All Forum Posts by: Laura Alamery

@Ramy Barsoum

A Co-Wholesaling agreement will work. It is a written agreement between you and the other wholesaler how the compensation should be split (50/50 or any other agreeable terms.)

You can write up a co-wholesaling agreement for each property, or just as a general. It is much more enforceable if you write one for each property though.

The Co-Wholesaling agreement I use it's a simple 2 page contract.

Good luck! You got the right idea, by the way. :)

@Olijoh Clarke

Of course. You could become a transactional funding lender to wholesalers. Transactional funding is where you loan money out for only a few days, to a wholesaler who already has a buyer in place. You can still charge points (2-4 % are customary), application fee and interest if you are loaning for more than 48 hours.

It's a great way to build up your capital fast. Good luck! :)

@Jason Brown

I agree. I would stick to investing in single family homes or smaller buildings (2 to 4 units, which are still considered residential.)

Too many variables affect condos investment: HOA, maintenance issues with the development, quality of neighbors/tenants, appreciation, etc.

@Justin Young

Aloha! I started real estate investing in Hawaii long time ago (1987)! I used to work for Dolman and Associates, who then became Remax down by Ala Moana. :)

As far as your question goes, you have to be careful about SEC regulations. If you want to avoid complications, you need to use intra state funds for same state deals. So for instance for deals in Indiana, you should use funds from a limited partner who resides or has a business registered in Indiana for the purpose of funding. Also I suggest that you open an LLC or Corporation in Indiana and you elect yourself as part owner/member with the investor/partner.

You can cut down on costly paperwork and fees by forming an llc or corporation in the State where you invest, electing yourself as owner or member together with the limited partner, and use the funds from someone within the state for deals in that state.

@Derek Antonissen

Hello Derek -

great question! :) Yes, there is a ton of information out there, which can also lead a new investor to "paralysis of analysis." My best advice? Keep it simple.

Think about the concept of wholesaling real estate: you find a property at a discount, put it under contract (so you can lock it down and become an "owner per contract",) and find a cash buyer who can buy the property from you at a slightly higher price so you can profit. Don't worry too much about the right percentages to offer, etc. Even if you make a few thousand dollars on a deal, but you can move it fast and profit, it is worth it. More sophistication of processes and confidence will come with experience.

I have been wholesaling since 1987. I have seen over the years a lot of investors who freeze like "deers caught in the headlights" because they over complicate the process.

In summary:

• Find the right property at a good discount from average market prices in the area (distressed properties, pre foreclosures, tax delinquent, etc.);
• Put it under contract - use a simple 1 or 2 pages contract. More important are the clauses and contingency you put on the contract about protecting yourself and back out of the deal if you have no buyer;
• Find an end cash buyer who you can sell or assign the contract to.

You learn more by doing! :)

@Seth Thompson What you wrote, said it all :) ... "He had been doing this for quite a while, but was super cocky and kind of demeaning." 

Some times investors who have been in the business for a while think they know it all. But that is what can get them into trouble too.

Like @Christopher Phillips said, "% is relative to each investor." If you know and feel this would be a good deal, go with your gut feeling and look for another investor. Personally anything over 10% ROI in a year or more is worth taking a look at.

@Nasreen El-Masri Welcome! :) Yes, I am also an investor in the Hollywood area and Miami. I am local to South Florida and I have been investing for a very long time. I do like multi family rentals as well, up to 4 units, since they are still considered residential and much easier to maintain and flip.

@Dovid Staples You have the right idea :) Local/private lenders are "relationship based." Either you approach individuals who are looking to invest and get a good ROI or portfolio lenders (small regional banks and credit unions,) it is all about relationship.

I have always used the relationship based approach. In 1991 when I started purchasing smaller multi families from small banks with non performing assets, and in 2001 when I approached individuals with available funds to invest in flips and developments.

You have to answer 3 important questions and come through as "transparent" and trustworthy:

1. What ROI can you assure me?

2. How is my investment protected?

3. What if I need to liquidate early?

In my opinion, private money is the best way to really grow and prosper as an investor today.

@Andrew Bosworth

Great question! For several years I have targeted older, tired landlords to purchase, wholesale and flip multi family properties. The best resource for this has been the old but good cross directory Haines (haines.com)

Back in the '80s when I got into real estate as an agent and investor, I was told to use the Haines directory to refer to for my cold calls. Over the years the directory has evolved. One of the must successful searches I have done is (for the zip codes I am interested in:)

1. 2 to 4 family properties;

2. absentee owner (meaning he does not live in the property);

3. over 60 years of age;

4. has equity of 50% or more or has owned the property for over 10 years.

Then you market via regular mail to this handpicked list, and answer the calls.

PS - Haines directory sells databases by zip codes and you can choose how much info you need for zip codes. It is not free, but it is the most reliable in my opinion and it has been around for a very long time.

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About the Speaker

Laura Alamery is a real estate investor and consultant with extensive experience in several aspects of the real estate business - she has pioneered several strategies from personal experience that she now teaches nationwide, even to other mentors!. She has practiced real estate nationwide for 28 years and she has hosted seminars and public speaking engagements for over 15 years.

She has started and run the following companies:

Midwest Realty Corp: flipping properties and property management division (started in 1996). Diversified Real Estate: Investments – private money and syndication (started in 2001) South City Investments: holding company for buy and hold assets (started in 2002) Archway Property Solutions: short sales negotiations and real estate consulting (started in 2006) The REI Lab: Real Estate Coaching, Real Estate Funding , Real Estate Software, & Real Estate Training (started in 2010)

Today Laura also runs several real estate groups around the country and organizes real estate expos with keynote speakers like Robert Allen (author of “Nothing Down” and “Multiple Streams of Income.”) Real estate is not an easy business to break into, however with the right knowledge and guidance it can become profitable and successful in a very short time. There are dozens of ways to make money in real estate investing, and you might try several venues, before you find the one that truly interests you. One thing Laura recommends in this business is that you have to find the niche that works for you and stick with it, before adding another strategy to your career in real estate.

Read more about Laura and connect at Lauraalamery.com and Facebook