All Forum Posts by: Account Closed

I'm also a paid member of the WCRT and have been for just over a year now. I've gained a TON of knowledge from each and every meeting. There is a main meeting on the first Thursday of every month (today) which are great for networking and meeting other investors in the field. There are also multiple subgroup meetings around the Chicagoland area that are more informal and great for networking on a 1 on 1 level.

Every other club I've been to in the area had some kind of sales pitch. The presentations and the networking were helpful, however, they didn't come without a price and a pitch. @Account Closed really stresses the concept of ZERO SALES at the WCRT meetings which is why I continue to attend them.

And the first meeting is free! So what do you have to lose? I HIGHLY recommend all investors (newbies or seasoned) to at least check one of these out. And I hope it will do as much for you as it has done for me.

No actually Ken never followed through with anything he threatened me with. I took the site down because I'm focusing on building my core real estate business now.

And William Bannister, I think you have the wrong idea. I was offering to coach individuals (for free) on how to start making money in real estate. I'm not looking for free labor. I'm offering my valuable time to teach others to become successful.

I'm actually charging for my coaching now because there are too many people asking for it and I just don't have the time to coach everyone.

Well said Joel!

That's a great deal Will! I'm sure you were sold on the idea of real estate after that one..haha.

Regardless of the stunning cash on cash return on this deal, the bottom line is that it still cost you $5k. Although this is not a large sum, a lot of people trying to get started don't have $5k to spend and 4 months to wait. Wholesaling provides the opportunity to make 4 or 5 figures off deals with almost no money (or a few hundred bucks at that.)

Nevertheless, props to you Will on that deal.

Wholesaling is still the safest, quickest, easiest way to start. That situation does not apply to all wholesalers (just some.)

Another clause I would put in there is "In the case of buyer's default, EMD is the sole remedy."

$10 EMD will limit your liability. Some sellers won't like it but just explain to them that that is your policy and you do that on every contract. If they don't like it still, tell them you will be moving on to another property. Simple as that. They aren't truly motivated if the EMD is a deal breaker for them.

Other than that, just be as upfront and honest as possible with your sellers. Honesty is the easiest way to go about it and will ensure that there are no surprises down the road to closing.

First of all, I'm not an attorney so don't listen to me (disclaimer.)

1. The seller can't sue you for specific performance if you have the right clauses in your contract (contract contingent on buyer securing funds from 3rd party buyer, contract contingent on partners approval, contract contingent on passing inspection, etc.) These will protect you and allow you to back out of the contract if you really need to. That being said, don't ever sign a contract unless you know you can find a buyer for it. Backing out of contracts regularly is just bad business and will give you a bad rep.

2. Work with a realtor that will pull comps for you. In exchange, you can refer to him/her all your unused leads that you get. They should be able to pull good comps and give you an accurate ARV of the subject property.

Hope this helps!

Hand written signs are proven to work better than professionally printed signs. People see so many professional signs that they start to ignore most of them. The hand written ones are the ones people stop and look at to read.

Philip makes a great point here. You can rack up much more leads, much more quickly, simply by building off the ones you already have. Ask each buyer and seller you work with for a couple referrals. You don't need to nag them about it, just ask them if they know anyone that could benefit from your services.

Chances are, an experienced buyer is going to know more experienced buyers. Vice versa, potential sellers are going to know other people that might want to sell their homes.

Mike Hasemann, great post! You just gave a ton of great info in that last post. Thanks!

Amen to that! haha