All Forum Posts by: Jane George

If a person (not an investor) paid off someone else's mortgage (cash) to buy a property outright, is a transfer of deed for the property all that is needed? I'm in Texas. It looks on the surface to be that easy. Can it really be? Thanks!

Wow. Some of the assumptions about me on this thread floor me. But first the good:

@Adam Johns , you stated "I don't want someone to do something for me, I want them to tell me how to do it. And then I want to figure out what I could do better. Having a guide is great for some people, but I prefer to wander around with a good map." Well, this is exactly what my coaches provide. I'm sure you have played sports at sometime in your life and your coach didn't play for you, they told (or showed) you how to do it and gave you some motivation to do it. Right? I've pretty much been going down the same path you have, only with coaching from experienced REIs. Thanks for your positivity, btw.

Now the not so good:

@Joel Adams, I am well aware of everything you stated in your reply, all the nuances for certain areas and I do have connections with people in my market. Thanks.

@Wayne Woodson the group I am working with is doing business NOW in my market NOW. They are not teaching obsolete techniques. As a matter of fact I would say they are ahead of the curve from a lot of what I've read from folks posting here.

@Eric Michaels , Sorry. Your assumptions are wrong.

And a little more good:

@Scott McMahan, I am studying things on this site and listening podcasts. I already have an approval from a hard money lender, which, btw, was a referral in my local area from a team member from the "guru" group with which I am involved, and I got to meet the lender personally. That referral gave me the confidence that he was legit. And I just got laid off my job today so I can pursue my flipping dream! Woo-hoo! I really loved my job and fully believed in its mission. I was torn between quitting and staying. That decision has been made for me! Again, woo-hoo!!

@Amanda M, thank you thank you THANK YOU for saying everything I was thinking. Now I don't have to, lol.

I take issue with the mindset behind this post. You would probably consider me one of those "worked up" types who signed up under a "guru". But my guru never said wholesaling was a get rich quick way into REI and never said it was going to be easy. As a matter of fact the team stressed just the opposite. They stress education through hard copy materials, online webinars and courses, live one on one coaching and on site / on property education. They put a lot of time and energy into getting their students off on the right track.

I work full time, but going into my golden years I saw a need to take charge of my financial future. REI wholesaling seems to be a legitimate way to do that and if it takes months or years to get to a place where I can replace my current income and then start rehabbing (which is what I really want to do) then so be it. And how much money does it take, really, to assign a contract? Not near as much as rehabbing or buy & hold. I will be in a better position than if I did nothing, regardless. But I will have to start small with some hand holding before I can fly.

I can imagine that those of you that have been in REI for a number of years (and not months) have forgotten the hand holding and/or mentoring that you received. I had no idea how to get started and signing up with my "guru" was the right choice for me. Yes, there is a lot of valuable information on this website and on the web in general, but it would have taken me months (if ever) to put everything together and to get up the courage to attempt my first yellow letter campaign. My "guru" put everything together in a step by step process that suits my strengths and weaknesses to a T in a format that was presented by experienced proven professionals. They are a tight knit community committed to each other and accepting of all newbies to support them and help them succeed.

It almost seems like this post is blowing off steam at people who want to change their life for the better, but don't know how and they are being ridiculed for it instead of being encouraged to succeed. This isn't the first post I've seen about the subject of gurus and they seem to all have the same tone. From my perspective, it seems as if those who have been investing for awhile resent new people coming into the market. I personally see it as a way to expand my contacts for everything. Like any business, REI is organic, ever growing, constantly changing and as the population grows I think there will be enough deals to go around, don't you? Competition is a healthy thing, but there's a difference in choosing to be a good sport or a bad sport about it. Just my 2 cents.

I work for a large non-profit credit counseling agency as a Quality Assurance Specialist who evaluates the calls of counselors who provide foreclosure prevention counseling. (Whew! That's a mouthful!) I have also been a foreclosure prevention counselor myself and have worked within this job description for 5 years. I have heard it all. Believe me. I also believe my unique perspective would bring a better informed but compassionate reality to people in distressed situations who can't seem to budge from wanting to keep their home when it's not possible. I am new to REI (haven't done a deal yet, that's how new) and would love to know how to get pre-foreclosure listings. Anyone have any suggestions on that?

Great information, @Chris Feltus

Qustion for you... I'm just starting out, too, and I came across Red Fin this morning and was in the process of signing up, when I read their terms and conditions for getting more details about the property. They stated for personal use only, not for commercial use. I haven't agreed to the terms yet, my concern is could accepting those terms come back to haunt me in the future if I bought a house to flip?

Also, what services provide access to the MLS at a monthly cost? I would be interested to know about those until I can obtain my RE license.

Thank you

Does anyone know US Lead List price per lead breakdown? Is their quick list specific to an area/county I ask for or would I need to go with a custom list?

Thanks!

I totally agree. Most people who are watching this stuff have seen tons of stuff just like it before. It makes me wonder if the marketing strategies they are advertising are all that cutting edge since their marketing techniques are behind the curve.

I'm new, too, but you want to secure financing first, so when that deal hits, you'll be ready. Find leads and start marketing. That's going to take some time to setup, implement and snag a good lead. While you're waiting for a deal, find contractors and setup your LLC. I'm going the wholesale route before the rehab route to build up some cash. I'm still working full time, too, because I enjoy my job (just not the paycheck). Great luck!!