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All Forum Posts by: Mike Nelson

Mike Nelson has started 57 posts and replied 423 times.

Post: Explaining Wholesaling to motivated sellers

Mike NelsonPosted
  • Wholesaler
  • Washington, D.C
  • Posts 449
  • Votes 94
Originally posted by Tim Gordon:

It's funny re reading this thread was helpful to me today. We have to stay present and always stick to doing our very best for all parties involved in the transaction.

Cheers,

Couldn't agree more.

Post: Explaining Wholesaling to motivated sellers

Mike NelsonPosted
  • Wholesaler
  • Washington, D.C
  • Posts 449
  • Votes 94
Originally posted by @Tim G.:

Call me cocky if you want but I know for a fact on the deals I've done, even my very first I was the best option for the seller and I made things happen that a realtor would have never been able to pull off. That is wholesaling, that is what its all about! We aren't here just adding a price to a house cause we think we can make it. Once we add value, we get paid. The secret is figuring out how you can do that.

This is probably the one single thing any Wholesaler, beginner or experienced, should read first in this entire forum.

I just had to say it...Tim G. you're the man!

Post: Wholesaling: LEGAL OR NOT!!

Mike NelsonPosted
  • Wholesaler
  • Washington, D.C
  • Posts 449
  • Votes 94

Illegal is defined as forbidden by law. If you do Wholesaling in a state where there are no laws against it, I don't see why it's illegal.

I think the issue is more on whether it's ethical or not. Yes, there are ways to do it wrong but every Wholesaler has the option to do it the right way. :)

Post: How BiggerPockets created 100k in net worth in 4 months

Mike NelsonPosted
  • Wholesaler
  • Washington, D.C
  • Posts 449
  • Votes 94

Very impressive, @David J. ! That's an amazing story. Thanks for sharing.

Post: Getting a partner .... avoid having them steal your buyers list?

Mike NelsonPosted
  • Wholesaler
  • Washington, D.C
  • Posts 449
  • Votes 94

@Danny Colacicco , I partner with other wholesalers all the time. Especially because most deals I do are out of state. You should have a JV contract that you can have done through an attorney, just in case.

About your 2nd question, for me it's really about trust. I'm a pretty trusting person and I know that's not entirely good. However, it has worked for me. If a deal doesn't go well with a person, just make sure you avoid any more business with him but I hope you find people you can trust. Asking for referrals from people you already know is a good way to find those ones that have credibility. That's why it's important to have that contract.

But in my case, what I bring to the table are the sellers with their properties. I am not interested in going directly to my partners' buyers, behind their backs, simply because I want to do more deals with them.

Post: Newbie from London, England

Mike NelsonPosted
  • Wholesaler
  • Washington, D.C
  • Posts 449
  • Votes 94

Welcome to BP, Chika! Hope you feel right at home.

Post: Rookie looking for HELP!!!

Mike NelsonPosted
  • Wholesaler
  • Washington, D.C
  • Posts 449
  • Votes 94

@Chris Klaude some beginners tend to try to take in too much information, reading too many books and articles, watching videos, attending seminars, etc...that it becomes overwhelming and eventually build doubts. The longer you put off getting started, the more fear builds up inside you. You start having questions and thinking twice. Don't get me wrong, learning by reading and watching is already getting started but if you spend too much time on it before taking action, that's a different story,

If your gut tells you to start with Wholesaling then be it. You've heard them. Those people you heard and read about had their reasons why they started with Wholesaling and they found success in REI eventually. The only real money you'll need if you start this way is for Marketing. You can do it on the side and not have to leave your full-time regular work. You don't have to have good credit. Plus it seems your heart tells you its the better way to begin. Then do it already.

You can learn from all the best teachers as much as you want but you will never fully know until you try it yourself. It will never be perfect and yes, you will have mistakes. But start now while the passion is there. Build it up. After getting better at Wholesaling, save the money you make and learn and build on bigger and better forms of REI. Set goals but worry about the rest later. Just take it one at a time. Focus learning on what's in front of you right now and take massive action.

Post: New Guy! From Vancouver Canada!

Mike NelsonPosted
  • Wholesaler
  • Washington, D.C
  • Posts 449
  • Votes 94

Welcome to BP, @Mike Ouellette ! Nice name. :)

Post: I am about to start my wholesaling endevour any tip.

Mike NelsonPosted
  • Wholesaler
  • Washington, D.C
  • Posts 449
  • Votes 94

Hey @Abel Vazquez , a few things...

Be Patient...success will definitely not come overnight. You may fail a few times before you find it.

It's not as difficult as they say it is but not as easy either. You will only know if you try it yourself.

Don't be afraid to get creative and do differently once you understand how things are.

Marketing and people skills are key!

The best way to learn is from those who have done it and are doing it and experience. You can watch and read all you want but never see results until you take massive action.

I can go on and on. :)

May you find much success.

Post: Thoughts on mailing private lenders?

Mike NelsonPosted
  • Wholesaler
  • Washington, D.C
  • Posts 449
  • Votes 94

Thanks guys! I have HMLs that would love to fund my deals but they are expensive. My goal is to go after private individuals that are willing to lend at a lower rate.

For example, my last private lender was a gentlemen who had money laying around in a IRA. We came to terms where he would lend us money on a deal for 8% with no points or payments in exchange for assisting him in wholesaling. My HMLs are at 13-15% with points and payments.