All Forum Posts by: Mark Williams

Quote from @Christopher Jason Lloyd:

I would like some agent's opinions on how to market this product.  We are trying to explode this product in our market and have done a little over 10 of these so far.  Most of the time I pitch this at the listing presentation, it's a no-brainer for the seller and they love it, just looking for more.

Currently we are sending mailers to absentee owners, social media marketing and homes around our recent projects.

The product - We offer a product through an affiliate business for our sellers that would normally be the target of many wholesalers.  We are looking for homes that need work to sell and covering all costs of renovation and managing the project start to finish as long as the property qualifies (mostly any project under $40k).  We make the seller a lot more money on the backend than selling to a "cash buyer".  We split added equity at closing with the seller for the project manager fee.

 I've had an interesting experience related to your referenced product. About five years ago, my wife came up with a similar idea, but I had some reservations at the time. However, she's quite creative financially and often thinks outside the conventional box. Sometimes, the best ideas take time to mature.

Regarding your question about marketing the product, focusing on the probate sector is an excellent approach. You can consider reaching out to probate attorneys and petitioners involved in estates. Heirs often want to maximize their profits from inherited estates, and properties within estates often lend themselves to remodeling or rehabbing. Attorneys, in particular, might find your product appealing, as it can help their clients secure higher profits from the real estate portion of the estate.

It's great that your product has been well-received in your listing presentations, and with a targeted approach to the probate sector, you could potentially expand its reach and impact. Best of luck in growing your product in the market!"

I'm excited to share a project close to my heart. My daughter is the creative force behind a web series called "Hello Realtor." She's not only the writer but also the actor and producer of all the episodes, and we couldn't be prouder of her accomplishments. The series revolves around the endearing but struggling real estate agent Mitch Walters, his loving wife Macie, and their clever five-year-old, Emma. Together, they navigate the challenges of the real estate world, the intricacies of family life, and the delightful chaos that life throws their way.

I'd greatly appreciate your feedback on the finished product, which currently consists of three episodes. As an added treat, Episode One features Creed from "The Office."

Episode 1: [Link](

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Episode 2: [Link](

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Episode 3: [Link](

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Thank you for taking the time to watch and share your thoughts!

Hi Jason, 
Congratulations on your impressive achievements in real estate investing! Your story is truly inspiring and demonstrates the potential for success through determination and learning. Your diversified approach, combining flips and multi-family rentals, is a testament to your strategic thinking. It's fantastic to hear that Bigger Pockets played a pivotal role in changing your life for the better. Your willingness to share your story and encourage others is truly awesome!   

Quote from @Brett Mason:

Would you recommend getting your real estate license before starting to invest in properties? What are the advantages and disadvantages of doing this?

 Hi Brett, 

Obtaining a real estate license before venturing into property investment offers several distinct advantages. It equips you with an in-depth knowledge of your local real estate market, grants access to the Multiple Listing Service (MLS) for efficient property searches, and provides a network of industry professionals for collaboration. Additionally, you'll gain valuable negotiation skills, potentially save on commissions, and enhance your credibility within the industry. Your understanding of real estate law and ethics can help navigate legal complexities, and the flexibility to balance a real estate career with investing can open up diverse income opportunities. However, it's essential to consider the time and commitment required for licensing, the associated costs, adherence to strict regulations and ethics, and the potential for conflicts of interest in your dual roles as a realtor and investor. Weighing these factors against your long-term investment strategy is crucial in making an informed decision.

Quote from @Peter Vekselman:

If you had to guess, what is the success rate in real estate investing?  Success being defined by someone being able to live above average lifestyle strictly based upon their earnings in real estate.

I bet its below 5%.

What do you think?

 Hi Peter, 

Absolutely, it's great that you're aware of the 5 percent statistic, but it's essential to remember that success in real estate, like in any field, is not solely determined by statistics. With determination, a property mindset, and a never-quit attitude, you can defy the odds and achieve your real estate goals. Statistics may provide a general overview, but your individual path is what truly matters. Stay focused on your goals, keep learning, adapt to challenges, and your chances of success will far exceed any statistical prediction.

As Winston Churchill once said, "Success is not final, failure is not fatal: It is the courage to continue that counts." Keep moving forward with courage and determination!

