All Forum Posts by: Darren Nichols

http://www.regionalsupply.com/default.aspx?Page=Ho...

A local company here in Salt Lake City

I went through a property today that is listed on the market but Seller said it has been on the market multiple times and not sold and the home was built in 1912. I went in thinking I was gonna find some big reason why this isn't selling. I walked the entire property and there was nothing wrong, plumming is good, electrical, new roof almost new everything the seller said she has put about 20k into the property. Now it may not have sold on the MLS due to the area being ghetto and it has been listed at 105 but the sold comps I have seen are between 120k and 123k. The seller owes 91k still and I am trying to figure out what I can structure because I really don't think very much money needs to be put in for repairs the house in move in ready. She said she will take it off the market if I can help her out and she also said if possible she would like to get 10k out if it but she is also open to creative financing. Does anybody have some ideas/options that can be considered in this situation?? Thanks!

I went through a property today that is listed on the market but Seller said it has been on the market multiple times and not sold and the home was built in 1912. I went in thinking I was gonna find some big reason why this isn't selling. I walked the entire property and there was nothing wrong, plumming is good, electrical, new roof almost new everything the seller said she has put about 20k into the property. Now it may not have sold on the MLS due to the area being ghetto and it has been listed at 105 but the sold comps I have seen are between 120k and 123k. The seller owes 91k still and I am trying to figure out what I can structure because I really don't think very much money needs to be put in for repairs the house in move in ready. She said she will take it off the market if I can help her out and she also said if possible she would like to get 10k out if it but she is also open to creative financing. Does anybody have some ideas/options that can be considered in this situation?? Thanks!

@Greg Wilson if that didn't work then if you could send me you email and I will email you. Thanks again!

@Ethan Bowen and @Mike Palmer if you guys could give me your email addresses I can send you the details of the property. @Greg Wilson I just sent you a PM. @Josh Butler I did not attend SLREIA this time but I go to all the monthly luncheons in Layton an the next one isn't until July 2nd. Thanks for your help guys!!

Now if I could get some cash buyers to get in contact with me. So I sent an email out to seven or eight local cash buyers but zero response. I posted the property on Craigslist and the local classifieds website here in Utah and zero calls. Do I need to be more patient or is there more things I could do to market to cash buyers?

Well Chris the plan is to get one year's salary in the bank and then quit ( I make about 30k a year post taxes) The way I see it is if I have managed to get 50k in the bank from only wholesaling properties part time then jumping to full time then I should feel comfortable leaving my full time job. From every deal that I do I will put 20% back into marketing, 40% into savings, 20% towards debt and 20% towards play money. Quitting my job wont mean retirement but it will mean doing RE full time and I want to have many rental properties that create that passive income.

@John Elmenhe I appreciate the remarks! Well I actually put out yellow bandit signs which I did get a lot of grief here on BP for it but anyways I got I 8 calls from putting out 24 signs and I contacted all of them and all it took was one to be motivated enough and for the numbers to be right. Now I am no expert but like I mentioned Sean Terry before if you want to wholesale properties go to http://www.flip2freedom.com/ and scroll down to where you can put your email in and then you will get access to Sean's free 129 page book that seriously holds nothing back and tells you step by step how to wholesale. Then listen to his free podcast as well. Also read everything on BP you possibly can about wholesaling properties!!! I probably won't be doing bandit signs anymore cause they aren't legally in my surrounding cities. I will however be doing yellow letters which generally get about an 11-15% response rate and Sean talks tons about them as well! The best advice I can give right now is learn as much as you possibly can but you don't need to wait for all your ducks to be in a row to take action and do't be afraid to fail because you will but that is how you will succeed!!! Good luck and feel free to message me anytime you have questions and if I can't answer them I will find you the answer somehow!! Happy Investing Man!!!!

@Ronald Perich its the way to go trust me! I have a 3 year old daughter and she is the main reason to do this because I want her to have an even better life than she already has. You can do this part time and you will have to make sacrifices but it will be worth it. We tend to be afraid of taking risks and that is exactly why people continue to be miserable at their jobs barely scrapping by because they refuse to think and act differently. Go after your dreams and be tenacious and don't give up. One of my favorite quotes I have heard: "What is there to be afraid of you're not dead, there isn't a bullet in ya"!

Well I have some exciting news, I got my very first property under contract yesterday!!! The last 5 months of just education through bigger pockets, youtube, many books, and Sean Terry's free podcast have prepared me so much!! Over the last 5 months I have listened to Sean's podcasts on my commute to and from work and he provided the best knowledge when it comes to wholesaling properties!!! Just opened up escrow with a title company and now I am marketing for cash buyers!! This has been a really fun and busy processes and I can't wait until I can do 2-3 of these a month. My goal is to put away 50k in the bank and then at that point I am quitting my full time job and getting out of the rat race!! Exciting and fun times ahead!!! 

HERE'S TO FREEDOM!!!