All Forum Posts by: Luis Lopez

@Albert Yamoah I gotcha!  Well I think you have someone here in this thread that has developed a system, @Wendell De Guzman   I'm trying to make time to read his blog, which has been recommended to me several times already.

@Account Closed Would you not consider an executed P&S Agreement (i.e. the rights to the property) an asset? End buyers pay thousands for those rights.

What's the difference between passive investing and active investing? Maybe the answer to your question is in your definition of these 2 terms. 

But why does it really matter? 

Hello BP.  I have a what seems to be a VERY good lead for a wholesale.  The seller is very motivated.  The daughter wants her elderly mom who's not in good shape to move out of her really big house and into hers ASAP so that she can care for her.  The house needs plenty of minor repairs and does not want to deal with the conventional way of selling through a realtor. I had a great conversation with her and I definitely want a win-win-win deal to occur.  The issue I'm having is that the house in that area (neighborhood here in Miami, FL) run at around $500K or more.  70% of that gets me to $350,000.  Are there enough buyers out there that can put that kind of cash down on an "estate"?  I have a couple buyers I can reach out to but most are looking for lower-end houses under $200K. Thoughts/Experiences?

P.S. this would be my first deal :/   came off a bandit sign

By the way, no offense on the "vets", just referring to the number of posts and popularity.  I see you guys on all the threads I read.  Thanks for your input.

So the vets @Bill Gulley just took me to school on my "wild" validations.  I honestly saw it as such, definitely not an ego thing in my case.  I can care less what I'm called.  But a very good point was made on how the income shows up on the tax returns; one I can't argue.  

Anytime you expend money in hopes of realizing some kind of return in the future, you are investing. Just like the stock markets, there are the long term (buy and holds) and the short term (traders), both referred to as investors. Both perform "jobs" by analyzing and pulling the trigger. Wholesalers invest money in marketing to a specific target in hopes of finding a deal that would generate a return in the short/intermediate term by "trading" the contract. That's how I see it at least.

Hi BP,

I just started my push towards wholesaling and I have been telling everyone and anyone of what I'm doing on the side (I have a full-time corporate job).  

Just this morning, my mother-in-law calls me because a co-worker of hers, also a realtor, has been asked by the Bank to help sell a property they are foreclosing as we speak; today the eviction takes place.  They haven't listed it yet but have given her a target price that pretty much matches the Market Value in that neighborhood.  There's obviously no deal there for a flip but my question is... is there any value at all in knowing about a property in  foreclosure before it gets listed and marketed?  I was honestly a bit excited when I got the call; i rushed to the nearest computer to take a look at the numbers after I hung up.  But now that I think of it, I would assume the banks would almost always start high and not drop it until they realize no one is biting.  Any value in that connection I just made?  

Hi All,

So I've signed up to several cash buyer's lists on wholesaler's sites in my city, Miami. As a newbie, I did this for several reasons but mainly to get a feel for what other the wholesalers are teeing up for their buyers and maybe even jump on one of their deals for my own. 

I've noticed (what may seem obvious to the more experienced) that the majority of the deals are in the rougher areas of town; even more evident when looking at a geographical map of recent cash transactions.  What I'm trying to figure out, and hope I can get some answers from local investors, is whether the rehabers and landlords prefer these less expensive homes or are they just easier to obtain from the wholesaler point of view.  

See I'm just starting my marketing campaigns but I chose the neighborhood I live in to begin with, where the median SFH home value is roughly $250K. I figured it'd be easier to become an expert of my own neighborhood. I have a full time job here and two small children, which obviously limits my availability to drive around and study. I really just want to break the ice here and then potentially expand. But I'm worried that I may be looking in the wrong places. My #1 focus right now is to wholesale that very first contract just to go through the process and the confirmation that it can be done. I'm not even too worried about cashing in; just want to experience it and learn. The sooner the better.

Thoughts?

P.S.  As I was writing this, I thought of an idea of even giving up all my profits to a good-quality buyer just as a display of me being serious about this and in it for the long run. I can view my marketing expenses as tuition for the best course there...hands-on experience.  Still thinking about it though...  =)

@Quinten Jones Welcome to BP.  I'm also new but have digging through this like there's no tomorrow.  Since I am new though instead of "recommending" or "advising" I'll share what has worked for thus far.  And by "works" I mean helping me feel comfortable with finally getting out there and taking action.  My marketing campaigns have officially launched and have spoken to a few leads already but no deal yet.  It does take time and money, contrary to what some say.

First thing I would do educate yourself on the entire process of a wholesale deal.  There are plenty of free sources such as this site which includes the forums - ask questions/search, the blogs, and most helpful to me have actually been listening to the wholesale-specific podcasts.  Sean Terry (rather call him a PRO than a  guru) also has a VERY informative podcast called flip2freedom.  This guy will dig into specifics such as what to say on a yellow letter, how to negotiate with a seller, how to build a buyer's list, etc.  He pretty much touches on everything there is in this field, in detail.

Then, what I would do (actually did) is simply take action. Send out letters, go to your local REIA, call cash buyers and other wholesalers, just let everybody know what you do now. Actually doing, and even screwing up, is how I learn best. Just avoid doing anything that can land you in jail or cost you thousands of dollars.

Reach out to me if you need anything.