All Forum Posts by: Account Closed

Welcome to BP David. From what I'm hearing, Southern Cal is a hot market (literally and figuratively) and is only getting hotter. Good luck to you!

Well first of all, if you have the property locked up under contract with the seller then the buyer can't cut you out. Second, you should have your buyer agree in advance that they will negotiate price with you directly and not with the seller. Make it clear to them that if they go behind your back and try to cut you out of the deal, then the deal will be off and they will no longer have access to ANY of your deals.

Agreed. I would not be worrying about other people stealing your deals. If someone steals a deal from you, that should be the last time they have the privilage of working with you...END OF STORY. Don't waste any more of your precisous time with them.

Focus your time and effort of pursuing the unlimited number of wholesale deals out there and working with the great number of people out there that won't give you any trouble.

Mary,

Don't worry about other seasoned investors trying to put you down. If you have questions, don't be afraid to ask them. That's the whole point of BP!

As far as the name of your business goes, you put out some good ideas. From what I know, your name should clearly represent what your business does. For example, since I'm a wholesaler that focuses on finding a solution to the sellers problems, I named mine Simple Solution Properties.

Everyone should be able to look at your name and have a very good idea of what you do. Convey your ultimate business purpose in your business name.

I've also heard that using your personal name is not the best idea since it gives you unwanted exposure.

I would never quit real estate investing so if I had that kind of cash I would continue to flip houses (but do it on a much bigger budget.) Then I would invest about half of it into Chicago multi family units mostly. These types of properties are at all time lows now and will, without a doubt, appreciate big time in the long term. Then I would pocket about 200-300K for reserves.

Hey Sean,

Welcome to BP. Your definitely at the right place if you want to learn more about real estate investing. 10+ years is a long long time to wait though. In my opinion, you should at least shorten that time in your head. This will get you to that goal faster.

May I suggest getting into wholesaling to make some quick capital? Then, you would be able to start investing much much sooner.

I like this influence system a lot better than the old method. This system is a lot easier to keep track of and makes it easy to evaluate others. Thanks Josh!

Very good article. I went to a cheap Rich Dad seminar and it was exactly like this with all the aspects that you mentioned there.

I learned a great deal from the seminar and didn't end up buying anything else from them. This seminar actually sparked my burning desire to get into real estate for real.

You can learn a great deal from these free or cheap seminars. Just make a commitment before you go to not buy anything and you will be fine. No one is going to make you give them their money. Just go and soak up all the free/cheap knowledge.

You’ve answered your own question Keith. It’s a numbers game. You might send out 1000 letters and still not come across a motivated seller. You just have to keep going. You will find that 1 seller that is extremely motivated where you can make $5k+ off that deal.

It will all even out in the long term. If you don’t get any motivated sellers off your first 3 rounds of letters, you may get 4 motivated sellers in your next round.

The only way that you can lose at this game is if you stop and give up. It’s really that simple.

All you really need is the standard contract and input a few clauses to give you “out” in case you can’t find a buyer for the house. Just make sure you make it 100% clear to the seller that you will not be buying the property. You will be finding a 3rd party buyer to purchase it.

If you really are that nervous about contracts talking to an attorney might be a good idea. However, you must talk to one that deals with real estate wholesale on a regular basis! Trust me, don’t talk with attorneys not in real estate or ones that don’t deal with real estate wholesale because you will get a bunch of negative garbage from them. They will tell you it’s impossible or illegal and shoot your dreams dead if you let them.