All Forum Posts by: Kevin Cook

@Noah Jenkins, there are those of us who will give you advice and support, but much of what you need can be found here at BP in blogs, podcasts and forums under "wholesaling." Success in wholesaling is based on systems, so a mentor is a great way to accelerate your curve. Beware of scammers who want you to invest in them without delivering more than an email or link to information you could have gained on your own. The process will be much the same for 85-90% of us, though a key ingredient is your marketing budget. If you do not have one to begin, you'll need to be creative... even perhaps bird dog for those you wish to work with so that you can see multiple views of the same deal.

Sorry, @Mason Jobst. I lost the context of your question and only responded to your need for a POF! @Jon Holdman and @Shawn Mcenteer are correct; sellers want clear expectations and we should give them the answers they require to say "Yes" confidently. I will say, however, that there is a huge difference in buying a seller's home and wholesaling it for a fee. The fact that they're asking for Proof of Funds tells me that they are confused and that you have some work to do. I certainly hope you clear things up, get the deals contracted and sold... that would be great!

Greetings, @Sheri Henning! I used to live in East TN (Morristown) and know you're in a great state. Wholesaling is a great place to start and build capital for other strategies. Dive in, start making offers and getting things moving forward... while devouring every free resource that BP provides. All the best to you in your endeavors!

@Mason Jobst The short answer is to provide POF, which is very easy to do. In Indiana, I suggest you subscribe to a VERIFIABLE POF source such as http://www.dohardmoney.com/loans/us/indiana-state (just click on "PROOF OF FUNDS") available on-demand 24/7. When the seller calls, they will get confirmation... from someone with funds to actually provide on the deal. The subscription is about $17 per month and accelerates your offers. Try it; if you don't like it, you cancel it and you're good to go. I used it when I started and it helped me get my first HUD property.

Welcome, @Jennifer Crabtree! Virginia is a great state in which to operate your investment business. Equity is good. Are there areas you enjoy in VA? Sorry, @Rod Coleman. I found my best mentors here through BP. Exhaust this site before you spend your hard-earned money on coaching that you may already have... that's what it is here for, and I thank God for it!

@Chris Graf I'm most comfortable with having the wholesaler assign the deal to me for his fee. @Manny Cirino knows that you must protect yourself, and I completely agree. Unless you know them well enough to do a JV (Joint Venture) agreement with them as a business partner, control the deal. If you don't have a buyer within a reasonable amount of time, don't burn them, or you'll risk never getting a second deal. All the best!

Well done, @Zach Mitchell! Keep it up!

@Eric Odum

My friend is Henry's paralegal. The funeral was awesome, and I was moved by the legacy he created simply by being what he was called to be. It got me thinking about why we do this, and, stealing from his wife's eulogy, "We do this, not because we like it... but because we LOVE it." Great encouragement from the Hicks family to ours. You must love this industry if you wish to bring value to the work. Thank you for your insight and passion. Have a great weekend.

@Chris L. is spot on; you need to develop a business plan that will serve as an SOP for your new AOR as an investor! While all of the strategies you mentioned will provide you with your desired outcome, you have to understand what your activity produces. Good planning helps you narrow your focus and get to your outcomes with greater success.

I find that military markets remain only as strong as our military, and the number of active duty members at most installations are in decline. This may be a point of consideration in areas where you're depending on the military community for rental income. You may find a resource like http://www.militarybyowner.com to be a good one. Call the REIA leaders for help on the market. They're usually more than happy to help you.

As for entry into the industry, if my first step was to acquire a fix and flip as a primary residence, I'd buy a duplex. Upgrade one side while living in the other to lower your risk exposure. Let's say you left after a year. Banks would consider you a landlord and count that tenant as income. In leaving, you would add another income-producing tenant and move into phase two.

Finally, I think anyone who is new to RE investing needs to understand how to 1) successfully bid and contract for property, 2) create terms for sellers and 3) promise only what you can control. I don't care how ambitious you are; your ability to contract and close deals will separate you from 85% of investors. This only comes by experience, and learning the wholesaling process is the best way to learn what seasoned investors already know... that we make our money when we BUY; we only make our money back when we sell. While you're flipping, learn as much as you can from networking with PEOPLE, walking their properties and understanding how the operate. Don't buy the guru hype unless you can afford it :) Most of us are proud of what we've been able to accomplish and love to share, especially since we learned from others! I would think your best current assets are those in your backyard.

@Andrew Martel Thank you for serving our country!!! All the best as you retire and embark on this new adventure.

Memphis Invest is a great model. Good advice, @John Steele .

All the very best to you, @Mike L.