2 weeks. 

Now for the juice, how on earth was I able to sign these deals???

It's weird, but simple. I formed my LLC, and then I have a trusted friend as an "officer" of that LLC with the authority and only the authority to sign on contracts whenever I appoint him to do so. The problem was that I can't sign contracts because I'm not mentally capable enough, so I found someone else who could.

Future goals and ambitions for 2022: 

1. Wholesale 10 homes/month by June. Are you crazy?? No, I'm already doing 3/4 on my own. I'm sure I will blow that goal like it's nothing once I have my team lined up and have done the mental work on myself required to be the best leader I can possibly be. 

2. Get my other company Best Way Mail selling 600,000/month, by the end of the year. Are you crazy??? No, I'm already selling a lot to my network and I'm not even ready to market it to the public yet. My goal is to make the best product at the best price, own the market, and sell the company. Companies are valued by a multiple of their income, among a few other factors, but we made our software so simple that I literally would not have to tell you how to fulfill our orders. Take customer information, take the list, run it through my preliminary offering software, print, fold, envelope, and ship. Judging by how most private equity is valued, my goal is to sell the company for $15,000,000, but I don't know if that's gonna be 2022.  

3. Syndicate and develop a small apartment complex in my soon-to-be hometown, San Antonio. I want to raise ~$10,000,000, I think that's a nice small amount to start out with. I know I sound a little scattered, but bestway is almost passive (except for the crazy amount of work upfront), my goal for my wholesale business is to just do my morning meetings, tell them what to offer, and weekly motivation + coaching. That will leave me with more than enough time to learn where, who, when, how, and why. Really my dream is to become an amazing syndicator and to be able to make my investors billions, so that I can make millions and be able to fund my own large transactions on the side. 

Let's see where 2022 takes us all. Best of luck! 

Feel free to connect, reach out, or ask any questions. 

Happy New Year, work hard, the time will pass anyways!

 I'm not trying to get the money, I'm trying to get the buyer (who is me on the contract, until I assign it) the $25k. I think it's possible because Opendoor does it, they just don't assign contracts. 

Here's what I'm envisioning:

Purchase price $280,000

Buyer is to be credited $xxxxx at close from the purchase price 

Then the buyer would come in, pay $280,000 cash, and then get $25,000 credited back to them. My assignment fee would be separate

I wholesale real estate, I was looking to see if it's possible that I can make an offer of say $280,000, and then I come to find that the property needs ~$25,000 in repairs, so I fully disclose in the contract that that $25,000 would be credited back to the buyer at the closing table, but the purchase price still be $280,000. I think that I can, but I'm sure there's some wizards here who know I either can or cannot.

 Wow, that's smart. Thank you for that! I've been reaching out over Linkedin. I don't mind paying realtors out in fact I love working with a handful of good ones.

I'm a wholesaler, and my dispo partner has a few hedge fund connections but I want to work with more. The thing is, I don't know how to get in contact with or even find them! My guess is to look at cash transactions with LLCs that own tons of real estate in the areas, but are there any other ways? 

Thanks, I try pretty hard. I can work more and need to but struggle with a few things.

I think you're right, because maybe my situation will change and I won't want to buy it anymore. Or I'll find an opportunity in it some other way. Getting back with him tonight!