All Forum Posts by: Rick G.

Good to hear!

I really enjoy honest & unbiased feedback that BP offers. Commercial is a different animal than residential, they all have a very attractive pitch!

Good Luck!
RIck

Not bad deal for a quality scout, I agree.
I had in excess of 700 scouts and their #1 complaint was no structure for their fee and
their sole marketing is craigslist and loopnet.

If you are considering, I would ask for dates, addresses on actual deals they close on and verify through public records. Remember if they have 1000 students that sign up for $1500/each they should have a solid verifiable list of at least 75+ properties by now.
Just my take..

Signed up for this deal, great concept, but extremely poor execution. They are selling a system!!! Very poor communication and they cherry pick the best deals while you pay $1500 to advertise for them.

Commercial Real Estate is tough business that you must build relationships with brokers to help find you deals.

Save your $$ and work with a Commercial Broker to find good deals.

I signed up in Jan. 10, followed their system for 8mths as an experienced RE Investor, mostly hype, they deliver on very little of what they offered upon sign up.

Steph,

Thanks, I'll give them a try!!!

I enjoy your blog, keep up the great work.

Rick

I have yet to have a title agent, Attorney, or Real estate Brokers specifically tell me the statute which prohibits a
simultaneous closing on an REO property, just that is
illegal. I had a local title agent tell me that RESPA is the
reason she can't do them, but has yet to tell me the specific section that prohibits it. Is it because the title insurance does not like to insure these transactions??

Can anyone recommend a title company within S. Florida which they are currently using this method?

My endbuyers have no problem with this method and sign
documents with full disclosure!

Thanks,
Rick

I've recently learned how to play in the wholesale REO market in S. Florida. You MUST establish a high level of rapport with the REO listing agent, get to know them on a peronal level.
I have an REO under contract and a rehabber to buy it, but the REO co. is using a local title co, and my title co. is just 2 miles away. Im concerned that they might get concerned with a courtesy closing, my title co said they can do what Steph does but need a "mail away close" to use my end buyers funds. I have a cash source if I must, but will take a 1,000 out of my profit.
Any ideas on how to handle this would be appreciated.

Thanks,
Rick Ginn

Thanks for the welcomes!

Unfortunately i tried a business venture outside of RE, needless to say I'm back
doing what i enjoy best!

Just want to introduce myself, Im a reborn again investor from
S. Florida(Stuart) who currently wholesales shortsales and REOs
in S. Florida area.

I use to rehab and flip from 03-07 and was forced to learn fresher
techniques in order to deals! I enjoy the BP site for doing research on gurus, other wholesalers, and any info on REO/shortsale trends in this ever changing market!

I have lots to learn and look forward to networking with everyone.

Thanks,
Rick :D

Karen,

I have the exact same issues! Who do you use to negotiate your deals??

Rick Ginn