All Forum Posts by: Devon Woodson

@Kevin M Finley were those flips successful?? Please more details! Lol

I want to work in real estate. I would try being a real estate agent but right now I just can't work on only commission. I would like a job that would show me the ropes, then I go out and implement those strategies when I invest. Basically getting paid to work for a mentor! What do I have to do to find those jobs? I'm on Indeed right now, however just checking to see where the hidden gems are! 

P.S. Sweat equity is not a problem. However, I would ideally like to stick to administration/logistics.

BiggerPockets,

I have a couple of deals going at the time in the Kitsap County area, but there's one in particular I'm trying to get sold ASAP. The original owner is anxious to sell and wants to know we'll close soon.

The owner had the house assessed at a $160,000. However, I told him the best I could do was $130,000 and he accepted. All the other houses in the neighborhood, this size, are selling for around $250,000. If party C got it at $140,000, after putting in $30,000 of rehab into it, they can turn this home around for atleast $240,000, probably more. $240,000 x 70% - $30,000 = $138,000. That's just shy of a 20% profit, at $46,000. I always like to speak in "worst-case" scenarios so that I know there's a guaranteed profit.

Let me know if this is a deal you'd take or not, and why?

I have read this thread about 3 times now and I feel like I still haven't even gotten my answer. My question was to put yourself in my shoes and tell me what YOU would do if you were me with all my complications.

@Bill Gulley I bet Barbara Corcoran or Donald Trump can't even answer 30 of those questions so how is it that I ABSOLUTELY need to? I have been listening to the BP podcast for about 3 weeks now (10 episodes at least) and EVERY single person on the ones I've listened to has the exact same story, they came in and succeeded through trial and error. Just right now I'm listening to #77 with @Michael Quarles who has worked his way up to 1000 Wholetail deals (most likely more now). I'm trying to stay open-minded because I do realize I am the student and not the teacher. However, I feel that you were just pencil measuring. The whole concept of "I know more than you." Which is a game I am in no position to play, obviously.

Think about it though, when I go to a seller they probably won't know 10 of those questions. They just want to know they can get their house sold at a fair price. When I go to a buyer, he'll most likely know more answers if he's seasoned like you. However, let's just say hypothetically you are the buyer and you go and buy a property from a Wholesaler. What would be your reasoning for doing so? Because the numbers were accurate and you saw a potentially great deal, right? You wouldn't sit there and interview that wholesaler with those 60 questions, so why do I need to know that, right now, at this very moment?

Anyways, this has nothing to do with my question. I'm not defending wholesaling by any means. I'm not even sure what strategy is best for me which is why I asked my original question, What would YOU do in my given situation? I'm not scared of pulling the trigger, I just wan't to know which pill to take to start my journey down the rabbit hole...

Are you implying that you would hold off and make sure you learned everything before doing anything? If so, my only argument is that everyone learns differently. You sound like the type that can perform brain surgery after reading a book. However, not everyone learns like that. I can tell you for a fact that if I went into real estate after taking a class and passing a test, I'd probably be in the same position I'm in now, asking the same question, What do I do from here? 

I feel like you never answered my previous question either, What is the theory of Real Estate? Those 60 questions go back to the mechanics of it, right? Or am I wrong? The way you used the word 'theory' makes me think of the reason why we do the things we do; the ethics and moral values behind those mechanics, etc. So I guess the problem really IS who do I listen to?

But I will say thank you to everyone who gave me direct answers, and even more to the ones who even went out of your way to contact me or refer me to someone else. Ya'll the real MVP's! LOL

@Brian Gibbons roger!

^^^

@Troy Fisher

@Bill Gulley

How do I tag someone in my post? I thought I did, but my tags aren't highlighted like everyone else's... Anyways @Ryland Taniguchi (I did it!), when I use the term hustle, I relate it to grinding or hard work. Not taking advantage of others. But I get it, I'll definitely take that into consideration next time I think about using the word. Thanks

Wow! I specifically told myself I wasnt going to check back in here until I woke up because I didn't think anyone would be posting at 2am. Boy was I wrong! This site is awesome! I really appreciate the feedback from you all.

@Ryland Taniguchi, I have already purchased a lot of business cards, but didn't really know if I should be handing them out to EVERYBODY I see; including the greeters at Walmart or the guy standing next to me at the gas station. You mentioned calling people, could you elaborate? Where do I get their numbers? My next step was to go to city hall and get a list of homes in the foreclosure process. I went friday but they were already closed so I have to wait till tomorrow.

