All Forum Posts by: Jerry Stanford

Thanx Johnathan!! I did just that with the costs and ARV along with paying back the hard money. I am a local realtor so that helps me with the ARV and the DOM.

I'm a bit nervous...who am I kidding...I'm very nervous...as I am prepping for my first rehab. I've got the house in my sights and hopefully will be closing on it soon. I'm pretty anal about things so I'm always checking and re-checking my numbers when it comes to the ARV, out of pocket, holding costs, hard money loan interest, private money loan interest, etc. Just trying to make sure that all my i's are dotted and all my t's are crossed.

Welcome @Matt Baranko!!!

Since I personally don't like the word newbie...I will use the word neophyte-a person who is new to a subject, skill, or belief. Many times it is used in a religious context and one could argue that real estate is a religion and the gurus are the many varied ministers asking for contributions to their "ministries" lol. Many people say that the info that gurus put out can be easily found on the internet, in books, etc...but so can the theory of relativity and cell microperfusion, does that help me understand how it works?? The lure of the gurus for a neophtye is not the lack of information but the lack of connection between the information and the understanding of how to apply it properly. There are not enough real estate pros and vets that are available for all the neos out there who need mentors to help them learn. The word on the street is that the best way to enter real estate with little or no money and without using credit is wholesaling so neos try to be wholesalers. Then I see many pros and vets on BP and at local REIA's complain about the inefficient wholesalers...well, who's out there teaching them how to be good wholesalers?? Nobody but the gurus. I don't see a bunch of pros and vets saying hey let me help a few of you become great wholesalers and together we can grow our business. There are a few but compared to the complaints I read and hear, not enough. As neos, we are told to take action if we want to see things happen, that goes for the pro side as well. If you want great wholesalers, help us become great wholesalers. We only have gurus to tell us and pros to tell us don't pay the gurus, just go to the internet, read a book or post a question and that's not how you learn a business fully. That's a good start, but just like earning a college degree, you need a good professor along with your own self study in order to get a solid "A" in the course. If the gurus can offer "mentorships" so can the pros. Many people spend $10K, $15K, $20K in guru mentorships, why not be their mentor and let them put that into a JV deal with you as they are doing "on the job" training in a real deal that bring real profit for you both?? Me personally, I learn more by doing along with what I read. The application makes it real for me, especially if it is applied properly and I have help avoid pitfalls. We know the gurus are overpriced. We're not crazy or blind...we just have no place else to go to have help to apply the information properly and receive help avoiding the mistakes along the way. So instead of beating up on the gurus and saying how their information is overpriced and can be found in other cheaper and free places, which may indeed be true, offer education and application of that information which is what we neos truly want and need.

@Darren Finney...Welcome to BP and thanx for your service...you've got the idea pretty much...Zillow is a ballpark estimate...Findcompsnow.com is pretty decent...if you can find an investor friendly realtor or appraiser willing to lend a hand, that's even better. Basics are, same bed/bath/sq ft/year/exterior/gen style/within .5 mi/within 3mos sold.  As the comps have things like fireplaces and pools, you add and subtract from the subject property. 

Welcome @Ernesto Garcia!!

I've worked with investors who have used both Haske and Haske and Castle Law and have have turned out well for both...

Guaranty Title

@Tanisha Blakemore...I would be interested in knowing more. If you have the information, please PM me the information. 

Welcome to BP @Lamont Watts!!!