All Forum Posts by: Charles Whitaker

Bob,

Through PERSISTANCE you will find out that many of the time intensive tasks that you currently perform are meaningless. As with any endeavor, you climb the learning curve, and you will find that many of yesterdays priorities only lead to a dead end. Thus you adapt and advance. Follow the tasks that yield the most fruit.

As for the transition to full time wholesaling from a full time job with overnight travel - GET READY TO WORK YOUR BUTT OFF!

REI takes time to learn................properly anyway.

IMHO, focus on 3 main things:
1. Marketing - you will need an endless supply of sellers, motivation matters.
2. Buyers - you will also need a large pool of buyers. Often times the same few buyers will pick up your inventory, other times you will need the reserves.
3. Legalities - make sure everything is done correctly. Running a business properly is time intensive within itself but do not overlook the details.

Without these 3 basics you will not get anywhere far. Without the motivation and determination to succeed, no matter what happens, you might as well not even start.

Excellent point, thanks

Anthony,

You are starting today? As in learning about REI today? If so, you better be willing to wait more than a month. If you have the knowledge required to proceed then the only thing holding you back is you - your motivation level.

Me personally, I studied RE for 7 months before buying my first. Well worth the wait plus I had an immense knowledge source from the other local investors at my disposal.

Use that hunger wisely young grasshopper and you shall reap the rewards.

Hey Chris, quick note - toilets use cold water so flushing them will not assist in the heater flush procedure. I'm sure you knew that.

During completion of my Associates in electronic engineering I took a job at the local power plant. I am now well versed in metrology, instrumentation, thermal dynanmics, and overall mechanical engineering duties, everything but electronics.

My partner talked me into real estate, mainly rehabbing. After two years of spinning my wheels I have finally figured out how to play the game - so i think.

Following Curt's advice and researching the comps will yield the best results. Walk through the comps in the area and get a feel for what dictates the price. The obvious items are size, features, layout, exterior material, finish work(Tile, marble, fixtures, paint, flooring, etc).

Once you KNOW the comps, you'll know where you need to focus to maximize the return.

Melissa,

what "traditional" methods are you using to find motivated sellers? It may be the market or it may be the method(s) which are at fault.

You can either draw sellers to you (signs, posters, flyers, etc) Or you can search for sellers(area farming, foreclosures, mls, etc) Or you can network for sellers(you know, talk to people).

Do all three and get creative.

Best of luck

Courtney,

"The property is worth $213,290"

I take it that this ARV is from a realtor and not very realistic. Why is there such a spread between this house and the neighbors house.

In this market you need to KNOW whether a deal is a deal. That number seems artificially inflated and how confident are you that you will actually sell at that price.

You don't want to lose money on your first deal, or any deal for that matter.

Ofgift,

No water is coming out cause it's clogged, oh so common for those darn shutoff valves attached by the factory. I have had success using copper wire (bendable) and snaking it into the drain outlet. Once you break through the sediment buildup it will flow like a champ.

BTW, be cautious if you plan to change out that valve. Most often those plastic valves becomes brittle over time and very well might break when trying to remove.

Rachel,

That's what I've always heard, I'll stick to the forums and DIG for any answer I seek.

Nicholas,
In no way at all am I saying that you're opinions are not needed or wanted here, always welcome as far as I know. Having shown so much confidence in your newly created system I had to throw a few questions in there for your own benefit. I don't weigh people's character or ability based on track record; but it does give insight into their goals and ambitions.

As for closings, where are you going where it takes a few hours to do a closing. In and out in less than 30 minutes, usually less than 15 min. I actually LOVE closings; I am either gaining equity or cash, both are great.

Elaine,

I hope we didn't shun you out of your own topic, we've been waiting for more questions........................can't you tell. lol