All Forum Posts by: Devin James

Hey Azaleia Sinclair,

Check out Bigger Pockets calculators under the "TOOLS" tab. They are extremely helpful when learning how to analyze deals. I would suggest looking on zillow at properties that meet your criteria, & use the BP Calculator to run numbers to see what purchase price works best for your target returns.

Also, you can tune in to the webinars that BP hosts. Usually they use the calculator to run through a deal in the webinar and that will show you how to use the calculator. As far as suggestions, I would listen to as many BP podcasts as your time will allow, bonus points if you read their books also.

But at the end of the day, make sure you take action. Yes, build a strong foundation with learning as much as you can, but none of that will matter if you don't take action. A VA loan is an amazing opportunity, make sure you use it!

Hey Charles Johnson,

I've never done one before, but I would look into a HELOC. HELOC & Refi are the two ways that i've heard how investors can get cash out of a property while still keeping it.

Hey Charles White,

Congrats on getting started! You couldn't have said it better, "Stop reading the books and take more ACTION." 

Hey Will Schmitt,

Congrats on finishing your degree! It seems like you know exactly what you need to be doing. I would suggest reading the typical books that everyone recommends & going to in-person meetups.

But at the end of the day you still need to take action. I would start by cold calling or handwriting letters. You will make mistakes as you go but thats how you improve. You will learn the most by taking action. It's scary but its essential for your success.

Good luck!!

Congrats Dw Chalmers! Thats huge!

Hey Robert,

Congrats on getting started on your journey! You are definitely in the correct group to grow your portfolio.

Good Luck!

Hey Dave Kush,

Im definitely on the side of financing the vehicle. That cash will do much better deployed in an asset.

 Your explanation is spot on, but I wouldn't say its like a realtor. But I can see how you connected the two.

And a realtor doesn't play a part in these deals, maybe they could but I haven't heard of any examples. A real estate transaction does not require a realtor. 

 Nope, no cash on hand needed. That's the best part. To get a property under contract, you don't need any funds (Unless theres a deposit required). You only need funds to close on the property. Although, it is good to have cash if sellers want "Proof of Funds" or a "Pre-Approval". But by going off market, hopefully a seller wont ask for that.

Also, during the inspection period, you can back out the contract for any reason without penalty.

Breland Almadova, here's my take (I've never wholesaled, but have been actively investing for a couple years)

Wholesaler: "I will like to buy your home for $100,000. I have cash and can close in 45 days with a 10 day inspection period"

Seller: "Yes, that will work. Lets fill out this contract that with the terms" (Wholesaler makes sure to mark that the contract IS Assignable)

     Conversation Ends

Wholesaler: "Hello Investor, I am a wholesaler & I have a great deal for you. You will need to close by this date, and you have this many days for inspection. Here are the numbers: 

      Purchase Price: $110,000

     Rehab Budget: $5,000

ARV (After Rehab Value): $150,000

Investor: "This looks amazing, I will like to purchase this property for $110,000"

Wholesaler: "Great, here is the assignment addendum which says that I am assigning you this contract (Original contract) for $110,000"

The wholesaler will then send the closing company the addendum, and the closing company will take care of the rest. At closing, the seller will receive $100,000. The wholesaler will receive $10,000. And the Investor will pay $110,000. Exact numbers for simplicity. Depending on the terms of the contract, there will be closing costs on both sides, but usually the wholesaler will take the difference between the contract price with the seller & the wholesale price with the investor.

Also, different states have different laws regarding wholesaling. You may or may not be required to let the seller know that you are a wholesaler, talk to experts in your area.

Im not trying to be rude, just trying to explain as simple as possible lol!