All Forum Posts by: Mike Norvell Sr.

I have stated on here before that I got my start working on deals with an experienced rehabber that was great to learn from.
Partnering with a local person who is doing it day in day out will be a great benefit.

I was involved in close to 10 deals before I considered getting a "course". My first book was Robert Allens original book "Nothing Down" Not sure if its still relevant today, but the basics still apply. Find a home that the current owner wants to get out of, and then make a deal.
Over the years, and more than over 60 buy and hold rentals later, I have bought dozens of courses off Ebay, flea markets and garage sales.
Most recently, I bought the Eric Medimar Course and loved the current knowledge of someone who does it every day.

I also just bought the Phill Grove course, and love the whole system laid out for you including web sites, auto responders, and a lot more.

But most importantly, you have to get up in the morning and go apply what you have learned.

Finally, Joining local REI clubs are probably the best 100 dollars you can spend in this business.

Get off the couch and go to work!!!!!!!

Even though I have a lot of experince in buy and hold, the wholesaling end of it is what I seek to do now....After looking around, I found Erics Courses and videos had a lot of current info from someone who is doing the biz....I also liked the cheaper price tag...Like the other guy said, its all directly relevant to getting started in wholesaling....if you dont make a deal after buying his course, you may have forgotten to get off the couch....there is no success without action

Eric...
I love the plain language, and the fact that you are actively doing this every day like we are.

I actually bought your wholesaling course.. which is a real badge of honor for me ....I have resisted buying any of these packages for some time, because it seems as if all they want is the money for the course....if you look at their schedules, you know they dont have time for actually doing deals....its all about selling the course...

I look forward to posting in here as I restart my wholesaling career for the third time... using your site and course as some current and timely guidance..

Best wishes

Mike N

Thanks for the Comment Moneypenny

Doing distressed deals means taking advantage of potential discounts...

We just need to be sure we are ready to do something profitable once we acquire the property, business, or other asset.

Also, those with a need for commercial/industrial space should contact me for deals in the Central Fl area........

Mike Norvell Sr.

For a multitude of reasons, I chose to take a break from this and all other forums for the last few months.

During this time, I rediscovered local markets and real life deals far removed from the fantasy land of these multitudes of internet offers.

Had a great experience working with a marketing company that put me in contact with dozens of small business owners per week. Funny how those who have to stay rooted in the reality of running a retail business don't have time for endless conference calls or extended lunch meetings....

Its not funny to listen to how many are scraping to get by, or who are waiting on a change in the "economy" that will return their customers.

Many of these are not in the statistics of the unemployed, but are in effect making less than minimum wage. Many have employees that are closer every week to being officially unemployed, along with the store owners who will be closing up one day for the last time.

I did find a few wholesalers who are doing well, buying up stock for pennies on the dollar from stores that are closing up. One in particular is so overstocked he now has a few of his own stores running just to have a place to put all the merchandise he is accumulating.

It reminds me of a year ago when I was working with a few wholesalers with quit claim bulk REO packages. They were buying them cheap but were having problems in getting them sold......

Its not all bad.....but there is a real commercial/retail problem coming along soon here in Central Fl. Already, there are shopping centers with over 50% occupancy and many industrial parks are in the same condition. Based on my recent surveys, this will continue to worsen as more and more small business owners finally close thier doors.

Without tax incentives, and people with jobs to keep small business in business, there is nothing to keep this trend from increasing.

The only upside is that one day the tipping point will come where the remaining stores will end up with a proportionate share of the customers.

In the meantime, my days of meeting with business owners across Central Fl has reminded me of the balance of supply and demand as was taught to me in a business law course many years ago.

Of course, many of these failing business owners have not been paying their other bills either.....like health insurance, mortgages, car payments.....

Just a few of my thoughts this beautiful Sunday morning. Somewhere in this blog post is a silver lining of opportunity, but with the realization that for every "deal" there is someone walking the other way suffering the loss.

To Our Success.

Mike Norvell Sr

There is no doubt in my mind that getting a RE license to look at MLS listings every morning is a waste of a real investors time.
Become an assistant of a Realtor that already has a Lic and have them get you your own key. Its very legal
I have had mine for a long time, and don't want to go without it now, but I would certainly suggest spending your time as an investor and hire an Experienced Realtor to JV with you.....a much better use of time and resources

The biggest issue with any auction is the lack of real due diligence available to the buyer.
Most auctions are run As Is, Where Is, and you do not have any recourse if you find issues such as defects, leins, ect later.
So, unless you can do your homework on the auction list in advance, and go with a cherry picked list to bid on based on that homework, then i would suggest skipping the auction route and just work the REOs thru a Realtor that afford a higher level of protection for you.

Hello,

I am not sure what "Shadow" means, but if it means the rest of the homes in the neighborhood are affected by the reduced value of a foreclosure, then yes....and no

For many reasons, what we are experiencing is something that must be done, the overpricing of any asset always leaves the last one holding it in peril.

On the othr hand, a large majority of good hard working people were shut out of the boom market, and will now be able to purchase housing that is now within thier reach.
The neighbors may not like it, the comps are going to be crazy, but the fact remains that this is a great time to be picking up property in many areas of the country.

I can't help but agree....there is never an issue that the real free market would not take care of, but politicians create regulating policies that create wealth for some at the expense of the majority.

Lena,
Buy Low
Sell High

RInse and Repeat....its that simple