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All Forum Posts by: Luis Lopez

Luis Lopez has started 11 posts and replied 66 times.

Post: Local REIA

Luis LopezPosted
  • Personal Financial Coach and Investor
  • Miami, FL
  • Posts 75
  • Votes 20

The DREIA meeting was just held this Wednesday. It was my first time but it was good networking. It's in Miami Shores every third Wednesday of the month. Check out their site dreia.org. The same people seem to be running or acquainted with the Broward REIA (BREIA) as well.

I had reached out to MREIA a couple weeks ago but the rep told me they weren't meeting until further notice.

Welcome to BP by the way.

Post: Miami investors: what are your thoughts on Little Haiti/Lemon City?

Luis LopezPosted
  • Personal Financial Coach and Investor
  • Miami, FL
  • Posts 75
  • Votes 20

Great discussion here! Just took a peek at the project plan myself. I'm totally new to REI so excuse my seemingly dumb questions, but is it still speculative if it's on the agenda? What's the risk? Assuming funds are available...why wouldn't anyone jump on this opportunity?

As for me...I'm just getting started wholesaling part time (I work f/t at Baptist Health) so I'd be interested in also knowing what you all are actually looking for (i.e. what's a good deal in your eyes)?  I live and work and Kendall so I chose to start off and focus there since I can get to know the market better and quicker.  Besides, I've seen plenty of cash transactions take place here.  But if the end buyers (such as yourselves) are targeting rougher areas that are under development/transition, then I should probably think about shifting my marketing efforts.  Thoughts?  

P.S. Sorry if my questions are all over the place... got a little excited to see my fellow neighbors on a great thread.

Post: Recent Cash Transactions

Luis LopezPosted
  • Personal Financial Coach and Investor
  • Miami, FL
  • Posts 75
  • Votes 20

Thanks for the clarification gentlemen.  @Andrew Syrios I completely agree with finding good deals first. I'm actually doing both at the same time. Mailings are going out little by little so in between leads, I'm sharpening up my market knowledge and might as well get acquainted with some of my target area's buyers to help me with that. In the process, I may just find the 3 or 4 I need. Just trying to stay productive while I wait for my marketing pieces to arrive. And before anyone says it...yes I'll be attending my first local REIA (DREIA) this Wednesday ;) I'm hoping to see some BP members there.

Post: Recent Cash Transactions

Luis LopezPosted
  • Personal Financial Coach and Investor
  • Miami, FL
  • Posts 75
  • Votes 20

Thanks @Joel Owens . So that sounds like how to get the actual names attached to the LLC's. That's a great idea. I was actually just thinking googling them to find a number I can call. That way I can also see if they have any rentals being offered or properties for sale, increasing the likelihood they're a potential investor I can work with.

Just to clarify my original question... The cash transaction list I'm working off has hundreds of records. First I'm concentrating on repeat buyers (which aren't many - it's only a 45 day period) and then I'll have to strategically prioritize. Should LLC's be worked before individuals? In other words, do most investors buy under their personal name or do most have LLC's they operate under? If the latter, then my life will be made easier and I can use Joel's advise to get to the actual owner so I can speak to them. I'm obviously not planning on calling every cash buyer on the list.

Post: Recent Cash Transactions

Luis LopezPosted
  • Personal Financial Coach and Investor
  • Miami, FL
  • Posts 75
  • Votes 20

Hi all:

Disclaimer, I'm a new guy so my questions may seem dumb...but I'll get there soon :)

I'm studying my market, specifically the most recent cash transactions in my target area for where exactly investors are buying and the prices they are paying. I'd like to reach out to a few of these buyers to see if they are interested in me wholesaling some houses for them. My question is, many of these new owners are LLC's on this list...can I assume these are investors rehabbing or renting these out? Should I prioritize these over actual people names? For example, should I reach out to the ABC Company, LLC's before the John Doe's? Any guidance would be greatly appreciated.

Luis L.

Post: I dont know where to start with wholesaling-PLEASE HELP?

Luis LopezPosted
  • Personal Financial Coach and Investor
  • Miami, FL
  • Posts 75
  • Votes 20

Hi Starr.  Welcome to BP.  I'd recommend learning the general process/steps involved in a basic wholesale deal.  You can this by searching this site but I'd recommend listening to the BP podcasts. There are several that walk you through actual deals made by the featured interviewees.  Then there are ones that focus on specific areas such as marketing which is the bread and butter.  Just search for the wholesale specific podcasts and jump into those.  Once you have a good grasp on the general steps involved, then break it down and learn about each step in detail at your own comfortable pace.  For example:

  • How to identify your market and target potential motivated sellers
  • Launching a marketing campaign to your target 
  • How to speak to sellers once they call and what to look for
  • The wholesale formula
  • how to negotiate
  • viewing the property and how to estimate repairs
  • the escrow process
  • etc...

Some people learn by doing, others by reading.  Just do one at a time.  Wholesaling is definitely not something you'll learn overnight as simple as some make it out to be.

Post: new member from Miami FLorida

Luis LopezPosted
  • Personal Financial Coach and Investor
  • Miami, FL
  • Posts 75
  • Votes 20

Hi Felix.  Welcome to BP.  I am also just starting out here "in the 305".  

You'll find plenty of valuable information here on BP. The resources on this site, the members, and even the podcasts have all been extremely helpful.  I'd recommend to just explore, let it all sink in, and get involved.  

Feel free to reach out to me anytime.

Good Luck!

Post: To scared to make a call

Luis LopezPosted
  • Personal Financial Coach and Investor
  • Miami, FL
  • Posts 75
  • Votes 20

Every "no" gets you closer to the "yes".

Post: To scared to make a call

Luis LopezPosted
  • Personal Financial Coach and Investor
  • Miami, FL
  • Posts 75
  • Votes 20

Hi @Kenneth Z. .  First, thank you and your family for your service.

I am also a new wholesaler who was (actually still is a bit) fearful of those dreaded calls. I actually launched my first mail campaign a couple days ago so I haven't received any calls yet. HOWEVER, while I sit tight, I decided to cold call FSBO's. I did this solely to get over this fear and practice talking on the phone with actual sellers. As a matter of fact, I first looked for ones that were most likely NOT deals (i.e. brand spanking new renovated houses). simply to get used to "talking real estate and numbers" as REI, in general, is new to me as well. It's actually been very helpful and I feel more comfortable after each time.

There was a first time for that too, though.  I had to dig deep to dial that first number.  What drove me to press those keys was thinking about my "WHY".  "WHY am I doing this all this to begin with?"  This was enough to break me through the barrier and just do it.  My first few calls felt shaky and I knew there was no confidence in my tone.  So I took notes on how I did and what i can improve on. Don't laugh but I actually started pretending I knew what I was doing and literally acting like the wolf of wallstreet for confidence building. What's the worst that can happen?  They tell you to F off and in the meantime, you brush it off, do it again, and get better each time.  Well...I'm off to make some calls now. Take care

Post: Wholesalers: please follow up on your leads!

Luis LopezPosted
  • Personal Financial Coach and Investor
  • Miami, FL
  • Posts 75
  • Votes 20

My best guess is they're building a buyer list without having any leads for properties yet.