All Forum Posts by: Jerryll Noorden

 You have no idea how much your message means to me. Funny that to me I feel like everyone is getting somewhere except me.

I will follow your advise!

Thank you very much!

I know what you feel.

Let me give you an update. I just went to zillow and opened up a property. You see the listing agents that deal with the property. I chose a random one.

They I realized they are a really posh group. Their listings range in the double digit milions of dollars.

She saw right through me. She asked me a few questions, one of them being how much I am working with. Confidently I said about 50K. She hid it well but I am sure she smirked inside.

Then her is what she did. She offered me all her contacts, her investor partners, her private  lenders and she welcomed me into her team. A mentorship. Not what I was looking for as now I have to do all the work I was going to do anyways, but for them to make money of. BUT, if I do this....  I will see how it is all done.

Here is the reason why I am going to do it.

I am not a fan of finding deals for them for them to do the deals. Because that is exactly what I am struggling with without them already.  I think once you have a deal it is much easier to see it through.

My reason for doing this (if I am indeed going to) is that once I do it with them there is no turning back. They put time and effort in me, and now I can't just be lazy ot afraid.. I have to go out and do the work. It forces me to do something.

Which is not something trivial...

 Indeed. There is no way I will start in the Wilton area. The houses are mansions here. That is way over my head. (although tthe principles are the same).

Yes I was exactly looking at the bridgeport area. I just do not know how to find motivated sellers, and lining them up with buyers. 

One thing is for sure, I will be happy if I find a seller and my only problem being finding a buyer. SO I just need to do it one step at a time.

I am completely shocked how Brian's situation mirrors mine identically.

The job, that friggin cubicle, the not knowing how to start even when some guru's video package I paid 500 dollars for breaks it down "step by step", something obviously is missing.

I posted my own posts begging for clarity and for guidance, but I realized (and I bet everyone that replied too) that the more replies I got the more questions sprouted.

I wanted a list of steps:

"go to godaddy, and by a domain name"

"walk to your car, open the door, get in and drive to xxx st and post a flyer there... and there.. and there".

"find  the members of your power team. An investor friendly realtor at this location.. and tell them this script..."

"a closing agent at this location and tell him this script"

etc. etc.

A step by step recipe to start doing, regardless if you know everything there is to know, or just know the basics. If I had that... how can I possibly "not know what to do". I am then a robot, and the recipe is using my body to get the correct things done in the correct order.

But there is no such thing. So Brian got lucky... he partnered with someone as inspired and motivated as he is. But I'm not that lucky. Still alone.. in the cold wet.. wait..  

Like Brian I have a job, a cubicle, I can not get a mentor. I just do not have the time...

I just need to know what to do next...

My motivation now comes in mood swings. I get sick and tired of not doing and I get determined and start figuring out what to do... then when it just doesn't work I start to think, this is just not for me. I then slap myself and think that is how everyone that failed, failed. Can't just give up, and the process repeats itself.

so, my situation?

I want to start wholesaling.

I have about 30K in cash saved up.. and this pile is growing by about 7K-8K every month.

So what have I done/accomplished thus far?

*I did the educating myself.

*I have a (miserable) webpage trying to funnel distressed sellers (which is getting 0 traffic). This I got with the 300 dollar package of the M5 software. Which I am starting to regret getting because the websites are pretty lame. Now I am considering paying about 800 for a professional website.. as people keep saying... marketing is not an expense... it is an investment. Dont worry. I am done paying for education. But I am willing to pay for marketing.. (i.e. a good website with SEO).

*I have 2 investor real estate agents eager to be part of my power team. They dont know I don't know much.. well I do know some.. but have no experience doing.

This is as far I have gotten.

Now I am trying to generate leads. (Is this the correct next step?)

Private lenders

Cash buyers

distressed sellers.

"sure find them online and funnel them into your website" #IO@!#*$

"Sure go out and post bandit signs" WHERE!

The gurus I paid for the video education say to go to sites.. don't recall which ones now and get data about foreclosures and divorces then look up tax records to see where they live and send the direct mail there... is this even realistic?

my goal?

I just want to do ONE DEAL. Just one. After I go through that process I know my confidence will spike and that is all I need now. Even if my gain is 300 dollars I don't care.

Brian, how is it going? I would love an update.

I am having the same questions.

The thing is I have a job. It pays well. It pays very well, but I hate it. Eventually I like steady cash flow... but as for now... I just want to get started. For me the best way to get into it is start with the easier deals. (Not knowing how easy WS really is).

But I want cash now. I want money now so I can use that to build up.

As of now I am still trying to get a good power team set up. And I am not sure how I will generate any leads yet. But see my advantage over many is..

