All Forum Posts by: Mike Cumbie

@Adrien C.

Sorry that just sounds funny..

"How are you nice to meet you, so you know anyone who is dead or divorced you could point me to?"

heh

Hi @Nicholas Varner,

I use to jump into a lot of the more "obscure" technology areas, back with MySQL and Redhat running Apache and using PHP for the engine. Then it got to much to keep up with MSSQL and IIS with the new MS server OS's for work, while trying to do my own projects in other areas (the old syntax errors that do not transfer over between things).

I think it is best if you are going to be "Big Data Mining" to use the same apps that large businesses use (Sure use SQLExpress it's free but the queries can transfer). The reason being is you don't want to be the guy mining the data once you get it going, you are going to want to move onto something else and hire someone to perform those tasks. It is a lot easier to find someone who can plug right in (or to plug into another company and trade data) if you are using the same technology.

Open source is fine, but if you want to be in the business of technology you are not going to be able to focus on REI when you are trying to make a "shared technology" work within your system. I know SQL won't scale like you are discussing, but there are ways to work with that within the current technologies. Example Have 1 DB full of all sorts of house statistics and another full of water readings (I do know that one DB can handle mind numbing amounts of data but we are talking global domination here). You could have web pages feeding queries to different ones and displaying the results together in one place or coding to combine the data. In the existing model you only need to convince the water department to let you plug in and viola you have the information. You can convince the county tax groups to let you make a connection. With a new DB idea you have to create a whole new system ask them for the data and have a method of importing it.

Just my 2 cents but love the ideas.

Hi @Gregory Jay,

Not a wholesaler myself but I find it interesting to read on and see others thoughts. I agree 100% with @Account Closed though.

"Anyone wholesaling should be prepared to close on that property.  In other words, it should be a good enough deal that you would own the property yourself."

Before you lock up a property and have a family looking at you for that quick exit, you need to know the deal is solid and you could easily sell it. If you can't find someone to buy it, you know it is such a good deal you will be begging money from grandma, taking money out of your kids college funds and your 401K in order to scoop it up yourself. Because you know there is plenty of meat on the bone to replenish it all.

You can take a deal, get pictures, comps, estimates for repair (and pictures of the damage), specifications on the property and the comps and their specs. Make up pretty packages full of all the data and walk to the next auction. Once the auction is over (not before or during) start talking to the cash buyers there and show them your folder full of data. If it really is a deal and you have really done your homework it will sell. They will pick it up or send you to someone else they know that it fits. If no one bites either it is not the deal you thought it was (and you need to find a way to buy it to prove everyone wrong). Take a good well setup package to the local REI meeting, if it is real someone will bite or direct you. Nobody likes to see a deal fall or miss getting in on it.

From what I have seen though some wholesalers take a picture of the front of the house, put 5 "facts about the house" and a price and write "GREAT INVESTMENT OPPORTUNITY, WON'T LAST" on it and then wonder why no one is calling them right up. Have as much information as possible, the investors will know if your repairs vs the pictures are way off. If your comps are way off, if your contract price is way too high within about 2 minutes. As the wholesaler you have the job of getting the data, not just finding a property and locking it up, you have to finish the race by laying out the "plan" for the house. It isn't just find, lock, sell get 5K. 5K does take some work, make sure you do that part of it and get your name out there. Investors will start calling you to be put on a list.

Good Luck

Hi @Atenas Encinas and Welcome!

I agree with @Drew Clements. Getting in with a support role (Especially one you are uniquely qualified for) will get you to meet people. House staging sounds like the perfect place to get to know the players and introduce yourself. In my experience, who you know is a big part of it. Knowing the right people that you compliment and who compliment you makes a world of difference. People are always bringing others along on deals, stick away a portion of that staging money every house. Then as you meet the right person a deal will fall in you both work together.

Well if I had unlimited VA's I would have them start typing on unlimited keyboards until one of them wrote the worlds best screenplay or book, which I would then have published and sell the movie and toy rights :)

Hi @John Turner

I went to a different TV one for the free event. Then they offered their 3 day for $197 (normally $1900 or some such). The wife and I decided that we would spend $200 at dinner and drinks/the bar/boredom shopping that weekend if we didn't go so we said sure.

It was a 3 day infomercial but in my opinion it was worth the $197. We got to meet some people in our area get a very rough grasp of how things worked. It excited us some and got us motivated. For someone with very little experience outside of purchasing their own house it was worth that much in my opinion.  (I wouldn't have paid 2K for it though)

That said the 3 days were pushing a "high end mentoring program" that was between 19K and 45K. As a new person in RE I figured I really needed to do as much research as I could before I did a "45K trust fall" into the arms of a mentor when I only had 3 days experience. I fully believe in mentoring, but I will say that was not the time for me to make that kind of decision. If you decide before the course that you are not going to go all in on their program, just leave your credit cards at home and don't fill out the "Application for consideration".

Good Luck!

That's interesting @Jay Hinrichs

It seems like something has changed with Cashiers checks. There was a lien on a truck I wanted. I went to my bank and got a cashiers check for the payoff, which I took to the bank that held the loan. They informed me I would have to wait 3 days because it had to clear. I guess my dumbfounded look said quite a bit, because I always figured a cashiers check from a well known bank to another well known bank was as good as cash. It took a little bit of "let me talk to someone else" to get it done, but it finally worked. I thought it was just a policy at one branch or a "new person" or something.  Looks like there may be more to it and I should rethink that thought process.

@Andrej Petrovski

If you go for it try and add something that "pops" to both sides of your potential buyer. Some work benches in the garage and a piped in compressor, a gas log in the master bedroom, defined place for a monitor in the kitchen corner (use your imagination). Something that makes them both go " I don't like that road, but I can see myself working in the garage/cooking in that kitchen/relaxing in front if that fireplace with a glass of wine". in that case a couple K worth of "extra Pizazz" may be worth it to push them over.

Good Luck!

I would recommend a lease offered for a year at a very slight increase. Also the option of remaining month to month with a notice that the rent is increasing slightly more at that time, ensuring to mention that with the lease in effect it will shield them from rent increases for the entire year (Leaving a little non said reminder that you can raise month to month rents later in that same year with notice to month to month tenants).  

But when it sold they all started talking about "How long before this guy raises the rents?" so some may be gun shy, I might even offer a year long locked in lease at the current price  for the first year to try and keep everyone calm or even put stager terms in (6 months/1 year/18 months/2 years). Being only two months though my biggest concern would be upsetting the applecart too much and having them all say "I told you, lets go" and you are left trying to rent out all 4 in the winter.

Just remember month to month works both ways

Edit:

Was able to use Firefox. Nevermind :)