All Forum Posts by: Michael Guzik

@Gregorio Martinez Hey Greg I know that area fairly well and I do not think that is a good deal what so ever. Firstly, I would like to say good job on keeping a level head and looking at the numbers more than most people do. I see too many people get emotionally attached to a deal, or overlook things so they can say they got their first deal ASAP.

I know that the BCAD value isn't accurate, but I'm sure it will need more than 20k to make it desirable enough to rent for a decent amount. Granted I haven't seen this specific property but that doesn't change the fact that the seller is smoking crack from the information I have read. Is the property on the MLS? Because if so..... it probably isn't a deal. I hate to be a debby downer, but if it's on market and isn't gobbled up within a week or two there is probably a reason why... most good cash flow deals sell instantly and are off market deals purchased by cash buyers.

I would avoid using just any agent because 90% of them have no clue what an investor is looking for and what makes a property an "investment property". Did you do research yourself on the comps and sold properties in the area? Most agents put the best house, with the highest sold price that is somewhat close to the subject property, and call that a comparable. This obviously will inflate the ARV and make their asking price look better. You can't blame them either, because they are trying to get the highest price possible for their client. My 2 cents is that 85k is the ARV of a lot of homes in the southside... and that is what they are asking right off of the bat?! There are so many things that go into what makes something an accurate comp but I'm sure there are plenty of articles and stuff of that nature here on BP for you to read through.

I would really suggest finding an investor friendly agent (I'm sure there are several here on BP) and working with them. I know I don't know the exact property and the exact condition it is in, so I made a lot of assumptions but I hope I helped you out my friend. It seems like you are on the right path! Don't stray away from the numbers just so you can get your first deal. Patience and persistence are so important! Good luck!

Hey @Eric Jennings and welcome to the world of wholesaling! You should definitely check out "John Martinez" for this. He is amazing and has great tools and an amazing and FREE 21 day sales challenge that seriously helped me level up my cold calling, following up and negotiation skills. A good script to start off with is "Hi my name is Eric Jennings, I know this is a shot in the dark and I'm calling you out of the blue, but one of my partners drove by 123 Mainstreet and we were interested in purchasing it and I just wanted to reach out and ask if you had ever considered selling? I would love to work something out!" Now make sure you have at least looked it up on google maps and know a general idea of the area or something nearby like a Wal-Mart, restaurant or something significant just in case so it doesn't sound like a complete outright lie. If they ask how you got their number just say you googled the home owner and have been calling everything and anything that popped up. Good luck my friend and don't give up! Cold calling freaking sucks but if you can conquer your fears and overcome it and become good at it, there isn't anything you can't do!

@Jonathan Vince I understand your point my friend and can see your concern, but being honest those are excuses to not take action. You have to have balls to do wholesaling man, you really do lol. You don't need all this fancy shmancy sh$t. What you need for a good deal is #1 a motivated seller #2 a home at a discounted price. And that's all there is to it. Dress nice, practice talking if you aren't an extrovert or aren't good with social skills. Just go straight up to their door and knock on it. Say "Hi I have been driving by 123 Mainstreet the past few months and am considering buying a home in the area and am wondering if by any chance you had ever considered selling?" DO NOT FOCUS THE CONVERSATION ON THE PROPERTY. FIND THE PROBLEM, talk to them, get to know them and ask lots of questions. See what their motivation is. Now if they ask you about all of the things you are worried about just simply say, "I haven't gotten that far or done much research, I just finally decided to stop by and introduce myself and see if we could possibly work together on something." Or say that yes you have a partner who handles all the legal work and contracts etc.

 Now sometimes the land lord or owner will not live on that property. If you didn't already know search the property address under your county's appraisal district website under property search and the name and address of the owner will pop up. If they don't live at the address you wrote down, go drive to the home they reside in and use the same script. Yes you will be denied, yes people will get mad, and yes it can be awkward and freaking sucks and is uncomfortable. I'm not going to sugar coat it for you, however that is why you need to do it. No one wants to do it, and if you bring a deal by doing that to another investor they will respect you immediately.  Now let's say you had a conversation and you found someone that is willing to sell, I forgot to mention this but before you leave you need to have two pieces of information, #1 Why they are selling/What is their motivation #2 How much are they wanting/What's their range/ballpark. Knowing these two things you can now do your research on the property or bring the lead to your friend. I hope this helps my friend!

