All Forum Posts by: Quinten Jones

@Elizabeth Colegrove Thank you!! How are things in Hanford? I have not been through that way in a while. Next trip, I will be going to visit a good friend in Santa Ynez. Wish I was around in the '60s & '70s when that area was more accessible. The property values there are intense now.

@Jon Holdman , @Elizabeth Colegrove , thank you both for the valuable information. I just got off the phone with my Broker/ Realtor friend who echoed that same as you both. She offered to go with me to talk to the property owner and assist with assessing the real value of the property along with hidden problems that could potentially be dangerous. If all fails, she has offered to talk with the property owner, with her skill-set, knowledge and contacts, she has offered to possibly list the property emphasizing the commercial value. If the home sells, she has offered to pay me out a referral fee as well as an invite to look at properties in learning how to evaluate properties and their potential. I feel that this would be a great learning opportunity supplemented with what I learn on BP.

Thank you! :-)

@Jon Holdman I am taking notes. It is good to know correct real estate terminology. I will contact the City Zoning department and get information concerning the zoning with this property.

I will also contact my father-in-law who is a general contractor and ask him to go onto the property and do an estimate on repairs needed. From that point, I could determine the ARV, and negotiate the sales price, assuming everything else checks out. Regarding rent, I could be underestimating the rent for these properties, I think I should have my friend, a local broker help me determine a fair rent rate for each house that sits on the property.

Thanks for the advice.

Hello everyone,

I have connected with a friend of a friend who is an older gentleman who owns Real Estate pretty much all over Nevada County, CA. After explaining to my friend that I am getting started in the Wholesaling business, she was able to get this gentleman to call me.

He wants to sell a property that contains 4 Rental Units that sits on a commercial lot in a very convenient location in Grass Valley, CA. The rental units (small houses) need some rehab, but not a whole lot - Mostly Cosmetic and some curb appeal. He is asking $450,000 for the property. He mainly wants to get out from beneath it because he is older and does not want to be a landlord anymore.

My question is: How should I go about in analyzing his asking price? Realizing that the property is zoned for commercial, there is potential for future development. Researching rent in Grass Valley, I believe each unit could be rented out for $725.00 yielding a gross monthly profit of $2,900.00 before expenses. Any help would be appreciated. Thank you.

@Paul Timmins

@Mehran K. I most definitely would like to start out by wholesaling. I think this is the best for me in the beginning, particularly for the purpose of raising capital as well as learning on the job. I am an Arabian horse breeder, and I have an eye for the potential in horse properties, that is definitely a niche I would like to explore. Also, I am interested in possibly forming partnerships with other investors in acquiring Multi-Family units with the goal of turning out decent cash flows. Ultimately, I would like to own several Rental Properties by buying cheap and rehabbing them. Although, from what I have been learning thus far, out-of-state Rental Properties may present tangible opportunities. For now, I need to construct a strong foundation to build from.

@Attila Bertalan , thank you, I have accepted you Colleague request and attached my contact information.

@Raghuveer M.

Hi Attila,

Thank you for your beneficial advice. I am going to get out there and start the networking process and locate fantastic deals. I agree that getting out there and making it happen is the best way to get started. I most definitely will keep you in mind when those great deals make themselves available. Is it okay for me to take note of your contact information?

Thank you again!! :-)

Thanks to you both!!! Shara, I mentioned to my partner that we just need to get out there and hit the ground running..... We are going to just get out there and look for buyers and network with out Real Estate Agent friends and look for deals. Your advice is certainly appreciated, thank you!

Derek, nice to meet you. We are going to look into joining Capital City Wealth Builders, we absolutely want to take advantage of any and all networking opportunities. We have contacted a friend who has access to the MLS and we made plans to meet up with her to start the process of identifying great deals. Thank you again for your advice!!

Hello everyone!! My partner and I are starting a Real Estate Investment company and we were wondering if it was best to setup a Buyer's List first? We are under the impression that we should go to the County Recorder's Office and look for Buyers who paid cash for properties and market to these buyers consistently. Once we start getting responses, then our plan is to go out and look for deals that our clients are looking for and close on the deal with an Assignment Contract. We also plan on joining the REI Club in Sacramento so that we may network, network, network. Our goal is to wholesale properties so that we can raise capital to invest in income properties, fix them up, hold on to them and sell at the RIGHT time.

For us, it seems as though it would be more of a challenge if we were to find MOTIVATED sellers first and then pound pavement to sell these properties. My partner and I have developed an Excel Spreadsheet to run all the margins so that our buyers have a solid idea of what they are getting into, we feel that this will help us in building REAL relationships with our clients. If anyone has any advice for the best way to get started in Wholesaling, we would be entirely grateful.

I think you would be good to hire an Enrolled Agent vs. a "CPA". Enrolled Agents can help you with your tax filings and often have more time to answer your questions without nickeling and diming you to death. An EA who specializes in real estate transactions can easily put together a Schedule E, or take care of any dispositions you have. Additionally, when you run into problems with the IRS, Enrolled Agents are authorized to represent you before all administrative levels of the Internal Revenue Service. Also, some EAs are admitted to practice before the U.S. Tax Court.

Additionally, take the time to interview anyone whom you hire to help you manage your financials. Just because they have CPA or EA behind their name, does NOT mean that they are competent. I wish you the best of luck in finding a qualified Accountant/ Tax Professional.