All Forum Posts by: Eric Jacobs

Well...I feel ok but "dabbling" (or hope as the saying really goes) is the first step on the road to disappointment . If you are going to do this then be "all in", and be prepared to make a real investment not just "Dabble".  Those of us that are bearish on this course are not haters.  We are (at least some of us) realists and highly experienced at that and are trying to help you understand that just because you are doing something different or being contrarian doesn't mean its a good idea or well executed.  In this case "if I fail I fail" is not really the mindset you want going in...I genuinely wish you the best of luck and hope to hear about your success here on BP but I hope you'll take the time between here and when you start to actually plan and compare the realities of the business with your expectations.  Good judgment is knowing when to pull out of a nose dive not just roll with it....and say "if I crash I crash"....Good luck either way 

Great intro of yourself. It is rare that someone does that and it is helpful to have some context.  I also think the fact that you have clarity on what you are after here increases the likelihood of success by a substantial margin.  Having said all of that, I would focus on value and worry less about whether it is one door or four.  It doesn't matter.  The fact that you can do work yourself and this is the course you want to take means you have a lot of advantages of those of us that hire out absolutely everything.  If I can suggest one thing, prioritize neighborhood over anything else. If you are in a good neighborhood you are likely to make money.  Secondly, do your math just like you would if you were investing.  Don't squeeze the numbers to make them work.  If they work, buy it.  Good luck ! 

I wish you the best of luck and hope you have clarity on what you are doing and why.  Candidly, wholesaling is just another job (and a harder one at that) and I would wonder why anyone would quit their job and haul off and start wholesaling.  If that is really what you want then more power to you but I tend to agree with @Matt K. that there is likely no reason why you couldn't have wholesaled AND kept your job.  Admittedly I'm not a fan of wholesaling for a variety of reasons but that is not to say that some don't make it work so I am somewhat biased.  Having said all that, wholesaling success is all about discipline, organization and a TON of work.  Either make sure you have all of these qualities in spades or make sure you sub out he skills you are lacking.  Just know that wholesaling is a business not investing and really what you are doing is quitting your job to start your own business from scratch.  Make sure you put the systems in place every good business should have if you are to have any hope of success.  I hope it works out for you.  

Neither.  This is the most common question of a new investor.  Its also an indicator that you haven't done what you need to do to set yourself up for success.  You need to figure out your objective, your reasons,and then model what will get you there.  Whether you want a rental or a flip depends a lot on you and if its not tailored to an organized plan, then it is just taking a shot in the dark.  Good luck 

I have advice and it is meant with the best of intentions. You should quit.  You should quit complaining, you should quit saying all the things you can't do.  You should quit finding reasons why you can't.  You should quit spending the time it takes to write down all the reasons why you can't.  If you CAN'T.  Then don't worry about it, go do something else.  

My point is your biggest problem I fear my friend is not deal flow its mindset.  Secondly, like have no deal flow because you have no system. Thirdly, maybe your "plan"(if there is one) doesn't fit your goals and for that reason you feel like you are hopelessly spinning your wheels.  

Maybe at this point you want to consider taking a breath and reevaluating what you are doing wrong.  Everyone is doing deals every day in every market everywhere.  Just know that.  Either you aren't good enough (up to you but I doubt that's true), you aren't doing it right (easy to fix) or you have the wrong model for you (also easy to fix).  Which one is up to you

Good luck 

Ross . I'm an active buyer in S Fl but candidly even assuming you're ARV is right, let's assume we sell the house at $241k, - 6% = $226,500- $1446 for doc stamps - $1500 other = $223, 554. If you assume I can renovate for $20k (do you really think that ‘s likely?) - We are down to $203,554. That leaves a potential profit of $13,554 assuming I sell it without any lapse in time. If you figure 3 months at an 8% return which is cheap, that would subtract another 3 months at $1267 (8% ) = $3800 —- leaves a profit of $9754. If you assume I paid cash I would (if you are right and i moved it fast) have an ROI of 5%....am I missing something?

Hi Amy.  In addition to the other stuff I do, my title company is in the process of expanding to Sarasota.  I’m also an active investor. Would be happy to know you and see if an opportunity to work together comes up.  

.Something doesn't sit right with me.  I am in Florida and prices are nowhere near that and well suffice it to say there are a bunch of "red flags" here.  As for "BOGO" anyone will sell you something Buy One Get One as long as you pay double for the first one.  I would also be very uncomfortable with a "honcho" getting you out of the model that works for you and into something you know little if anything about .  Investing in notes sounds obvious.  Its not.  It sounds like you can't lose money.  You definitely can.  There are no shortage of people with "brilliant" ideas in real estate investing.  I hate to sound cliche but at least until you have your feet under you I would stick with the old adage "if it sounds too good to be true..."....good luck 

Really great to hear !!! 

It’s all about execution and you are on your way.  It only gets easier from here.  Good luck! 

BP is a brilliantly put together BUSINESS.  IMHO the problem is they are something of a victim of their own success at least in the interest of those of us that have been in the industry for a long time. Their ability to scale and pull in very large numbers of people necessarily means the experience base is going to be diluted.  That’s usually an indicator in the commercial world of an opportunity for competition.  When BP rolled out they were pretty much blue ocean but I have noticed the same thing you have and suspect that competition may be around the corner.  My best guess is the team at BP would welcome the competition and it would in the long run serve them well.  For the rest of us, we’ll just have to hang in there.  For myself, I can say I do a fair amount of networking via PM but it is much harder to sift through the Loopnet from the true off-market if you catch my drift.