All Forum Posts by: Leonardo Tonaki

@Joel Owens 

Meaning, we have to work with the right people huh? At the end of the day, no pity for the investor's poor decision. Rough stuff.

@Christopher Goldie 

You can probably ask them for their proof of funds. Sometimes they will send a pre-approval letter from a bank which seems legit, but don't buy into it. Ask for a bank statement with their name linked to it.

Otherwise, ask other wholesalers in your area to help you out and split on the profits.

@Brent Fleeman Welcome!

As much as you can network on this site, you can find great networks in your area with a google search.

Try meetup.com, reiclub.com if you're looking for investors, buyers, sellers, etc.

Even better is getting in touch with realtors. The right ones can become your bread and butter.

You said it's tough out there, but I really hope you find success.

Good luck!

Avoiding foreclosure sounds like your best bet. Even if their credit is wrecked, they don't want to make it worse. Plus, even if the property became bank-owned, the bank may want to sell it to you at as a loss (relative to the debt owed) because it does no good for the banks to hold onto real estate.

One of the best advices I've ever heard is "Find a hole and fill it." Know what the seller is trying to accomplish, and help them with it. Remember, the seller is a human being with needs. If you can't fulfill their needs, you're going to fail.

Luckily you have the advantage of immense pressure pushing on the seller. I wouldn't exploit this because no one likes being pushed into a corner. Find what they need, and supply it if you can. If you can't, I suggest moving on.

@Ayodeji Kuponiyi 

In response your first question, you would have to negotiate with the seller. Whether that is successful or not is up to your realtor's ability to negotiate. I don't think the seller will want to do it unless if they really want to sell the property to you.

If you really don't want to pay for it, I would look for a private money lender. 

Good luck!

I don't have experience with them, but this is what my mentor told me:

Auctions are a great place to network. There are a lot of investors who check out auctions, so if you need help with hard money lenders or private money lenders, you can find them there. 
If you don't have a lot of money, however, auctions shouldn't be your first place to look.

Other problems with auctions is that typically, you have to do your due diligence on the spot. If you have no experience surveying houses, it will be difficult to determine your cost of repair accurately.

Hope this helps!

Good luck to the both of you! I'm a newbie too, so we're in it together.

If you're looking for mentors, their seems to be a lot of good people on this site. However, if you prefer a more interactive experience, I recommend checking local REI clubs.

Cheers!

@Kyle J. undefined

Thank you! I will definitely use it as a reference and study tool

@James Wise 

I hope so too. My mom told me at the beginning of the new year, "It's the year of ram. It is your year, so do your best!" In case that doesn't make sense, I was born in the year of the ram, so I hope to bust through head first haha.

Hi everyone,

My name is Leo Tonaki and I am a recent college graduate. I have no previous experience in the real estate world, but I am docile, determined, and eager to learn as much as I can.

After moving back home from college, I took a real estate seminar with Nick Vertucci's Real Estate Academy, and I was blown away but what I've learned about this business. I am currently studying the fundamentals of the real estate investing game (i.e. realtors, investors, HML's, PML's, financing, etc.) and I have yet to build a network.

My goals are to have wholesaled 6 homes by the end of 2015, rehab and flip 2 homes by the end of 2015, and grow a network of buyers, realtors, lenders, contractors, etc. for the years to come.

My reason for joining BP is to step up my networking. I want to learn what I can from everyone here, surround myself with the right people, and grow competent and confident in this field. I am green, and while that means young and inexperienced, it also means that I am healthy and waiting to grow.

Thank you and I am really excited to start on this journey!