I do not NEED this to survive. My goal is to quit my job ASAP. So I do not need to do WS to survive. I just want to do 1 deal.

Just one deal to see how it works. Then I slowly transfer my time from my job into my RE business.

This is why I am choosing WS to start with.

I am not sure if this is a wise plan and I guess that is why I am here sharing this with you all. Is it?

Morning.

It seems like the consensus here is that it is not the best idea to start off with wholesaling. And to be a bird dog first.

Why is this?

Is it because it is hard to find deals? From one of the pod casts "they" were saying that it is "ridiculous" to start creating a buyers list first, because you look stupid not having any deals.

My issue is that I have a job, I simply have no time to be someone's assistant. (it was mentioned to find a mentor and work under him to learn the ropes).

I would love to hear a few of your opinions why it is not a good idea to start with wholesaling, vs. just saying "it is a bad idea to start with wholesaling".

As far as my progress goes, I have 2 meetings with 2 very reputable successful real estate agents (that have their own RE companies) in a few days. So now there is no turning back. I am doing this!

Thanks for the help.

I actually did that.

I now have 2 meetings with 2 big shot real estate agents, (both ceo's of their companies, and I have no clue what to even say).

They are so excited to meet me and work with me, and offered to share their connections...

Any pointers anyone?

Yes you are right. Need to be carefull with the amount of unrelated people I can put in a house...

I am still struggling with setting a course of action for myself.

The reason why I am making so much money in this hell job now is because I am a contractor. This will last just for a year. I suspect my paycheck will be decreases significantly after that one year, and at that point there is NO way I could tolerate staying at that job. SO before that happens I would like to get at least an equivalent stream of income... Not sure how realistic that is.

But if I keep sitting here wondering how to start that is definitely not going to happen.

My credit score was 650 a few weeks ago. Now one of them is 698. Not sure how that is possible but I will not complain. The second I reach 700 I am applying for a loan and use the 220K for a downpayment on a loan and start the  million dollars in 7 years plan.

In that plan he has a income flow of 800 a month... with this job my income flow is 8K a month. 10 times as much. So this gives me a great feeling of how possible this would be in my case. As long as I don't get cocky and impatient it should work!

But still. All I need to accomplish for today is fix a plan, set it and be content with it. Small steps.

Tell me, why does wholesaling take so long? Many people say this. Replacing a steady stream of income via whole sailing takes long. Sure I get that. But just making one deal.. shouldn't take that long right? (I know it depends on fining a distressed property sellers buyers etc. etc.) but in theory.. it should be simple once you have a method (just one deal).

I just want that extra cash now to buy that lot (55K) I mentioned in plan 1. Once I buy that lot it is mine and I can relax a bit as then I can rest easy no one will buy it.

Morning everyone.

My task for today was:

Getting a solid action plan together

Reading the input from everyone, gave me a clearer idea of what my hurdles are to just start.

1) I just need to set a direction. With all the possible directions out there, this is where I get lost. 

This is what I will do and feel free to criticize (please).

The lots I have been talking about before that I want to buy are in the same subdivision where my FL home is currently. As you remember the house I bought for 268K. Now all the houses in that subdivision are upper 300K.

So basically I think (and I can be wrong) buying the lot and building a similar house on it is pretty much a guaranteed bet. I would have to wait a few years before I can sell it, but in the meantime I can fill the rooms for a positive cash flow. And this also satisfies my goal to owning a few lux homes. 

Because this plan will take time, patience and a lot of idle time,  I want to execute this plan in parallel with a more "direct result" plan.

2) in the meantime, (more because I do not know what other things I can do, as I am not a fan of wholesaling especially because of all the issues with legality) I will give wholesaling a shot... with the notion "what do I have to lose anyways" as it is minimal risk. If any of you would be in my position with a better idea, feel free to  let me know.

Th problem now is. I am familiar with the florida region and market. Not at all wit the CT market where the houses are 3 ties more expensive and all sorts of tax issues.

So now I need to educate myself..

LOTS

So for the 1st plan (lots). I am not sure it will work . Assessed value of the lot is 35K. Seller wants 55K. I offered 40K (~ 80% of what he is asking) in cash, and he refused. Lot has been on the market for 3 months. So I am not sure this will work. My Credit Score is just shy of 700 now and for a loan I need 700. So for now this plan is on hold.

WHOLESALING 

First, I am still willing to find an other plan. (ideas?) This is also something I will need to build up courage and know how. I know what it is. I just dont know how to start.

What do I do first to get this going?

This answer will fuel the next task I set for myself.

Thank you.

 Indeed many advise against wholesaling and I am not a fan of it...

And yes I do need to fix my credit...