All Forum Posts by: Jon Deavers

How does Monday 12/2 or Wed 12/4 sound? Sometime after 5 in Short Pump if Chad can make it or somewhere convenient to Shera if he can't?

I know Chad's a little west of town, so I think we can probably look at a starbucks or something in Short Pump sometime after Thanksgiving?

Good tip on the Thursdays. M,W,F evenings work best for me.

Blockbuster was a classic example of not responding to evolving competition. With the brand recognition they had, they could have beaten Netflix to the punch on a powerhouse streaming service but they decided to regard it as a fad. From a nostalgic point of view, I will miss BB. But you can't find a better cautionary tale in the world of business about understanding trends in your market and adapting to compete.

DISH (and the other satellite media providers) may be in the same boat soon with their core businesses. Unless they can find a cost-effective and reliable method to provide broadband, the old cable and phone conglomerates are going to eat their lunch. They can't survive off of rural subscribers forever and that market would be left with no or little options if the satellite providers can't adapt and compete.

I wanted to throw this out to see what the interest would be in a meetup for folks that are in my boat: brand new to the idea of REI and in the pre-first deal stages.

For a lot of people it's probably easier making initial contact and starting a network with peers that have the same experience level.

If anyone's interested, feel free to msg me directly or respond to the post. Probably shooting for an initial meetup between the holidays and open to anyone but with a focus on brand-newbies, like myself. Location to be determined once we know how many folks are interested, but I'm thinking somewhere in the Richmond metro area or Charlottesville Virginia.

We could share business plans, tips, and hopefully answer each other's green questions and then invite some experienced investors down the road.

I'm a total newbie too, so anybody feel free to correct me on anything said below...

Based on what I've heard/read especially on BP, the first step in properly wholesaling should not be finding a house for 100K. You will need to find a seller who is motivated and willing to negotiate. The mindset should not be "what can I mark this up for?" but rather analyzing the total deal from after-repair-value backwards. The equation would look like: ARV-minus-flipper's markup-minus-repair cost=equals=what you should sell for. Then what you should sell for-minus-what your "finder's fee is" = reasonable amount to offer current owner.

It's my understanding that working from the bottom up by placing a contract on something then trying to mark it up and sell it to a flipper/buy and holder will not pan out for you, the current owner, or your prospective buyers.

Check out the blog post below for a good overview of the process, but I would suggest listening to the podcast too for some really great insights on how a possible wholesaling operation might work. Lots of real life examples from the guests.

Good luck!

http://www.biggerpockets.com/renewsblog/2006/11/25/wholesaling-real-estate-basics/

I've been studying some REIT's business models lately and noticed the term triple net lease. I understand the definition of a NNN but I don't see the advantage to the lessee? It seems that they take on all the expenses of the property without actually owning it. Is that just so the lessee doesn't have to carry the debt or asset on its books and the rent just becomes an operating expense?

Thanks guys!

Alex,

I'd love the opportunity to chat sometime. I started researching REI with the idea of buy & hold rentals being my focus. I see you're primarily a wholesaler and would like to pick your brain on that topic.

Hello all,

I set up my keyword alert for Richmond and realized I had completely bypassed the new member introduction page.

I live in Richmond Virginia and am working to develop a business plan and set goals for beginning an investment portfolio in real estate. I found the site via itunes when I subscribed to the podcast. The podcast and community at large has been a wealth of knowledge and has helped broaden my horizons on what's possible out there.

Oh wow. Got more than I bargained for with this question. :)

This article is a great resource for what I'm working on! I'm building an economic analysis spreadsheet and there are a few concepts I missed in the first build. Thanks for the link (and the great site, podcast, forum, etc.) Josh!

Thanks for clarification all. I've seen them used almost interchangeably several times lately and wanted to make sure. Thanks again!