All Forum Posts by: Jose Reyes

TV Shows showing deceiving profits and many times flat out lying. I think regular folks really got fixated on how much money TV investors appeared to be making, as well as how fun and easy it appeared to look. But it's TV, it's 90% scripted. When a few of the TV flippers grew an audience, they geared toward selling education. And that is a huge business.

You tell the masses you can invest with no money, no credit and virtually no real estate experience, and make great money, people will throw there money to learn those secrets.

I've met a ton of seminar investors, and usually they are very motivated out of the gate, but then quickly fizzle once they see how competitive this business really is.

Good point. I've seen this happen. But more with Realtors that try and become investors once they've made clients big money and then feel it's simple, so why not. I've witnessed it work for them, and for others, fail miserably.

Also, I've been investing for 8 years. I have had many wholesalers find me, but none that work out long term, and a ton of newbies, fresh out of the investor seminars.

I know this is a question that has been asked a ton of times. And know that every other buyer in the market has become an investor, as well as many real estate agents that double as both agents/investors. Thus making just about all markets much more competitive to find deals.

In the past I've worked with and done well with a few wholesalers. But it seems that they really come and go and quickly fade away. I know a ton of wholesalers come from seminars and quickly fizzle once they realize that this does require full-time attention.

So the simple, yet complex question is, can anyone recommend where to find legitimate, professional and knowledgable wholesalers in the Los Angeles area?

Thanks...

This deal is located in So-Cali...well established area. And the market here is extremely hot due to lack of inventory. It breaks most investors rule to purchase at 70%ARV minus repairs. There was cash offers on this property at close to ARV when it went to market. But of course agent wanted to double end it and negotiated it much lower. Here are the specs:

PP: $195k
ARV: $249k
Repairs: $5k-$6k MAX
Newer, large townhome with NO HOAS, well maintained complex. Hot area for seller.
No carrying cost. True all cash.
SHortsale (no deed restriction)

Need unbiased opinion. There is a profit of $25k ++ if all goes well. I just don't buy anything on such a slim margin. Would you do this deal?

Thanks

Being offered a flip in a very hot area, good price too. MLS shows 950 sqft, but property profile shows 750 sqft. It's legally a 3 bed 1 bath, wondering how they would have managed 3 bedrooms in that amount of space?

Is there a way to find out true square footage without going to City? And would you buy it if it was legally 750 sqft only, and the other 200 sqft was done in a workman like fashion....

Thanks

If I really want a property. I go directly to the listing agent. Also, you don't ever want to mislead anyone. If you have an agent you use, make them earn there commission and have them show it.