All Forum Posts by: Ken Spohn

Sheila

Also...when choosing a Broker try to find one that has a Certified Commercial Investment Member (CCIM) . They have went through additional eduction and generally a little more savvy.

-Ken

Daniel

Find someone to invest with you for the 20 or 30% down. Give them a piece of the action. It's a win / win. I'm working on one right now that will cash flow $5-6k per month with 100% private finance.

The cool thing about private finance is you create the terms ...not the bank.

The question you don't ask will always be NO. Ask people to invest with you, but do not ask to borrow money...it's a lot easier

Best!

-Ken

I would agree with most people don't care. Unless you have $250-500k to brand it with marketing ...ect and that's just for a local market place.
If you ever plan on selling it do not put your name in the title. This will make it harder to sell because people will relate you with the company.

Just my $2.50 worth...

Chris,

The most import thing is to take action! From your questions I can tell your not sure what direction to take, and a confused mind always says no or does not take action.

From the 100+ properties I have wholesaled, I have never marketed to sellers. Wholesaling like most other Real Estate is all about networking.

Most of the properties came from referrals. Meaning everyone that I came in contact with I made sure they new what I was looking for.

My advise would be to find the top wholesaler in your area and become a bird dog for him. This will do two things. First, you will get some cash coming in which creates momentum. Second, you can learn from him/her and what is working and is not.

The top wholesalers are the top for reason. Find that out and you'll be very successful.

Wish you the Best!

-Ken

1. Become a bird dog for a seasoned wholesaler. This will teach you how evaluate properties, learn the neighborhoods that are selling and you don't have to risk any of you own money. In case your not familiar with the term "Bird Dog" It's simply finding properties for a investors and let them handle the contract negotiations and putting up the deposit to secure the property. He will then pay you a set fee when the property closes. (While in most states this is legal please seek legal advise) DO NOT ask for a up front fee! This will show desperation and possibly ruin the relationship.

2. Partner Up With an Experienced Wholesaler. Like any business transaction he will want to know what your bringing to the table. If your just getting started this is probably not a good option because it will only frustrate you. You must have some experience or things just won't work out. You may even quit before you close a deal. My suggestion is start off as a bird dog and learn the ropes. Wholesale deals have been around since the beginning of Real Estate and they will still be there next week. Take your time and you will make plenty of money.

3. Find a good Realtor. All Realtors are not created equal. Most Realtors have a specialty. Some specialize in Luxury homes, some the buyers side, some the sellers side...ect. The one you want that specializes in Foreclosures and Bank owned properties. Why? They can help you when analyzing the property, give you comps and give you an idea what the bank mite take. Notice I said "mite"! If they are the listing agent for the bank they do have an obligation to the bank as a seller's representative.