@Bill Gulley, I'd say I'm getting the basics down. I mean, I can only learn so much in 3 weeks. But you're right, who DO I listen to? Because the speaker for the training was very adamant about not obtaining a RE license. She's owned one for 25 years now and says it's not worth it, it's just a waste of money. But now you are the second one since the training who have told me I should get one. Also, I'm not sure I understand what you mean by knowing the theory of RE vs the mechanics. Obviously you mean the moral principal, but what of it? Elaborate please. I did find it interesting that I can take classes to get my real estate license though, that's cool!

@Troy Fisher, I'm no stranger to hard work/discipline, dedication/motivation and hustling. Detroit (my home town) = hustling. Working with Marines for 4 years = discipline. Making it past my goal of 300lb bench/showing over 400 people my Network Marketing company; they both = dedication & motivation. I'm sorry if you found my post to be negative. I'm not the type of person who believes in obstacles holding you bad, but I am also not oblivious to the fact that they do exist. Just shine light on them and figure out how to handle them as you come across them. Which is why I am here!

I have done my fair share of learning (for a beginner). I finished my book that I received from the workshop. I've been listening to various podcast from the BP show for a week now. Not to mention the countless web surfing and BP isn't the only place I ask questions. I feel that I have learned enough to jump in and start getting things going. I'm more the type to learn as I go. I can't really learn from the book that I read or the podcasts I listen to. Those only get me fundamentals, not the "theory" as Bill would suggest. So I guess what I'm asking is should I whole sale? Or is it a lot of work just for fools gold, in the Washington market? And if not wholesale, where should I start at? I've been looking at buying and holding without any cash down. The RE agent I'm working with has me a property in Tacoma that will be cashflowing $300. Sounds good but that's if I get a loan at 4.125%, and it also doesn't include a property manager.. But I'm sure I wont need a property manager for my first home.

Thoughts? 

Thank you.

I live in Washington state, about 2 hours west of Seattle. I have about $1,000 and some books I received at a Rich Dad 3-day workshop. I don't have a job, I separated from the military in March and have been getting paid to go to school, along with my disability and unemployment which all totals out to about $4000/month. However I am told I cannot use the GI Bill or Unemployment as a proof of income, leaving me with $700/month. This may seem unimportant to the wholesale topic, but it was brought to my attention after I called numerous real estate agents looking for one to work with. They told me it was going to be hard to get a loan even though I have a 700+ credit score. The reason why I would be interested in getting a loan is because everyone here seems to agree we are in a sellers market and agents have told me to my face that they tell their sellers to avoid contracts that say "and or assigns on them." Which means I would need to do a simultaneous, or double closing (at least to my knowledge). Anyways, between BiggerPockets and the agents I spoke with, wholesaling already gets a very bad reputation as is. So what am I to do?

I feel stuck. I have no money. I don't know any one/investors (other than an agent who is willing to work with me). And I have to take my son with me almost everywhere I go. My wife is still in so she has to stand post at night and sleeps during the day. I have about a 3pm-6pm window on the days she works, but the days she does work is even screwed up because there's no "set" schedule. She is so against putting him in daycare and we have no one we trust to watch him [being in the military puts us 3000+ miles away from our family and friends]. I feel 50/50 about putting him in daycare because I agree there's a lot of crazy things going on in the world, but at the same time I'm so ready to make some money! Either way, I don't think I would go against my wife with her having such strong feelings.

Putting yourself in my shoes, what would you do? There was a Satelitte meeting for my local REI club this past Thursday and I was left contemplating whether or not to take my son with me because my wife was already at work. I didn't go. My son is only 10 months old and can be very loud and very needy (obviously), I felt like it would've been very unprofessional, not to mention I wouldn't have been able to focus anyways.

Thank you.

The Wholesaling process seems pretty straight forward... 1. Find the property 2. Find the owner 3. Run the numbers (ARV) 4. Negotiate the deal 5. Find a buyer 6. Assign or simultaneously close However, I have some questions. Such as, is there an easier way to find the homes without having to drive around neighborhoods for hours? How do I find the owner (more specifically, a motivated seller)? Who determines the ARV? How do I find a buyer? Do I need to have available funds if the buyer backs out? If so where do I get that from? Will there be any upfront costs? Such as fliers, ads and fees (I already purchased business cards). I have a little money I can use, but not hundreds of dollars. Thank you