All Forum Posts by: Jeff Wells

Thanks Mike for the advice!

Thank you Marie and Ned. Just sounds like we just need to approach things differently than the old days.

Haha yeah that's essentially my gathering of the statement as well.
Thank you

I never said it couldn't be managed or dealt with. I simply said its going to take time to learn it. Just because I'm new to real estate doesn't mean you have to be a jerk. The fact is that California is grotesquely over regulated and there is way too much red tape. But then again, you are in Chicago, so this is normal to you.

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Thank you for the substantive trying Mike. That's helpful and encouraging. Talking to a relative new rei today and he's made offers for 5 months with nothing panning out. And in our discussion it was staggering the amount of red tape and fees, fines, taxes, offerings, and first born blood sacrifice that the People's Republic of California has. That's gonna take some time and experience to navigate. Thanks again Mike

I would agree with that J. Never trust someone who has a vested interest in beating you.

Newbie here. I have been doing tons of reading, talking to people in the business, and getting some names of realtors etc, ie- starting to assemble a team. Just got off the phone with a realtor I was referred to and the things she said was NOT encouraging. Basically in my town, in the Inland Empire of CA, there are usually 3-400 homes available, right now there are LESS than 100. She says there is NO inventory for any kind of flipping. She says the days of low balling are over and it would be VERY hard to get started in flipping at all now. She used to do it herself but now is looking to develop and sell new build homes with a developer/friend. Of course she wasn't interested in bringing anyone into that. She seemed sincere and very nice, but I have a hard time shaking the feeling she wasn't interested in dealing with anyone who wanted to do flips. I NEED a realtor I think, because I have never put an offer on ANY house. But I have a private investor willing to back me. Am I just too late? Seems saturated with people doing this. Any advice? Answers especially appreciated from Southern California people!

Thanks Brandon. He is a friend. Former colleague of my wife. He owned the medical practice. So perhaps you can tell me if this is really the head start, or advantage I feel like it is? I feel like this makes my leverage to make deals much easier! I like your numbers 2 and 3. I suppose I need to find out how much he's willing to go into it, and what he's looking for. Is he in for small money? Under 100k? Or will he be willing to buy the 200k house so we can sell it for 250 at an even split? I just need to know what I need to ask so I'm under no assumptions or illusions. Thanks for the reply!

Ok so I'm reading everything I can, and very serious about doing REI. I decided the biggest obstacle I'd have would be funding. So I decided to ask a wealthy family friend if I approached him with the right deal,would he be interested in being a cash money buyer. He said it sounds good and he'll be interested in what I send him. Is this as huge of a benefit as it seems? My initial thought (I've yet to talk with him about the details, but expect to soon) is that I will search/market for good deals and make cash offers using his money, which I could, in theory, turn around within a couple weeks. I am inclined to lean towards wholesaling, but I would like to do the rehabs as well. What would be the best way too structure this and in your opinions, the best route to take with starting out with financial backing like this? I'd appreciate some sincere advice and Ill answer any question you may have. Thanks all