All Forum Posts by: Ellis Thurman Jr

Well Then,

With the mixed reviews on DHM, If there is anyone located in Maryland. Any insight of some reputable lenders out there. I recently got a call from an investor looking to liquidate so inventory.  There are a few wholesale deals in there, but, there is one multi-unit that I like, the numbers make sense I just need funding. Any advice or referrals are greatly welcome and appreciated.

@Paula Wallace

That's great news. Congratulations. 

I am going to check these guys out myself there are alot of great deals out in Baltimore, MD and I don't want to be leaving money on the table.

Hi Guy,

I'm new here, but you'll be seeing a lot of me from here on out. 

What's fascinating about real estate investing is the investor ability to be creative and make money/fund a deal. I am trying to put my mindset in a stance of "how can i make this work" instead of "this won't work, insert limiting belief"

I'm the typical newbie investor, spent most my money trying to create a social media following. Have websites up, doing direct marketing campaigns  and internet marketing w/ PPC, and spending money on education; real estate agent course, a lot of books (also bigger pockets books). 

Wholesaling in Baltimore is competitive and it'll take time to rank well on google and my website is optimized but young. I don't care for wholesaling and it's not my ultimate goal but seems to be a necessity at the moment (no money not much credit.) My question is, I'm looking to purchase an multi-unit family deal w/ FHA Loan. Are there any savvy investors that can offer advice on what you'd in a situation like this? I don't even have enough to make a down payment on FHA loan. I'm looking into private money but I'm trying figure out if there is a way to make it work without private money.

You’d either get them online or pay another wholesaler for a copy of their contract. 

What I’d do is find a real estate attorney in your city and explain what is that is like to do which is wholesaling. 

They’ll write something up for you so you can protect yourself, seller, and buyer. Ofcourse fees would be incurred. 

Thanks for that feedback. I am aware of the Equity and how important it is. I've just never heard any of the guys to sell the education mention that. I can see how that would make few wholesalers look bad when they have a property under contract with only 20% equity in it.

How could you help someone in a bind and need to sell their home with very little equity in there home? In that case, off what Doug mentioned, you'd do a lease option. I'd assume the investor would lease the property to someone else and they would essentially continue to pay the mortgage?

Thanks for the kind and inspiring words. Think And Grow Rich is an amazing book, I forget to mention "The Science of Getting Rich" by Wallace D. Wattles. It's pretty profound of how relevant those books are today written in the early 20th century. 

I'll be a licensed Real Estate Agent around November. I'm presently enrolled in class (third week). Thanks for the offer and I will take you up on that. 

Cold calling would be ideal. You could also send them a letter or an postcard.

@ Melanie 

@Melanie Hartmann "Whatever the mind of man can conceive and believe, it can achieve." "The starting point of all achievement is desire." "Every adversity, every failure, and every heartache, carries with it the Seed of an equivalent or greater Benefit." Nepoleon Hill.

Some of my favorite Quotes from Napoleon Hill. What you've displayed is absolute courage and determination. You've already succeeded. Albert Einstein also quoted that time is an illusion. 

Stay the course, take relentless and continuous actions. You've achieved your goal already. I'm sure it happened for other more seasoned investor on the site. They made a choice, took continuous action until they achieve their desired result. 

At the end of the day, no one can determine what's best for you but you.

Got it, thanks @David Bokman,

Off of what Doug mentioned about lease options not requiring equity. In the event a seller doesn't have the equity to qualify a wholesale as a fix and flip to an end buyer, then that would be taking a lease option into consideration?

@Doug Pretorius Interesting, I can't recall ever hearing any of the Gurus I've met or attend seminars in Baltimore talk about the importance of equity when you wholesale. I'm still not 100% clear on exactly how the equity in wholesale deals work but that's something I'll have to research more as well as lease options. 

I want to add as many tools to my tool kit as possible. Thanks!