Congratulations on your first investment property in Houston! It's great to hear that you're proactive in seeking advice on how to work with contractors effectively. Proper documentation and clear expectations are key to successful projects. Here's a list of important paperwork and considerations to have in place before starting a project with a contractor:

1. Detailed Scope of Work: Ensure the contract clearly outlines the scope of work, including all tasks, materials, and specifications for the project. Be specific about what you expect, down to the smallest details.

2. Timeline and Payment Schedule: As you mentioned, having a timeline and payment schedule is crucial. It should include milestones and deadlines for completion, as well as the corresponding payments.

3. Materials and Specifications: Specify the types and brands of materials that should be used. This prevents misunderstandings and ensures that the quality meets your standards.

4. Penalties for Late Work: Define penalties or consequences for delays in the project. This can help motivate the contractor to stay on schedule.

5. Insurance and Licensing: Verify that the contractor has the necessary insurance coverage, including liability insurance. Ensure their license is in good standing and check if they have workman's compensation insurance if required by local laws.

6. Warranty and Guarantee: Include information about any warranties or guarantees provided by the contractor for the work and materials. This should cover a reasonable period after project completion.

7. Change Order Process: Outline how changes to the project will be managed. This includes any additional work, materials, or costs that may arise during the project.

8. Permits and Inspections: Specify which party is responsible for obtaining permits and arranging inspections. It's typically the contractor's responsibility, but this should be clear in the contract.

9. Dispute Resolution: Include a clause outlining how disputes will be resolved. Mediation or arbitration can be less costly and time-consuming than going to court.

10. Payment Terms: Clearly define how payments will be made and the method of payment (e.g., check, bank transfer). It's common to withhold a percentage until the project is completed to your satisfaction.

11. Termination Clause: Specify the conditions under which either party can terminate the contract. This should include notice periods and any associated costs.

12. Liens and Releases: Include clauses related to mechanics' liens and lien releases. This helps protect you from potential legal issues if the contractor doesn't pay their subcontractors or suppliers.

13. Indemnification: Have a clause that states the contractor will indemnify you against any claims, losses, or damages arising from their work on the project.

14. Signatures: Ensure both parties sign and date the contract, and make sure you each retain a copy for your records.

While you can find templates online, it's advisable to consult with a local attorney experienced in real estate contracts to create a document that complies with your state's laws and addresses your specific project's needs. A well-drafted contract can save you time, money, and headaches in the long run.

Remember that open communication is essential throughout the project. Regular progress meetings and maintaining a positive working relationship can help ensure a successful outcome. Good luck with your first project, and feel free to ask if you have any more questions!

In the world of real estate, learning experiences like these are par for the course. Every property comes with its unique challenges, and encountering electrical issues is quite common. It's great that you're taking steps to address this promptly and professionally.

Remember that continuous learning and adapting to unexpected situations are all part of the journey in real estate investing. Even experienced investors encounter surprises, so don't be discouraged by this experience. Instead, use it as an opportunity to expand your knowledge and refine your due diligence process for future investments.

Wishing you the best of luck with resolving the electrical issue and with your rental property endeavors. If you have any more questions or need further advice, feel free to ask. The Bigger Pockets community is a valuable resource, and there are many experienced investors willing to share their insights.

Quote from @Rick H.:

Have completed well over 2,000 estate deals since I started in 1978, I have no reservations about being qualified on these forums. 
That said, probate estate and other title-related transactions can be so darn complex sometimes. And then compounding with differing laws state-to-state along with a tenancy of many posters who are not investors but wannabe profiteers looking for free advice or outright promoters who are fraudsters, the category is ripe for problems.

This is NOT where the successful probate people hang out. We have our own local groups.

 Rick, your extensive experience in probate deals since 1978 is impressive. You're absolutely right; probate transactions can get quite complex, especially with varying state laws and the mix of individuals seeking advice here. It's clear that you and other successful probate professionals have your own local groups for more specialized discussions. Your contributions to forums like this one are appreciated, and they provide valuable insights for those navigating these intricate real estate areas. Thanks for sharing your expertise!

Thanks for sharing this interesting comparison!

It may be advisable to consider listing the property on the open market to maximize the potential selling price for your client. While some of these companies may initially make attractive offers, my past experience has shown that they can sometimes alter their terms at the last minute with unreasonably low bids. This approach ensures you have the opportunity to rate this particular company's offer against other potential buyers while safeguarding your client's interests and avoiding missed opportunities.