All Forum Posts by: Josh Gorokhovsky

Yes, wholesalers and personal relationships with agents that are willing to partner with investors on off-market deals before they decide to send it to the MLS

In this market, it's very hard to find deals on the MLS. Not impossible.

I would focus on building relationships with agents in your farm area and get them to source deals for you if possible. Criteria for me is something that's either a ground-up build or something I can add sqft and/or units to. A simple cosmetic flip won't pencil most of the time in Los Angeles. So an example would be a SFR built on a R2-R4 lot where we can add units.

 Good question, and one that doesn't have a simple answer. Same way I'm trying to do it brother. Hard work, patience, and increase your passive income piece by piece while trying to do larger flips/wholesales at the same time.

@Patrick Philip, I agree with @Nick C., @David Benton, and @Mark Allen. Wholesaling is not a means to an end for investors. It can be a great way to get started in the industry and build up enough experience and capital in order to make investments, but it all depends on your goals. I don't think you're going to be interested in the "wholesaling grind" after putting in many years in the game. We all want to be able to have the ability to check out sooner than later, but it takes patience and hard work. There is no quick way to reach true wealth. I think you may be thinking too short term here. Your numbers seem off, but even if they aren't, at $300/month, if you can build up a portfolio of 100 units, that's $30,000 a month of money coming in that you don't work for. All passive. 

Focus on the short term goals in order to get closer to the long term goals my friend.

I'd love to get the inside scoop on this too! Thanks in advance to anyone tackling this.

@Cassidy Burns no worries!

Hi @Christopher Gomez, 

Reading Rich Dad Poor Dad was one of the events that changed my perspective on life as well. Great read, life-changing, and practical. I highly recommend reading and listening to the rest of the series: each book gets more into detail about what Robert did to get to the current point of his life. 

Unfortunately, yes it is slim pickins' these days in SoCal but I know people are scrapping up deals here and there by hustling for them and having a vast network sending them deals because of their reputation. I am fairly new myself and looking for deals as well. We have to keep building our name, work hard, and be patient. Let me know if there is anything I can do to help you.

- J

Hi BP Family,

My group is looking for agents and brokers in Los Angeles to join forces with. We have the ability to make all-cash purchases. We are looking primarily in North East Los Angeles but evaluating deals throughout all of Los Angeles. Please PM, call, text, email, or send me a messenger pidgin; it does not matter. Contact me! Let's talk.

Hi @Jeremy Lee,

Thanks for sharing your situation with the community. I think your last option makes the most sense from my angle. If you buy the home off them directly, you can cut out the middle man (no agent) save on sales costs and then create another source of income for your family while moving your parents closer to the family. It could get trickier once they pass.

Not sure if there is a specific answer you are looking for or just our opinions? Let me know, I want to bring you as much value as I can.

Hi @Danielle C.,

First of all, congrats on taking the steps toward starting your venture. Respect.

As far as being having your license, if you are acting as the agent on your own deals, then you have the opportunity to take the commission associated with being your own agent on the deal. I personally stayed clear of this and never got my license because I would rather have the agent that brought me the deal (will continue to bring me the deals) get as much money as they can out of the deal. This builds on the relationship with said agents and should, in theory, have them bring you more deals in the future. I care WAY more about this and getting someone that worked hard on a deal paid that taking the extra 2.5%-5% for myself. I hope that answered your question.

As far as using HML and a credit card, it sounds like you are in the same position I was in recently. I was trying to save up as much money as I could to do my first deal and working with my mentor (a fairly successful real estate investor in LA) learning as much as I could until I had the money for a downpayment. Because I was patient and continued to network, I was able to connect with another investor looking for a workhorse (me!) to join him and become a partner in his investment firm.

 @Chinmay J. is right. It may not be the answer you want to hear but in this industry we must learn how to say no, be patient, smart, and take our shots when they present themselves. Even if you could find a HML to do the deal with you, I don't think taking the down payment on credit card if smart since the interest alone will probably eat at your profits. I think the best thing to do right now is either (1) Get someone to do a JV with you, which will be tough since you haven't done a deal before but it is doable. You have to outline IN DETAIL everything you bring to the table and will do, showing that you are the workhorse of the deal (2) take a family loan from a wealthy family member or friend, or (3) get REALLY good at saving until you've saved enough to do your first deal. Always here to help!