All Forum Posts by: Joseph Ziolkowski

You're welcome!

Hey Elsa, The way I found my first mentor was pretty awesome. So my freshman year of college, I was reading the book The Millionaire Real Estate Investor. In the book the author interviewed many successful investors and he stated what city they were from. I went to the University of Wisconsin Madison and one of the successful people he author interviewed was @Chris Hake and who was based out of Madison, WI. So from there I did some research online found his email address and sent him an email about meeting him. Sure enough he replied and I biked 15 miles one way from my dorm to get to his business. (It was around 25 degrees out!) Anyway to keep this post shorter I met with him and he gave me some great information and at the time I was actually transferring to central Wisconsin and he had a friend from the area, Derek Dombeck, so from there I got his contact info and when I transferred the following semester I got ahold of Derek and during that first phone call of talking with him he offered if I wanted to attend a REIA that he was hosting 2 hours away. Once again to keep it short, from that we got know each other and I interned for him for about a year, and it was the best thing that I could have done! I learned a ton and it built my confidence

If the numbers workout, then go for it! I'm sure you know that FHA appraiser can be a little picky sometimes, so keep that in mind if you decide to sell to her. But other than that, if you are not sitting on a hard money loan where you're paying high interest every month there really isn't a difference selling it to her or a different cash buyer. I've been apart of a few deals where we just bought the property outright and then did a little bit of cleaning up to get it ready to sell and then turned around and sold it to end home buyers. Instead of wholesaling, it's called wholetaling

Hey Jared Stroebele I actually just purchased a flip a couple of months ago that was on a slab. I can tell you that it will be probably harder to sell for me because of lack of storage, but that is why I got creative with built-ins and things like that. As far as plumbing goes, it depends on how much there is. For my house there wasn't a whole lot of plumbing because it was smaller, but it needed to be all replaced and it cost me around $2000. The water meter was also located below grade in the slab and that had to be brought above grade in order to pass inspection.

Welcome to BP! There is a ton of great info on here to learn from and the podcasts are phenomenal, make sure you listen to them!

@Andres Perez Congratulations on the first investment property! I too am 20 years old and I am almost done with my first flip and I just put an offer in on my second! Keep up the hard work and you'll get to that second property in no time!

I know this topic has been extensively covered and I've read plenty of forums, but I haven't been able to find exactly what I am looking for. I am wondering if get my RE license, will that affect that way I market for wholesaling? Can I still send out yellow letters, postcards, door knock properties, and other forms of advertising to buy properties for my wholesaling and flip business? I know I have to disclose that I am an agent, but is that it? Does it affect anything else when trying to buy these off market properties from distressed sellers? Any advice is greatly appreciated, thanks!

Going through a real estate agent is free for you, at least on the buying side. If you find a good agent that works with investors, they will be very helpful throughout the process. If you're close to the properties you are looking at, I would suggest to door knock them to try and talk to the sellers. However, be careful with seller financing deals, there are a lot of legal and financial hurdles you have to overcome. Typically too, you will have a 5 year ballon payment or whatever you establish with the seller and by the end of that you'll most likely have to refinance through a bank. Make sure you do your due diligence and don't try to take the process on by yourself! 

Welcome to BP! This is a great to place to learn from! I too just recently launched my wholesaling business, but I actually ended up flipping my first house. The best thing I did was I found a mentor that taught me a lot about wholesaling and and real estate investing in general. Hope your wholesaling endeavors go well!

Thank you for your comment, that is great advice!