All Forum Posts by: Michael Williams

 Thanks Mike I just got one under contract for $60k less than that. This was very informative, now I can get even more aggressive. 

So @Mike Salisbury what is the price per sq ft. in Brookhaven? Since these houses range fro $500k -$900K.

One of my wholesaler friends approached me last week to go half with him on Ernest money for a house that is in one of the most sought after areas in Atlanta. This will be a tear-down and rebuild in an area with 5 rebuilds on each street. He and I have talked about working together on a deal for a while. He said if I go half with him on the Ernest money I will get half of the wholesale deal. We have an LLC but he doesn't. He has the contract but he knows that I can find the developer to buy the property. This is how we are looking at structuring the deal.
He brings a contract from his attorney stating that this is a one time deal contract with our LLC for this property. This is to assure him that when we find the buyer and the check is written to our LLC he will get his split.
We then will draw up a general partnership/limited partnership agreement with him for this property. He will then turn over his half of the Ernest money to our LLC to place with the sellers accountant in escrow. I will then put my marketing genius to work.

This is my first co-wholesale deal and I would love some feedback. What am I missing and how would you, or have you structured something like this? I want to get this right because there are plenty more opportunities for houses like this with this guy.

 Hi Roger, this question is asked a lot on BP, but as @Ned Carey pointed out he has gotten some great information from some of the seminars and paid programs. I've gone to Than's free seminar, with the intention to make some connections. I always gain some knowledge and insight from every free seminar I go to because I take good notes.

But the most important thing @Ned Carly said to me was that it was an investment in him, in his knowledge. I am following the path that he is following because if I am investing in myself I can't blame anyone or any program for my failure. The actions I take can bring the results I wish. I have gone to countless free seminars, have paid a few hundred dollars for programs from the gurus, and am in a coaching program right now. First I knew I was in real estate for the long haul, second I spent a lot of time on BP getting free information, watching podcast, and reading books, but for me I needed structure and someone to say "Here is my verified track record, this is how I train, and if you are teachable I can show you how it's done; BUT you have to take the actions I tell you". I have the mindset that if I invest in myself I can make any program work because I believe in my ability. The coach to me is just a hype man to keep me on the right track. Since I made that investment in myself I expect myself to perform at a high level. With my PAID mentor I can go make offers with confidence because he coaches me on the deals and tells me how to structure them and will fund them is the numbers are right. One deal will pay for the coaching so my goal is to get that one deal and after that his services are free for life. This is the way I look at it because the fear of losing money will help you lose money. I watched him for a year before joining. I was that serious. The point is if your are in for the long haul you have to make the decision to go the free route, which can take longer or shorten the curve by investing in a guide through the real estate maze. No matter which ever route you take, do your due diligence before you make the move and make sure it's right for you and your defined strategy. I think many of us need to look at it like this " Maybe it's not the Guru, Maybe it's you". Make the decision and be man enough to live with your decision. JUST DECIDE! Once you decide take appropriate ACTION, but JUST DECIDE. 

Hope I wasn't too harsh.

Hey Jason, I see that you say this property is in a nice neighborhood and the schools are great, If this is true you are in a great position. If it needs only minor touch up to bring it into rent ready condition or a small rehab to bring it to retail condition, either way you are in the drivers seat and have numerous winning strategies. You can cashflow with no mortgage payments forever or cashflow for a few years and cashout in 3-5 years with it in your parents name. Plus I'm sure that if the IRS asked them how often they are living in the house they would just show a drivers license, utility bill, and voter registration card with that address on it (Hint). I agree with the tax and legal professionals on this thread that tell you to seek professional advice. Remember, they are professionals that do what they do and most will steer you towards an outcome that will put money in their pocket. I'm going to be honest even I am salivating at the opportunity to work with you from an investor standpoint to buy this house cash. But I think you are here on BP to learn how to become an investor, with a long term strategy. My point is this; you have some decisions to make and you are in the drivers seat of a very nice car right now. You are in a position that many would love to be in as a beginning investor (if you are a beginner). The only question is; do you want to drive to the beach for a very, very nice vacation or do you want to live on the beach for many many years? I'm still salivating. 

@Jason Munger
This is a simple fix, keep it in their name and put a tenant in it with a lease option to buy. You can make the option 3, 4, or 5 years. The option is to give the tenant time to qualify for a loan to one day buy it, while they pay you rent to build credit. Even if you just rent it for several years and then sale your parents would get all the money because it is in their name and is their primary residence. There shouldn't be any taxes.

PM me about this property.

Disclaimer: I have not used this strategy yet so hopefully one or two more seasoned investors will validate or shoot down my argument.

 Hi Tom,
Well said. I am having a great experience with him in the first 5 weeks. I have a solid buyers list, a house under contract, confidently making offers on properties and just got his list of inventory properties to sell to them for a 50/50 split. If i don't succeed with Peter, it's ALL my fault......PERIOD!

@Scott Burke @Michael G. @Paul Holt -

Hey gentlemen I ran across this thread that started two years ago I was intrigued because I just signed up for the Peter Vekselman program and I can help everyone out. I am going through it now and I can pick up where Scott left off so if you all are still interested I will give monthly reports because I believe in paying for coaching. I can't speak for everyone but I don't agree with people that tell others NOT to pay for coaching. I truly believe that it depends on the person seeking the information. Scott admitted that he did not dedicate the time to the program that he knew he needed to dedicate. I don't think the decision of how you will decide to invest in your real estate education and your future should be predicated on if someone else succeeded or not. To me that's like not buying the car of your dream because a stranger told you that he had a bad experience with that same model. Make up your own mind, and if you fail pick up, regroup and try again. Don't let someone else failure or lack of dedication to a particular program dictate your decision. YOU decide what's best for you and implement according to the program. Sorry Scott that was not directed at you.

I have had several mentors, some free but most paid for. My wisest mentor always told me that if you can help someone solve a problem that's stressing them they will pay. Because in order to coach someone it requires Time, which is the most important thing in any humans life. You can't get time back. So in order to get rid of time wasters and lazy people charge them, because most people value money over time. Since my mentor value time more than money they require you to sacrifice some of that thing that you treasure most, which is money. So make them give up that one thing they place so much value on, Money (which isn't real). This is why it is so easy for me to pay for coaching because I value creating wealth so that I can buy back my time. A dating coach helped me get the love of my life, my wife. Best money I ever spent. I would not have been able to get a woman that is accustom to the finer things in life to stay married to me while I was homeless for 7 months trying to build a business without the proper coaching.

I have tried several programs from so called gurus and I learned a lot from all of them. Now I can take the knowledge I’ve learned from all of them and create my own coaching program in a few years once I make a little money in real estate. Then I will go make the real money and buy properties all over the world from people here on BP with the money I will be making from my high end coaching program. I already paid my coaching program coach or motivational speaker so the plan is in motion. It’s all about having a work ethic and long term plan.

But to make this long story short, let me know if this issue is still relevant and I will issue monthly updates, I’m always on BP.

Hi Jason I use Zillow for sold comps but as Ton said you have to check the dates sold. My mentor directed me to realtor.com for more detailed information, but I'm not sure if if this is in all areas. I have access to the MLS because my ex-mother in-law is an agent and my wife is becoming an agent as well. Create a relationship with an agent, it pays to have one in your circle.

 So what do you do....do you have a personal system to get accurate numbers?