All Forum Posts by: Dominic Jones

Yes, the job of the wholesaler is to mostly market and find the great deals. If you are just going to essentially rely on being noting but a wholesaler for quite sometime. @Rob Douglas you've found everything you need to focus on right here in this thread..

1) Motivated Sellers

2) Buyers List (aka. Flippers / Landlords / etc. who will purchase your contract from you and give you your cut).

Building the team (in my humble opinion) is something you should do if you plan on becoming more than a wholesaler, but it never hurts to have your own friendly title company that you can go to and have them search title for you once you've gotten the contract signed and in-hand. Also... if you get friendly with reputable contractors and investor-friendly agents, you'll have more ammunition to help market your deal to your buyers list.

The contractors can come by and give you more accurate numbers on repair costs... and the agents can give you your comps.

On the flip side to that... like @Doug W. sort of eluded to... if your buyers list has their own team already, their own contractor, etc. that they frequently do business with, then your contractors numbers and estimate will more than likely be different than your teams numbers (could be a drastic swing or a small difference). 

Hello everyone! 

I'm currently looking to see if there is anyone out there in Washington, DC (District of Columbia - haha, keyword alert trigger?) or Maryland currently studying for their DC Property Management License.

I am about to schedule my Exam with Pearson Vue sometime this week and I will probably be taking it at the end of this month. I'm just posting this up to see if there is anyone else out there in the BP community that is in the same boat as me and would like to form a study group.

We can do this either in person or we can setup a Google+ Hangout or another free type of Webinar to get on and study together from the comfort of our homes/coffee shops/favorite libraries/etc.

To Collaborative Success,

Dom J Jones

Originally posted by @Jeremiah Dexter:

I'm mostly looking at single family homes currently but am also interested in small multi untis. I currently have been looking in the Minnesota twin cities suburburban areas and there are far fewer duplex's and multi family's available. Hiwever lately I'm looking closer to the city trying to find the pockets of areas that would work with what I'm looking for. 

Sounds like a good plan. I do not know much about Minnesota but I have some friends up there who do. Send me a colleague request and keep in touch. I'll get in touch with my Minnesota buddies and see if they would be interested in helping you learn the ropes out there. 

Maria Vogel sounds like it's time for you to get creative. How many rentals are in your portfolio so far? Have you put together your portfolio and made any reports to present to possible equity partners to collaborate with to use THEIR money to get you into more rentals and share the equity?

Jeremiah Dexter congrats on getting into your first and second property! That's awesome. Welcome to the BP community, feel free to ask any questions you may have. In regards to getting better at finding deals. What properties are you targeting? Single Families? Multi-Units? Condos? Mobile Homes?

Entirely agree with Max Grenader , Matthew Lynch ... It's all about the mindset. Take some time and figure out what niche you want to be and what type of investor you want to be first and then you'll realize all the competition you think you have in your market is actually much less than what you currently believe. Have you read the beginner guides here on BP that go over different types of niches in REI investing? Everyone wants to run to the "flashy" fix & flip projects thinking they'll make a huge payout but they lack the proper education and training on getting a flip project from purchase, to sale, in the most efficient and effective way possible.

That's awesome @Shahar Haion that sounds like such a fantastic deal! 4 units and a commercial retail store underneath to boot? Wow.. that's definitely going to increase in value and appreciate for you after you finish the renovations.

800k ARV from a 242k purchase price and 180k rehab.... that's about 378k equity difference right there!

Sounds like a huge pay day. That's one thing I do L<3VE about NY and other high appreciation markets. The market may be harder to get into but once you do, the gains are usually much greater. That's awesome! Keep us posted on how the renovations go!

Shahar Haion congrats on buying your first investment property. The numbers look good! Is the building seperatly metered ? Will you have your tenants paying their utilities? Will you be personally managing it and paying yourself or hire a company? Congrats again!

Keep up the search. If you're having issues with what to look for, purchase yourself the following book: Investing in Duplexes, Triplexes, Quads: The fastest and Safest Way to Real Estate Wealth by Larry Loftis Read it! At the end he has a checklist that you can copy and print out and there you go. You can make copies of the checklist and use it to compare and contrast the different multi family properties that you're visiting ! I have a great team in Chicago I can put you in touch with if you're interested in learning more, send me a private message. Hope this helps! Dom J Jones

Congrats Joshua Dorkin on achieving this milestone. This is an awesome reflection on you and what you've been able to build by staying true to your heart. Thanks for making this great community.