All Forum Posts by: Daniel Mendez

Just to clarify, you don't have cash. Having access to financing is not cash. Cash is being able to write a check without a lien on the property. 

I would never enter into a contract if I didn't have the means and intent on executing it. I want my reputation to be the guy who gets deals done. That is how you get people to bring deals to you.

There are wholesalers who put contingencies in the contract to escape the deal for "any" reason. When you back out of a deal, it never goes well. Usually because wholesalers advertise "fast close" and "cash buyer", so they set an expectation that they can't live up to. This leads to broken promises and broken trust.

Just be honest in all cases, but you can tell the truth and deliver the response many different ways. Yes you will make money, but at the time of offer, you have no idea how much. I would tell them. "my goal is to make money, but I take risk by buying properties "as is", so not every deal is profitable". 

Do you have cash to do the deals if you can't find a buyer? The reason I am asking is don't mislead people into thinking you are the end buyer, if you have no way to close the deal by yourself. It is better to lose a deal being honest, than to get yourself into trouble by being dishonest. 

@Daniel Mendez you always want to disclose that you may not be the end buyer. That should be in your contract and you would explain it as you walk through the contract. 

@Daniel Mendez right here on the forums after asking for referrals! We PM'd and then had a couple phone conversations to ensure our goals aligned.

@Daniel Mendez In DFW...you won't be able to find any good deals on the MLS. Specifically good deals where you can use the BRRRR method. Generally speaking we target off market properties. And you can work with "wholesalers" or just self-source these deals. Using the BRRRR method will keep more cash in your pocket AND provide you with instant equity in your investment property as well. It is a superior strategy but a little harder to do - but the payoff is worth it!

Now, who to network with to find these "off market" deals? I have several clubs that I think would be worth your time. Here they are:

Real Estate Groups

Several of these will have similar names but they are different. And these are the groups that I feel comfortable recommending. Several groups in DFW will try very hard to sell you things if you attend. Some are like $20,000. These are not that.

DFW REI Club – www.dfwreiclub.com – meet about 50 times per year. Lots of different topics and a very friendly group.

DFW Mid Cities REIA - https://dfwmidcitiesreia.com/ - meets each month and is completely free. Usually free food and free drinks.

DFW REI Network Investing Meetup - https://www.meetup.com/DFW-REI-Network-Investing-Meetup/ - Started in Bigger Pockets this group meets once per month. Just straight information and super friendly atmosphere.

AREA Real Estate Investing Group – https://www.meetup.com/realestate-445/ - Meets once per month and is usually well attended

Hope these help but feel free to reach out with anything additional. Thanks!