All Forum Posts by: Mark Gilford

I am looking to get into REI and met with a local wholesaling group. I met with the local agent and spoke with the one of the owners. They contacted me about a house in West Houston that just came under contract with them. They sent me their estimations on rehab and ARV and said if I was interested to show up the next day. Five people showed up to the house with the tenant still inside and had a chance to look around and if we wanted to purchase we had to pick a card from a deck of cards and high card wins. We overheard the tenant telling someone that the water wasn't working. We weren't sure if this was because of delinquent bills or something wrong. We ended up drawing high card and they said we had until that night to make a decision. The house needed a ton of mainly aesthetic work and a new roof. The tenant ran this house into the ground and smoked heavily inside but they said he would be gone by closing. They said I could not have an inspection done before signing a contract. They said this is how most of their deals are conducted.

My question is if this is how wholesalers normally operate (Quick decision to sign a contract, no inspection, couldn't answer if bad plumbing, was tenant really leaving?) 

For my first house I felt like this was very rushed and we didn't have a chance to do our due diligence. We ultimately decided to decline signing the contract.

Sounds like Wednesdays work great for everyone including me. I look forward to meeting everyone. Would 9/18 work for everyone?

Hey don’t let me stop ya. I’ll just meet up next time. 

That sounds like a great idea! I am actually heading out of town that day but would be open to the next week. Maybe on the 19th, same place?

Thank you!

Yeah, me and a buddy attended the jet. Lending event. I’ll have to check out the others ones you recommended.  

Thank you. I attended an event last night that had a pretty high attendance. It’s was almost too many people to try and network but a nice event. I plan on attending more on the future. 

@Brian Alfaro

Thanks Brian. It seems like it’s gonna be tough finding a good deal but still excited to pursue and get started. Maybe I’ll have to change my target area.

Alex

Thanks so much! I definitely plan on attending some of the upcoming events. Thank you for you insight as it’s tough to weed out the ones just trying to sell you stuff vs. education. 

Hello all.  I am a transplant from New Orleans and have been living in Katy for about 3 years.  I have always had a passion for real estate and am at a point where I want to jump in and start building my portfolio.  I have helped a friend flip a few houses in New Orleans after Katrina so I have a little experience with that but nothing with the buy and hold strategy.  There is so much I am unsure of but I started listening to the BP podcasts, reading the books, and exploring the forums and am slowly starting to build up my knowledge but have a long way to go.  A main theme I have been hearing is to just take the plunge and buy the first property.  It seems the Houston market is a tough one to start in but am willing to give it a try.  My thought process is to focus on Duplex properties around 120K by hospitals or universities that need some rehab.  BP has definitely given me some ideas for prospecting and knowing it will take a great deal of hustle I am ready to execute.  I just wanted to introduce myself and would definitely appreciate any advice or knowledge anyone would like to pass along.  Hopefully I can have a chance to meet some of you as I am always game for grabbing a cup of coffee (or whisky) my treat.