All Forum Posts by: Phil B.

By the way, if they are legit, I would think the State will probably have a copy of their E&O Insurance on file. I may be wrong about that but you should ask.

Mario, Im in Tampa also.  If you need a "boots on the ground" to check something out let me know and I'll help if I can.

Only if the IRS doesn't find out.  Lol.  

Every business, llc or corp must file a return even if they haven't done a thing as far as I know.

Thanks Will.  I'll check out your info.

I'm interested in picking out 2 or 3 markets and putting a system in place.  It may be too aggressive of a plan at my early stage though.  Well see.

I tend to agree.  My initial thoughts were all about systems as well.  If you take great pain defining, refining and implementing a "foolproof" system, it might be able to get done properly.  I also agree you need the boots on the ground aspect, even if its just one reliable and well trained person in the local area to be your go-to guy.  If you are making money by expanding to other areas, a decent salary and a piece of the profits could buy this kind of talent possibly.

Hi Guys,

I was wondering if any of you market and close deals out of your local market and if so, how do you do it without getting yourself in a jam?  

If there is very stiff competition in your local area or the volume needed to be where you want to be is just not there, does it even make sense to market somewhere else?

I have a ton of questions about this.  

How do you guestimate needed repairs?  

Is it any more difficult to establish yourself outside your local market with regard to finding cash investors? 

Do you need to use state specific contracts customized to the area you are marketing to?

Are you just shooting out lowball contracts hoping to snag something that works?

What does it take marketing-wise to get to a level where you can wholesale 8 to 10 houses per month?

Thanks for your input!

-Phil

There are plenty of multi-million dollar companies that lose money each year, just as there are many companies that do 250k net income on 500k in revenues.  I prefer the latter.  

It really depends on profitability.  Businesses are expensive to run, particularly at that level.  If he was clearing that much, then he's lucky and must be keeping his full time job for personal reasons.

any way you can just be straight up with her about how you feel about the property and get a conditional contract where you can buy yourself 2 weeks to run by investors for a wholesale deal or were you going to close on it yourself?

I say be totally honest with her that you don't usually buy properties in the area but would like 2 weeks to run it by some of your investment partners.  You might just be able to make her happy and make a few bucks.  She sounds motivated.  Run it by some rehabbers in the area if the price is right but just keep her in the loop.  If she's in a bad situation she'll appreciate your honesty and probably work with you.

Yep, Im gutting legal pads.  I buy these because they are 20 pound and easier to print (don't jam) vs. 16 pound.  They are also very well perforated and are very easy to strip cleanly.  I strip an entire pad in one pull.  I get them from Quill which is about the cheapest I've found anywhere, particularly in bulk.

http://www.quill.com/ampad-gold-fibre-premium-rule...

You can get reams of 16 pound but its kind of crummy paper - too thin in my opinion.  I've had jams and problems with this stuff but it is sold in reams:

http://www.amazon.com/School-Smart-Essay-Compositi...

Joshua....one more quickie....

How do I get the @ thingy with someone's name if I mention someone in a post?  It doesn't highlight the person's name for me if I refer to someone in a post.