All Forum Posts by: Jarrod Frankum

Guys I am so excited to have completed a deal. It could not have been done if it weren't for the local community of investors around me who have continued to encourage and support me. I am so grateful for all the hours I have spent reading book after book, listening to podcasts and webinars, and hanging out on BP. I started from absolutely nothing. I just moved to Lubbock from Brazil in January and hit the ground running. Got my first deal in right at 3 months. I hope to be an example to other newbies. If I can do it, anyone can. Now I am focusing on expanding my marketing and funneling the cash back into building a business. I just formed an LLC and am getting very close on my second deal. To anyone reading this who is having doubts, or is discouraged... Just give it time, and let the direct mail work. Money lives on the other side of fear. There are deals out there. No one can get every single deal, but be assured that every deal will be found.

Investment Info:

Small multi-family (2-4 units) wholesale investment.

Purchase price: $40,000
Cash invested: $1,650
Sale price: $50,000

This was a contract assignment situation.

What made you interested in investing in this type of deal?

The low cost entry. Wholesaling is such an excellent strategy for beginners.

How did you find this deal and how did you negotiate it?

I sent direct mail using all handwritten letters from driving for dollars. Seller responded on my first mailing. Negotiation was quite simple. I asked what the seller was hoping to get for the property. I used the 70% rule w/wholesale fee to come to my purchase price. I explained to him that because of the extensive repair needed, this is the number that worked for us. He was quite understanding.

How did you finance this deal?

I saved money to afford driving, buying envelopes and stamps. My total expenses in D4D from the time I started until the deal closed was about 1200. Then I had to buy a 450 title policy to make the deal work.

How did you add value to the deal?

Brought a screaaaaming deal to an end buyer, and helped the seller move the property quick and easy

What was the outcome?

Closed in 2.5 weeks. Picked my check up from title company. It was smooth

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

There were no other real estate professionals I worked with.

Hub city title

I do know that this law is called 'the brothel law.' typically its not a problem unless the tenants are problematic to the community.  Unkempt yards, overflowing parking in front of other neighbors houses, loud parties, drunken fights.. Etc.  Some PMs will still rent, some won't. 

Welcome welcome! We have several REIA groups here in town and there are good opportunities to learn!

Hello all. I have searched the threads and have not found a result that directly answers what I am looking for.  

I am a licensed realtor in Texas and am looking to start a legal entity for wholesaling. I eventually plan on keeping properties for buy and hold or BRRRR etc.. However I'd like to take advantage of tax benefits/legal shielding a legal entity would have to offer. I currently don't have any assets worth taking, but I would like to have a legal entity from the start to start off on the right foot.

I can't tell if its better for an S-corp or an LLC for this case. What have you other Texas wholesalers done? Thanks for the help

please delete....... 

I'm interested in going. 

@Brett Whaley

Wreck 'Em!! Glad to see you are looking at Lubbock!  Just some quick tips for ya.   In the last year there have been 4 very massive student apartment complexes go up very close to tech.   All those fields in the Overton area (near Walmart on Q) are completely developed with loads of new housing.

Apartments and SFH. That being said, student rentals are pretty saturated right now. Several investors around town have had to drop rents to keep em filled. I don't day that to deter you, but just to say that it's gonna require much more hustle than last year or prior.

@Evan Rattray

It's once a month. There is a Facebook group that announces the times