All Forum Posts by: Corey Demuth

yeah the problem is, nobody thinks highly of pontiacs made since 1990. When do you ever hear anyone rave about a pontiac made in the past 20 years? It's always the 60s, 70s, and sometimes 80s models. GM turned it into a crappy economy car and now we're living in the age of everyone wanting to have more expensive toys than their neighbors

Originally posted by Curt Davis:

Michael,
Wholesale Investor - Has cash and credit, usually can close on deals, gets the best deals from the bank, has a team of professionals in place.

I can tell you right now, most people out there trying to be wholesalers don't fit that description you are way too generous. I would say 75% or more DO NOT get any love from the banks, DO NOT have much cash to work with, have mediocre credit, and DO NOT have a team of professionals. It seems like most "wholesalers" who are successful move on to other strategies once they close a few deals wholesaling and start to make those connections. After you get a bit of capital and figure out what you're doing, it seems to make more sense to buy and resell than to give the lion's share of profits away to an investor.

some people can just exist as bird dogs. not everyone has the brains or ambition or drive or money or a whole lot of other things, to invest in real estate. but just about everyone could use a little extra cash.

the postman, trash man, dominos delivery kid, plumber, or any of 1000 others who constantly travel around various neighborhoods, may be able to tip you off to areas and/or houses of interest. after the first time one of those "tips" leads to them suddenly finding an envelope of cash in their hands, well, they'll certainly put extra effort into trying to happen across more properties like that for you.

also some people are bums and just don't work much (college students included) and they kind of "hang around" a lot. so in their travels from one friend's house to another (and these d bags don't have cars so they walk around a lot) they may come across something you can work with and let you know. i spun my wheels a bit at first trying to find deals, but after this gem dawned on me, i talked to a few stoner idiots that i know who fit this category perfectly, and the next thing you know i'm getting text after text, along the lines of "hey bro there's a house up by jimmy's crib with mad busted windows and a dryer sitting out front come check it lataz"

plus these type will generally know the locals and thus it's easy to get them to obtain contact info for the neighbors to the house in question, so you can get in touch with them quickly.

Mr Investor, most of the women at wal-mart can't be picked up unless you secretly happen to be the incredible hulk

Back to the thread; I think what the OP doesn't understand is that most of the people doing what he is describing, are not bird dogs they are sketchy wholesalers and they are trying to cut him out of the deal.

If you're a schmuck and can't find your own deals one strategy is to pose as an "investor" and then try to get an inexperienced or just foolhardy wholesaler to start telling you details about property, until you can get the address or ask him to see it, and then you go get your own buyer and try to cut the original wholesaler out or just bide your time until his contract expires and then pounce.

people like that are the reason waterboarding was invented

regular bird dogs are great, but for the record yeah they do engaged in illegal activity in most realistic transactions. If you pay them just for leads, regardless of closing or not, that's not illegal in most areas. but paying them contingent upon closing is illegal as you are making them a broker and paying them a broker fee. I know people do it all the time, but like speeding, you may get caught.

many of these are going to actually pan out to be hard money loans (even though they may not be advertised as such) which means they are secured against property you already own, so they aren't risking much.

the kind of companies and people who do these loans aren't chase and citibank. they're a totally different breed. they deal in higher-risk higher-profit loans. the interest is higher because the risk is somewhat higher. they also pride themselves on being able to analyze a deal's potential. if it stinks they won't fund you.

Originally posted by Eric Medemar:

Originally posted by Cris Chico:

Plant your seeds everywhere....And a strong harvest is sure to follow.

...and child support payments, too!

oh sh!t, jersey is stepping into the fray? i dunno if i can compete now =P

fyi, bandit signs can get you in trouble especially in the city..

ok, i'll post what i've got tonight or tomorrow. can definitely trump this thread lol.

#1 this original post was obviously an advertising plug

but having said that, the title alone should clue you in. "Robert Allens Enlightened Wealth Institute." if that doesn't sound like a load of crap well...

whenever they say "make XXX$ in XXX days/years etc, or where they make extreme statements or overly cheesey phraseology, run for the hills.