All Forum Posts by: N/A N/A

Minna imo that's an excellent creed to live by...if only we all lived by that simple rule the world we be a much better place. you're better off letting her in on what you're up too! who knows she maybe willing to help you out; now or in the long haul. if not i'm sure there's probably other ways you can get the same info.... wish i knew how but i'm a noob!

another question ...i'm such a noob lol

if one of my sellers send me the same info on an address. do i tell the other that i already received the info. did that make sense? if not e.g. seller A sends property listed as 88k then seller B sends for 94k who obviosly has it under contract to buy in 30days from A. Do I tell seller B that I know or just say I'm not interested. thanks guys!!

thanks for the comments guys and the encouragement vacman. i just chalked it up as a lessened learned. i will contiune to dig and all will eventually pay off!!

ok here's my problem first off if everyone does not know i am a complete noob in real estate investing. i only became interested in REI the begining of this yr. i am full time+ network admin from jacksonville fl. and joined a local REIC late Jan.
since then i've been exhausting all resources creating a buyers list and contacting sellers for good deals. i just recently came across a deal where an out of town invester was selling a property here in jacksonville for 45K. it's a 2bd 1 ba etc. i go and check out the property. it looked ok from the outside and was in a decent neighborhood. i checked zillow, bank of america, and had my realtor pull comps and the ARV was 95k. so i call to setup a time to see the inside. my plan was to get the property under contract and let it go for 50k. since i am a noob i asked my mentor/captin (our REIC club broke us up into groups and assigned each of us with more seasoned investors for guidance and moral support) to accompany me so i wont screw anything up but he could not make it on that particular day. so i went by myself. again i'm a noob but from what i can see everything check out ok especially for the asking price and my gut feeling was to get this thing on contract. but i stalled and said i would like to wait until my "partner" takes a look. long story short the next day i met with my mentor/captin and first off he said i never should have told the guy i planned on wholesaling the property (which i did and i agree) and secondly he said it looks like the house needs a lot of work about 25k worth and to make a offer of 39.9k then said no make it 35k. i didn't think the guy would go for it b/c someone started to rehab already and just had to stop work on it for whatever reason so the electric was upraded already, about 55% of the walls were done and painted. i also didn't think the guy would go for it b/c i thought i screwed up by telling him i was planning to wholesale. but i've never done this before so i was trusting the person who has done this before.(my mentor/captin currently has a few rental properties, he's wholesaled, reahabbed and resold) so i planned to call the guy monday with the offer but i got little busy at work and and besides i was was hesitant anyway b/c i thought i screwed up and i just didn't think he would go that low. so this morning i had a meeting with a guy from realnet usa, they loan money to investers, buy/sell properties etc. and during the meeting the gentleman hands me a list of available properties he currently has on contract and lo and behold at the bottom of the list is the very property i vistied this weekend. they're selling for 52k with a 95k ARV with estimated rehab @ 15k. i didn't say anything i played it cool and finished the meeting, we exchange info and i went on my way. once i got outside i beat myself up pretty bad(mentally of course) for not going with my gut feeling but again i was hesitant b/c i've never done this before and that was actually my very 1st time meeting with a seller and feeling good about a particular property. all others i looked at did not seem good for me @ the time. i called my wife vented and got back to work and called my mentor/captin but havent talked to him yet. and even called the invester who originally showed me the property ( i didn't mention anything) i just gave him some info he requested and told him to keep calling me when he has properties available and he gave me one right away and asked could i go out to check it out. i guess i wrote all this to say first off i'm a little discourage, not enough to ever quit of course but enough to feel like a total moron and second.... i don't know i just would like some feedback. sorry for the long read guys and gals :violin: but i must admit i feel a tad bit better now. thanx!!

off to find the next deal ... :superman:

zilch! i am a systems administrator.

i joined my local REIC approx. 1 month ago

i was so anxious to ask my question in the starting out forum i skipped over the intoductions!

hello all ..trying to get my feet wet in the wholesaling business. this is an excellent site. i'm glad i found it!!

excellent post! just getting started myself.

Thank you guys for the feedback, it was/is very helpful and I greatly appreciate it.

The most important thing i've got out of what you guys said and what i've been through in my first few weeks of trying to get a property on contract is that I have to really search and search and dig to find and/or make that deal happen. I also need to have potential buyers setup or at least know what buyers/investers are looking for in my area jacksonville florida.

I actually meant with my REIC last night and they hit on everything you guys said, which lead me to believe maybe I was moving a little to fast b/c someone actually called back about a property they had for sell and i had no idea how to respond when he started talking in terms of numbers (thus the reason for this post). i also was working kind of backwards thinking "just get the property and then worry about seliing". so for now i'll just pace myself and learn as much as i can and fire when ready. I'm just highly motivated and ready to learn. i'm sure you guys can understand that !:D

Hey everyone this is an excellent site filled with some very helpful info.

i just recently got into real estate investing. (have not landed a deal yet). i joined my local REIC,i have a copy of my city's(jacksonville fl) condemd list, studying RE investing books in the library and have been searching and searching for my first wholesale deal (it's only been a few weeks..told you i was new)
so i've also been on this website searching through all the post dealing with wholesaling, startup etc. and ran across ryan's link to all his post he made on different subjects. so my question is this ...one of his subjects is number crunching category is about the formula...now i understand his formula. but they all seem to pertain to someone purchasing for fixup and resale. are there any numbers to go by when trying to find wholesale deals? to be able to set an inverster up for the 70% rule. b/c the problem i've been running into is that i'm finding property but not cheap enough to wholesale.
hope this all makes since i bette finish this up before i continue to ramble..thanx in advance!!