All Forum Posts by: Douglas Christian

You need to make sure that the seller of the property is okay with everything.
Many times they think you are actually buying the property.

You need to make sure that your exit strategy is TIGHT.

I would personally get money from the buyer of my contract and let it be held by the Title company or attorney which ever your states uses. This will be non refundable.

Make sure that your buyer is okay with the sells price of the property. I have done many transactions and I am good, but it sounds like you have some loose ends to tie up.

Also is this truly a deal in which you can get rid of once you enter into it?

Hello

Sounds bad, but there is always a solution. Might not be the one you want, but I will take a shot at it.

Now that you are in this situation, lets see how we can help.

You should try and go back to the HML and ask them for an extension because of the circumstances and situation.

Find a family member or friend who will be will to loan you the money with EXTREME stipulations.

Also go back to your dad and explain to help truthfully what you have done and see if together you and him can put your heads together and come up with something. Now is not the time to panic.

Also see if you can find a couple of wholesale deals and find some buyers for them and use that money to pay what you owe.

Once you get out from under this count this up as a cost of doing business, but never jeopordize the ones you love.

Hello Everyone

I hope this will shed some light onto the reality of the world of real estate as we will know it in the future.

You can not continue to do business as it was done 10yrs ago or even 2yrs ago because of all the mandates and guidelines to follow. This is why I teach people to learn the business the right way and do not try and take short cuts, because they will hurt you in the end. Yes you will make a little money in the beginning, but what happens when the rules change and the way you were doing it changes and it affects you?

Networking which many understand has been the key to my success. Understanding the needs of others will supply all of your needs.

Example: I read many of the post regarding wholesaling and I still am amazed at how many people are trying to accomplish this task, but many are not thinking outside of the box.

Heres what I mean. Look around the country and see what is happening. I live and do a lot of business in Charlotte, NC, but I have done and am still doing business in two or three other cities as well.

I have many GREAT ideas and I use them and I help my buyers use them as well. See trust is part of that thinking outside of the box. Take a trip and see what the area you are thinking to invest in looks like. Do as much research before you get there and then when you get there, have written down things that you definitely need to know and see. This will eliminate any wasted time. See some areas are not worth spending a whole lot of time in no matter what the circumstances.

Partnering up with out of state investors to do deals until you reach that comfort level.

When you continue to do things the way you have and it is not getting you no where then that to me means that it is time to change what you are doing.

Trial and error, you are going to make some mistakes, the key is minimizing the mistakes. You can read all the books, go to all the seminars and think you have it figured out, but in the end the best way is to go and do a few deals and get with a seasoned investors and have them show you the way.

Now that is easier said than done because many investors who understand a little about this business will try and SELL off as though they are GURU's, but there is nothing new under the sun. It is just that they have been working in this capacity a lot longer than you and have networked a lot longer than you. If you keep at it you to can eventually become a GURU.

In closing, just keep a positive attitude and look to succeed. If you continue to watch the news and read the paper you only see the negative, but I can assure you that there are millionaires being made daily because of this economic situation that we are in right now.

REMEMBER THIS YOU WILL NEVER KNOW UNTIL YOU TRY IT. :D

Wholesaling out of state vs where you live. Depends on you and your market. I have many investors from Cali who have decided to do as Sean stated and find me and others like me who have a team already in place. I work hard so that everyone can profit from it.

I think what you have to look at is how can my money best benefit me and my client. If you have a client looking for a deal could they not find a deal themselves in the areas in which you are talking about.

Also I believe that many of the properties in Cali from what I here from some of my investors has really been over inflated. There what is the real value of a property.

My philosophy is buy low and sell for a profit no matter what the margin is.

Take aim at the target, get ready point and shoot. Oh wait a minute I can't my trigger is stuck. What do I do?

Well many of us have been there and done that. I am here to say that sometimes being fearful is a disadavantage. Let me explain myself.

See we as human get complacent. Here's what I mean. We get up and go to work for someone expecting a check. We put the key in the ignition expecting the car to start, we leave our home expecting to come back and find it in one piece, you get my picture.

We have HIGH expectations for everything else, but ourselves. If you live in a home or condo why is it that you can pay the mortgage there, but you can not visualize someone paying you a mortgage payment or a payment in general.

Nike has a SLOGAN that says DO IT

I agree with them until you do it you will not know whether or not real estate investing is for you. But if you align yourself right such as with REIA groups and network and find the DOERS, notice I said the DOERS. There are many that talk the talk, but they got that out of a BOOK. Find out how many properties they own not how may they have wholesaled, because that is what everyone is doing or trying to do. Buy cheap in a stable neighborhood where people want to live and be renters. Most areas where you are going to make a lot of money buying property and being a landlord is going to be in a rentable neighborhood. Now I know I got those who say I do not want to be a landlord, but my questions is WHY. The comeback is usually I have heard horrible stories about tenants and I do not like them.

Well if you run your business like a business and not like a GET RICH QUICK, you will screen the tenants through a company that is reputible. You will fix the property up like it is suppose to be and not CUT CORNERS like many do. See my point with this is that if you do what everyone else is doing you will get the results that everyone else is getting.

Start with one and make it a good solid one. Don't overpay, well how do you not overpay. Here's how I do mine. Now keep in mind that I am a buy and holder and a WHOLESALER. The difference is this, when someone is trying to sell me something and telling all the good about it. Well I flip the COIN and say now tell me the negative. I actually prefer the negative first because theHere is another great quote that I like and hopefully you will to.

Everyone is trying to out shine everyone else. That is BUSINESS 101 to make your business or product look better than the next mans. Well the only way you can learn is by trial and error.

Here is a quote:

"Explanatory style is the manner in which you habitually explain to yourself
why events happen

explanation of experiences are more important than your experiences

your way of explain events to yourself determines how helpless you are or how

energized you become "

choose wisely

Dr. Martin Selgman from his book learned optimism

Hello Sean

Right now for my money I am in the surrouding areas of Charlotte. I have been in these areas for the past 6 yrs. But definitely Michigan and even Missouri. If you are investing for long term then whether the situation in Michigan corrects itself or not people will always need a place to live unless they want to be homeless. Objective pay a little and watch your bottom line GROW. It has been so much fun for me because it is like taking candy from a baby when it even comes to dealing the banks. Once again, when you loose control you must let your defensive down and here comes THE DEAL MAKER.

Hello Michael

I invest in Michigan, Missouri and North Carolina. I have dabbled in Florida, but not enough to really talk about it. But I have dealt with investors from Cali, Wahsington, New Hampshire, Mass, New Jersey and other states coming in to the Carolinas to purchase property.

Hello Everyone
I am a seasoned investors from Charlotte, NC. New to the site, but not new to investing. It's times like these when experience pays off.