All Forum Posts by: Darrin B.

I don't post a whole lot (do more reading) but I felt compelled to write when I read Roy’s post. 

I want to throw out a HUGE endorsement for Tom Krol as well. I met Tom a few months ago and was immediately struck by his energy, heart and knowledge on all things Wholesaling. I was so impressed that I invited him to be a guest on my Podcast, Big Wig Nation.

Keep in mind that I don't just invite "anyone" on my Podcast. I've had folks like Darren Hardy, Gary Vaynerchuck and Jack Canfield on my show, so that should give you an idea of the caliber of guests I speak with.

As I got to know Tom, I realized that besides being an overall great guy, he actually "cares" about what he does (he genuinely LOVES Wholesaling) and especially about the people he works with. It's almost as if he takes personal responsibility to MAKE them succeed.

After getting curious about Wholesaling, I joined his program.

Using his front-end strategies for growing our rental portfolio has ended-up being an absolute game changer for my family!

I think it's a great way to get into Real Estate (for many reasons).

Whether you're just starting out (like I am) or have been Wholesaling for a while, I think you would be hard pressed to find a better mentor than Tom Krol. 

Although I prefered not to post the details on a public forum, this is the PM I sent to another member.

I had 2 Medical Collection accounts that were $100 each. I paid both (about 2 weeks ago) and just this week, they were removed from 2 out of 3 credit bureaus. I then had an old (written off) collection account from Verizon. I handled the Verizon and 2 late payments the exact same way. I found out who the CEO's (as well as several top level executives) were and composed an email.

Since BOTH lates only happened once (and I pay most of my Credit Cards via my banking account, weekly), they were removed.

The email was lengthy and mostly filler (i.e. let me start out by saying I think your store/company is great, yada yada yada). The "meat" was that I have ALWAYS made my payments from my checking account and at the time of the late, there was an error somewhere (bank?). When I spoke with the rep, they ASSURED me NOTHING would be reported to my credit (I never spoke with a rep). My Experian score was 575 and is now 664!! There is one legitimate late (Car loan) that I can't do anything about...but will fall off in a couple of months. That and the 8 inq's are still keeping me down. So far, the Verizon still hasn't fallen off. That will be more points.

You have a PM.

I too have/had these issues with credit. I have been VERY dilligent about fixing the problems....and have made a LOT of progress in a short amount of time.

How did I do it? Firstly, you need to subscribe to a credit monitoring service that all three reporting bureaus provide. The cost is minimal but it is WELL worth it. Hint: Which ever service you try (Equifax, Experian or Transunion) will allow a trial period. Imo, the best is Equifax. You will get a 30 day FREE trial and you can pull your credit report daily within the 30 day free trial. Cost of service is $14.95 to $19.95 (depending on service) a month.

On top of that, if you call within the 30 days to cancel, they will lure you back by cutting the price in 1/2!!! ALL THREE will do it!

I had 2, 30 day lates, 4 collection (hospital bills) and 8 inquiries!! Within 30 days, I have rectified BOTH lates and ALL collection accounts! The 30 day lates have been REMOVED FROM MY CREDIT REPORT! Otherwise, they reside there for 7 years!

Darrin

Thanks guys!

Nick Johnson - I'll have to pick up that book, thanks.

Thanks Bill. I was looking for more specific questions to ask a seller of a perspective property (i.e. copies of past tax receipts, history of expenses). I want to know whats fair game to ask without insulting anybody.

I supervise the credit and collection department in a large wall street company. Unfortunately, my entire group (almost 100 people) will soon be outsourced. While I have grappled with the idea of RE in the past, I haven't seriously considered it until now.

After being a star employee for almost 25 years, in the end, my loyalty has been forgotten. It's all about the bottom line.

With that being said, I have no animosity towards my company or anybody that was involved in making these decisions. It's just the way things are going and it happens more and more every day.

Now it's time for me to direct my own financial future and I would like to hit the ground running. Thanks for the well wishes.

D

As a complete newbie, is there a "check list" of things to ask a potential seller? What would be the most important things to NEVER forget when considering a property?

Good morning to all! I've only recently stumbled upon this amazing site! The wealth of knowledge here is VERY impressive!! I am a business professional in the world of finance and have about ZERO knowledge in the real estate world. While I am a research fanatic, I'm not so fanatical that I will continually over analyze to the point of being paralyzed.

The moment you stop moving.....you're dead.

My goal is to get into the multi-family (rental) property business and hopefully, armed with a lot of knowledge, be sucessful at it. I'm sure I will make mistakes as I go along but with such a great resource like this forum, keep them to a minimum.

Darrin

Thanks for that. I will start getting more specific (and real) expense figures as well as occupancy info.