All Forum Posts by: Paul Merriwether

I have bought & sold over 10,000 properties in my 40yrs in the real estate business I have Mastered the game the very best in my field of distress foreclosure properties in the S.F. Bay Area which is one of the most expensive areas to live in the United States with the average median price home at $1.7m!!!...I have survived recession, downturns in the Market and many, many other things and came out bigger and stronger because of my experience.... These rookies that been around a couple years and are in these low cost BOO-BOO Markets will be wipe out in the next recession.

do you remember Al Florida and Shep .. they had an office next to me in Oakland on 11th st.. at the time I had just took over Langer Mortgage and my big client was Ray Castor. But that was the old days they were forclosure buyers and you walk in their office and they had the legal papers all clipped out and suit cases full of cash :)

I now dont do much in CA since the price points are so high and there was a race to the bottom on lending for fix and flip by the bottom I mean rates and points.. you enjoy the absolute lowest rates and points in the SF bay area compared to other markets..

So I work extensively in Boo Boo land these days and carved out a niche in the sub 100k fix and flip that no one wants to do for better or worse these markets are pretty much dominated by wholesalers.. but what you see or what I see on the huds is in each market I work I and I work 7 markets. there is maybe one or two recurring wholesale companies where I can say the owner is making significant income probably 300 to 500k net a year maybe more maybe a little less.. then you have all the others who come and go and fade away..

To be a big time wholesaler you do need to be vertically integrated and you need significant capital for lead gen.. Just like we now see prime time TV adds from we buy houses folks, and the offer pads of the world.

however there is no question that in many to most markets its just simply a violation of real estate brokerage laws to bring two parties together when your sole business model is to make fee's like 99% of wholesalers do.

States are now cracking down in IL they got specific.. but that will not stop guru's from selling their systems and or people from breaking the laws.. But it is what it is.

@Jay Hinrichs

Al Florida & Shepard (the Dog) changed CA foreclose laws. Because of their activity approaching homeowners that received pre-foreclosure notices.

Chris your name sounds so familiar from back in the day. I worked for IBM servicing their machines at Alameda Cty computer room where I first met Al Florida. Al was a computer operator that figured out the pre-foreclosure data first came through their systems prior to appearing in EAST BAY publications. Al took that info & with Shepard's real estate Broker knowledge knocked on homeowner doors. They initially took title to the properties through Quit Claim deeds giving the owners maybe $3k - $5k. Their system worked well for a very long time. However laws changed, while Al & Shepard became wealthy. :) :)

Al taught me how to change my clutch in my 1965 GTO, Al owned a 1966 Green GTO. We were young men enjoying life in Oakland & Berkeley, CA. I too was buying rentals yet doing it all wrong. I did all the work while Al realized the money was in getting the deal & having others do the grunt work. Al eventually graduated to foreclosure sales ... from what I read in the papers they were rigging the purchases.

@Account Closed It's good to know Al is still alive & doing well. Say hey to him for me when you speak to him again. Wishing you both continued success in real estate.

Paul Merriwether

1 Vote

Oakland, California

2493 Mavis 94601 sold for $622,000 10/2020. remodeled added ADU

listed 11/2021 for $1.1 mil, sold for $1,550,000 12/2021.

SFR appreciation is the key in Oakland not multi rentals.

0 Votes

Oakland, California

In Oakland the money is in SFR. Check out 2613 Rawson 94619.

It sold for $550,000 in 9/2020. They did a complete remodel listed it

for $989,000 in 4/2021. Pending in 14 days. It sold for $1,433,000!!!

Very few areas in America have the appreciation of Bay Area homes!!!

Our home has increased $1.1 million over the last 10 yr's.

All the best to you in NC real estate market!!!

0 Votes

Oakland, California

>> BETTER PERFORMING ASSETS<< :) :)

You made $250,000 over 5 yr's + what ever cashflow.

It's tough to make money in apartments in the Bay Area.

You probably paid too much for the building. As you discovered the

money is in appreciation.

What is your NC project looking like?

I am an Oakland native.

1 Vote

Oakland, California

Ask & you'll get a response from the City.

0 Votes

Oakland, California

You are in A great area to start your RE career. QUIT college!!! You are wasting your time if you want A RE career. No degrees necessary unless you want to be RE Broker. Detroit has it all ... cheap properties, lots of vacant land, middle income properties, upper class properties, Housing Vouchers!!! Everything you want in RE is in Detroit area. Join some Meetup groups, stay on BP and learn. TAKE ACTION NOW!!!

Join RE FB groups get with others in Detroit area. Start slow!!! Don't go buying some $3,000 fixer/ It takes money to make money!!! JV

with others on a solid deal where your investment will be returned fairly quickly. LEARN the art of the deals!!!

TAKE ACTION NOW!!!

0 Votes

>>

I skipped the inspection process because a trusted friend in that state looked at the property and said it was in great condition<<

Have you contacted this "TRUSTED FRIEND"?

Mold issues are a big deal. You need to take another trip down there and inspect. Should they sue it'll be YOU not your

property manager.

0 Votes

All Forum Posts by: Paul Merriwether

Paul Merriwether has started 2 posts and replied 132 times.

Post: Sell in California and buy in Kentucky or Ohio!

Post: Stand-off with contractor

Post: Tenant/buyer not paying payments on a wrap loan

Post: Why So Called Wholesaling is not an sustainable business model

Post: House Hacking my First Deal for $230k Profit

Post: House Hacking my First Deal for $230k Profit

Post: House Hacking my First Deal for $230k Profit

Post: Converting a triplex into a duplex in Oakland?

Post: How do I get started in real estate as 20 year old in college?

Post: Section 8 Tenant with Interesting Story - Out of State Property