All Forum Posts by: Ryan David

You are getting the property under contract so you have the rights to it - you then assign it to the investor for a fee - the advantage for the investor is they don't have to spend their time out hunting for deals. They cannot go behind your back and purchase it while you have it under contract. You are still putting up earnest money or "hand money" - if you are unable to unload the property, and you don't have any other out-clause in the contract, you are in danger of losing the earnest money. It is crucial to have an extended buyers list. You must make the right offer, so this requires knowing your market, and your regular buyers without compromising what you want out of the deal. Also, you must build a knowledge of rehab costs (for rentals and flips) so your numbers make for an attractive deal to your buyers. I usually set closing dates at 45-60 days if I can swing it. FSBO's are definitely to my liking because you don't have to deal with negotiating with an agent - agents usually require you to prove that you have been pre-qualified for funds before they will advise their seller to negotiate with you (however, in today's markets some sellers will be happy receiving any offer). Also, I would strongly advise you to set up an LLC to protect your personal assets. I know I threw a lot at you, but keep reading up and you will gain more and more knowledge. I've been doing it for a few years, and I have just scratched the surface in things that I'm learning. The above points are all my opinions/procedures, and I am not as seasoned as some of the other investors here, so ask around. - Good luck, and send me a friend request if you want to keep in touch - Ryan

Hi Dean - Coming from a person that has never met you and must make a guesstimate based on one entry on an internet forum, I would say that you don't have particular passion for your job or the process of wholesaling - sure, you can tolerate it, you're good at it, you could be more motivated in taking part in it, but you don't really live and breath for the process - what you love is the checks at the end of the road. Don't quit, just restructure your time. What you really want to be doing is checking out a movie, relaxing or playing video games - that's what de-stresses you. It sounds as if you now feel guilty for taking part in these things. You need to make room for the things that you enjoy, and make time for your wholesaling goals as well. Every other day, take wholesaling calls - market, research, etc. The other days, go home after work and play video games, crack a beer and chill. You'll burn yourself out if you try to be all business all the time. Wholesaling is a business for yourself - you get out of it what you put in, to a degree. Put the amount of effort in that you feel is necessary to keep your sanity and put money in your pocket.

Billy C. - I have never attended the Rich Dad seminars, but there are similar seminars in my area - don't you love how they always give you 24-48 hours to come up with more money before your slot in the class has been "released"?- then they come back around in a month or two with a whole new round of free seminars - you completely did the right thing - use it as a tool at first, but don't invest in it as your one and only real estate bible - the cost of these upper level seminars can really take a valuable chunk out of a beginners cash for deals - just my opinion, I'm sure it has worked for some people - good luck to you - Ryan

Welcome Joseph - I really enjoy this site so far - I am relatively new to this business, but my advice from an attitude standpoint would be to stay level-headed - don't get too frustrated at the times when you feel as though you will never fully grasp the wealth of information (or monetary wealth!) and don't get too cocky when things are going well (because there is always something that you have yet to learn) - and, being a Pittsburgher, sorry about that Super Bowl - if you'd been playing anyone but the Steelers I woulda been pulling for ya - Good luck! - Ryan

Good points everyone - Jon, you touched on something that I think is desperately lacking in the education system, and that is practical "life" knowledge - this especially pertains to financial know-how, even stuff as simple as balancing a checkbook. I am 31 years old, and I was lucky enough to have a responsible upbringing, but even with that I am still learning - I think that they need to instill life skills classes in every high school in Amercia

Matt - I believe you're absolutely right - I think the biggest problem that we have in this country is the rate of inflation is disproportionate to the rate of income for the average american middle class family - you already have middle class families putting groceries on credit cards - check back in 10-15 years on that - Ron Paul was the only candidate who commented on the national debt and he was portrayed as a kook - and to think that the average person probably doesn't even know that the Federal Reserve is a non-government institution and that when the government needs new money we have to pay it back at interest

Who is at fault for this complete mess - foreclosure victims, banks or the government? - Discuss

Hello Richard, welcome - I am also new to the site and starting out in my early 30's - remember 30 is the new 20 so we're right on schedule - my advice would be to start with rentals - with the economy and market status right now, not too many buyers are going to be drooling for the flips - you' ve gotta remember, with all of the foreclosures happening there is a new giant pool of renters out there, and they need a place to live - good luck to you!@

Hello Alex, welcome! - I am also new to the site and a relatively new wholesaler - I have had some success in reaching out to property management companies in looking for new buyers - it's a win-win for them, because they know their clients will want them to manage the new properties if they end up as rentals - Some of the companies will try to keep things private, but some have been receptive to it - give it a try, and good luck

Hello Shannon, fellow PA native - hope you're not a Flyers fan - good luck to you. It sounds like we have some things in common (ie, I need buyer's too). Hope you can fire your boss - Ryan