All Forum Posts by: Paul B.

The loan amount would be whatever LTV the bank is willing to do, and the payment would be based off that loan amount.

Are there actually any banks doing cash-out refis these days, though?

Justin, I don't have any advice to give you, but I did want to say that you should be very proud of yourself for getting started in real estate at such an early age. If you are willing to reinvest cash flow now as opposed to squandering it on "stuff," you will be well positioned to retire at 45 or 50. I know that probably seems like forever into the future, but you'll still have plenty of living to do then (we're not ALL old farts), and being able to do that on YOUR terms will feel incredible.

I only wish that I had your foresight when I was 25, or that I had someone to teach me this stuff, but I didn't. As a result, I've spent the last 25 years getting my Ph.D. from Hard Knocks University (the alma mater for many here) -- and tuition ain't cheap.

Keep at it!

Without sounding as if I don't appreciate the speed and ease that email affords us, I do feel that in some cases there is just no substitute for being there in person.

Remember, buying a house at a discount actually requires tremendous salesmanship on your part: you have to "sell" the owner on the idea of selling you the house cheap. And many times, the very reason that the houses are available cheap (elderly owners, divorce, "drama," and so on) will make it very easy to forget about your emailed offer - or even your phone call or letter.

IMHO, you need to be there in person, looking someone in the eye, solving their problem, making it very difficult to say "no" to you, and making it easier for you to overcome any objections.

A salesperson who waits for prospects to call him back will starve, for sure...

Have you ever looked for private individuals who might have an interest in this? With interest rates so low, there are a lot of people out there who would love to invest on a short-term, secured basis, earning 10% or better -- and it's cheaper than professional hard money. The fact that you're looking for smaller dollars is a plus here.

Could you offer seller-held financing and then sell the note to a private investor?

Raymond, your email address appears at the bottom of each of your posts.

Okay, then again at the risk of asking a stupid question, why do you need an agent at this stage? I don't think agents will be of use to you in finding properties that you can wholesale, either on the buy *or* sale side. If someone can explain how an agent can play a part in a wholesaler's business, that will be very helpful to me. Perhaps I am overlooking something.

Apologies if I am overlooking something, but how does wholesaling work when you need an agent to find the properties?

My limited understanding of wholesaling is that you are trying only to tie up the property with either an option or a contract that is assignable for a fee. I don't see either of those scenarios working with an agent.

(Now, if you're looking to use an agent to buy houses you'll close on, renovate, and re-sell, that's something different altogether. I assume from your own description, however, that you're looking to wholesale.)

All I can say is, "Wow!"

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