All Forum Posts by: John Maxi

@Ned Carey, yeah, that helps thanks. I guess I would summarize the buyer side as (in this context) equity means the buyer has a "get out of jail free card". If something happens and they can't go through with any of their exit strategies, they have a cushion to *likely* sell for more than they paid for it anyway. Hence the saying, "you make your money when you buy"!

I've been trying to understand the concept of equity needed for a wholesale deal in concrete terms, @Ellis Thurman Jr as this was news to me. Here's two scenarios:

1. A home owner has 75K in equity and owe 25K (100K property). If they were to sell for 75K, they would pay 25K to their lender and keep 50k for themselves.

2. A home owner has 25K in equity and owe 75K. If they were to sell for 75K, they would pay 75K to their lender and keep nothing for themselves.

I can see how the equity position of the seller will determine their motivation/ability to sell at a discount to a wholesaler. But it looks like from this thread https://www.biggerpockets.com/... that equity also matters for the end buyer. Am I on track considering the seller side of things @Ned Carey? How do these scenarios relate to the end buyer in a wholesale deal? Or is there a different scenario to consider for the buyer? Also looping in @Will Barnard from the linked thread.

Hi @Quintinn Payton I'm getting started in wholesaling in the NOLA area. I've been to a couple of the NOLA REIA meetings. It was helpful to meet some investors and get their perspective (@Braden Smith I think I have one of your cards actually). I'm available this weekend for coffee. Message me if you'd like to meet up and chat!

Thanks everyone for the tips. GeauxBiz.com it is!

Hi all - I want to file for an LLC to protect myself as I jump into real estate wholesaling/investing. Does anyone have any experience filing for an LLC in Louisiana? The name I want is available. Any recommendations for New Orleans lawyers? Or can I get by using legalzoom.com?

Thanks in advance!

Hi Janeicia! I'm in a similar boat as you. I'm looking to get started in wholesaling as well. Good luck!

Hey Malcolm, welcome to BP. I'm getting started as a wholesaler in the New Orleans area. I'm in the process of reaching out to local investors so I can target my marketing to their needs. What type of real estate are you looking for?

So far my experience is that they are a welcoming group that wants to put new people in touch with the veterans. I must admit I have been pretty low key so far. I've gotten to the point where I can visualize my strategy and am  ready to start explaining my plan and goals at the next meeting. 

There has been a lot of good information to gain about the local market, which has also been nice.  

@Johnquel Jones: I'm new to the real estate investing world in New Orleans as well. I started going to the NOLA REI Club, which might be worth going to in order to get to know the local players. I'd ultimately like to buy-hold-and-rent for cash flow and long term investment. Good luck and keep in touch. I'll be curious to hear how things go for another younger person starting out in the area.

I'm wondering what the time and money cost would be to leave them in vs taking them out. Will you make enough on rent to justify taking them out and buying new ones?

What do other houses in your neighborhood have got appliances? 

I personally wouldn't look to rent a place without appliances.