@Jennifer J Bennett and @Bahiyyah Parks I'm glad to hear that from you and welcome to Bigger Pockets! I don't like to be a Debbie downer, but I don't want to see you guys devastated and let down from unmet expectations. Many meet ups and "guru's" make wholesaling seem easy, quick and insanely profitable. That is so far from the truth. They are just trying to get you to buy their program, and are twisting the truth in order to make this happen. Listen to what @Roland Paicely said except for the attend your local REIA. At least in my area that is where the pitchfests and guru's prey on the ignorant and newbies to real estate. I would suggest going to the free meet ups with investors who actually care about teaching others and working together, not about selling a program. STAY POSITIVE AND STAY PATIENT is the major key in what he said. Can wholesaling be very profitable? Yes! Can wholesaling be fast money? Yes. BUT they don't tell you how many leads, calls and rejections you have to go through or overcome to get that one deal. Ask me how I know lol! It takes time and patience, and I would say about 80% of people that get into, start, or are interested in wholesaling never get past the first 2 months. They send out a mailer, cold call, or knock on a few doors and since a deal doesn't fall in their lap they give up. Don't let this be you. Take the time to learn how to talk to people, solve problems, analyze a deal, network with investors and cash buyers in your area. All of these things will greatly improve your chances of success. You will also have to develop tough skin, and not be afraid of rejection and people getting upset at you. There is so much that people don't tell you about wholesaling and I believe that is why so many people fail. Everyone seems to glorify it as some easy, get rich quick path in Real estate. IT IS NOT. You can become very rich and wealthy over time but YOU HAVE TO BE CONSISTENT AND PERSISTENT with it. Never give up. Definitely don't quit your full time job to go into this. Definitely continue to interact and ask questions here on Bigger Pockets and try and learn as much as you can and take action on the wisdom you gain. Good luck and I hope to see you around the site soon with a success story!

@Jonathan Vince Great job on wanting to take action and seeking counsel my friend! I'm afraid if you have been doing this for the past couple of years it may be too late. Why are you just now thinking about doing something? In real estate especially wholesaling time is EVERYTHING. I'm sure many of those deals are already taken, or bought from other wholesalers/investors who have been calling, mailing or knocking on the owners doors while you have just been sitting on their information. Ask me how I know lol. However don't feel too bad because I'm sure there are still some golden nuggets in there. I would definitely go and try and make contact with the owners first, this will ensure you have a deal. You don't want to bring an investor or wholesaler a bunch of duds and look stupid. Take the time and effort to contact the owner and get the lead and then go talk to your friend. This will show them that you are serious and will more than likely end with them helping you out the entire way. Don't waste anymore time my friend you need to get to it and reach out to them before someone snatches them up from you! Good luck!

@Cammeron Williams Great job on learning about REI and looking to take action! Always good to see another San Antonion on BP. I can't really help you with the answer until I know

1. What type of investment/deal you are looking for

 2. What your financial situation/credit score looks like 

3. If real estate is going to be your full time job, or part time job 

4. Why you are getting into real estate. 

Knowing all four of these would really help myself, and others here on BP guide you in the right direction. I hate to say it but it really depends on so many things. If you want an exact answer you have to make sure we are well informed in the question, and know enough about your goals, background, and situation to make an informed and insightful answer to guide you in the right direction.

@Barron Alec Kartchner Welcome to BP my friend! It's amazing that you are looking to get into investing at such a young age. I was in the same boat some time ago so I can relate. I 200% agree with what @Gabriel Amedee said. Reading is a HUGE DEAL so get used to reading books on business and personal development every day. I would also suggest filling out your bigger pockets profile and starting to interact within the community. Put a profile picture and start providing value and asking questions. Go to real estate meet ups(only the free ones), and meet and network with other investors. Try and find out how you can provide value to them and have them mentor you in a way. That's what I did and I am leaps and bounds ahead of where I would be if I hadn't done so. If you really want it like I did, you will take action instead of just being passive and wishing for it. Work hard, save money and network and read. Creating these good habits now will put you light years ahead of others in a few years. Good luck and I hope to see you taking action and crushing it here on the site soon!

@Jesse Frickle First I wanted to say CONGRATS on closing on your first investment man! That's freaking awesome! Way to take action!!!! I personally don't know anything about the subject you are asking, but I would say to contact your loan officer and/or the bank you plan to get the credit card from. Ask what they think and how it will impact your investing, credit and credit line/limit. 

@Jordi Love Welcome to BP Jordi. I see this is your first post... You should really take the time and effort to spruce up your profile so you aren't just some empty profile here on BP asking all these questions. Create an introduction post about yourself, and what you have done. Tell us about your experiences, what knowledge you have and where you want to go. Take the time to check out the site and provide value to others where you can. All too many people come on here and want others to help them, but aren't willing to help others out. 

Back to your post, your post provides no context whatsoever about where it is located, what the comps look like and how relatable the comps are. In order to provide a quality answer one must have a quality and complete question. I hope to see you around the site with a profile picture and interacting with others soon! Good luck!

@Tony Ledesma Welcome to BP Tony glad you created a profile. I don't think you are going about this website correctly and should do a little more to improve your profile and appearance. You need to explain who you are, and put a profile pic and a few things about you. All too many people come on here and want to take, take, take and give nothing in return. Those are the people that wilt away and are inactive in a few weeks. Take the time and effort to really spruce up your profile. Interact in the community and provide value wherever you can. Good luck and I hope you take this stuff to heart! I look forward to seeing you around the site.