All Forum Posts by: Jeremy Pakalka

@Francisco Lopez Welcome to BP and REI! You definitely have the fire to make it in this business. Wholesaling is simply being the middle man for a buyer and seller. There are no rules/guidelines beyond that.

It is always easier to sell a product if you have a buyer that is willing and able. That being said, I would spend all your time meeting as many people in your area that are involved in real estate. If you know what they are looking for specifically, it is much easier to get a house under contract with confidence. Call all the signs you see while driving. Those signs don't stay very long so you know that person is very active and they might have buyers if you find a good deal. Try every idea/path that you come across. You never really know which one will lead to a sale.

My company has a office in Charlotte and I am more than happy to arrange a sit down with one of my colleagues if you are interested. We are always looking for deals! 

@David Soest I would recommend you start picking up rental units. I believe you flip to make money but you buy and hold to build wealth. Have you know anyone who has gone through the lifestyles program? I have heard mixed reviews from people across the Houston area. 

@Sean Gee Welcome to BP and to REI. You are on the right track with getting your debt cleared up. Once you have it cleaned up, I would recommend you sit down with a guy at your bank to discuss the loans you will need and if you will be approved or not. Most investors will get hard money loans to purchase and repair a house. You cannot get conventional financing because distressed properties will not pass the inspection for the loan. Once the house is fixed and you get a tenant, you will refinance out of the hard money loan into a much lower rate, longer term loan with the bank. If you are not pre-qualified with the bank, the hard money lender most likely won't lend you the money.

I am here in the Houston area so if you have any questions, please feel free to reach out. Good luck!

@James Danchus Yes and no. Some agents don't update their info if it changes but it will also have info on their brokerage. You can then call the main line and get the contact info from the person at the front desk.

@Mark Parzych Its a great idea to keep yourself accountable. The best way to do so is to set goals for yourself. These goals should be yearly, 6 months, 3 months, weekly and daily. Once you hit those time periods, think about what failed and what went right so you can set better goals down the road.

The bank offering 6% and 1 point is awesome but the closing window will cause problems. You will be able to find home owners that can meet that criteria but you will also miss out on some deals because others can close faster and don't need bank approval. Don't let one bad experience close you off to other lending sources. Lots of investors use hard money and will continue to do so.

I am also in the Houston area so please feel free to message me if you need anything. Good luck with the flip!

@Seth Hobbs Welcome to BP and Houston! There are plenty of great opportunities in Houston. If you have any questions about the market, please feel free to message me!

@Aravind Sri The main concern of yours should be the rent rates you can get and how fast someone will rent from you. Depending on the exact area, it could be a great opportunity. Shell recently put out a press release with their intentions of moving all the corporate offices to the Energy Corridor so that should definitely help the resale price in the future. I sold a house in Spring Shadows today to an investor due to the high demand of that area that was a SFH.

@Amanda Groover There are services that find phone numbers and addresses for people. One of those is called skip trace. They usually cost money and the information is not always accurate. Every piece of property has a registered owner within the local government so there are ways to find them since they are public records. Direct mailers do work but a good rule of thumb is a 2% response is a very good response. My point is that it is a numbers game and you have to put out a ton of mailers. Knocking on doors is the best way to get information.

@Alexis Miranda I would be hesitant to invest in a property without seeing it. Unless you are able to fly down to see each house or have someone you really trust, I would focus on making connections with people in the market you are moving to. There are always deals to get done.

@Rodolfo Delacruz 

There is no guarantee to make money. With every investment, there is risk involved. It is your job to find the risks and mediate them as much as possible.

The best way to find private investors is to network. The more people you meet, the better your chances. Real estate investing takes time and hustle.

You never want to promise a return. You should have target numbers and you need to be realistic in these numbers. The more on point the numbers are before you start versus when you are done is the real measure of what investors are looking for. When you think you have found a deal, pretend you are the private investor and look at the deal through those eyes. I personally trust a guy who says I will get a 5% return and delivers a 5% return versus a guy who offers a 10% return and delivers a 8% return. Yes it is more money but I trust the 5% guy down the road.