All Forum Posts by: Ricardo Rosales

Welcome to biggerpockets, make sure to watch some DIY Network as well LOL. However you decide to get started is good, as long as you get started, I actually started buying and flipping and now have buy and holds, flips, wholesale deals etc. wholesale deals, etc. good luck and happy investing!!!!

I have a few wholesaler friendly title companies on my team, real estate agents for pulling comps. Ask the title companies if they handle assigment contracts, subject to contracts and double closing. If they dabble on one of them, keep searching.

My advice is not to get complicated and confused with all the legal entities, like @Curt Smith said on his post get some deals going and make those deals pay for the legal structure, too many people worry about the gold before digging for it, so get going and when you get some properties go ahead and set up your legal entities. 

You never take title if you just assign the contract, Usually when we advertise a deal we ask for non-reundable deposit to lock the deal and then we send the assignment form. I dont mind disclosing our assignment fee, if you are selling at a good price to an investor, they wont worry about it ether. What you need to do is assign the purchase and sale agreement to the new buyer. You can draft the document yourself, all you need is to find an example and copy it. Make sure you find a title company that is wholesaler friendly in your area.

@Dan Green you need to find a mentor who is willing to show you how to do wholesaling, estimating rehabs, different strategies for offloading the properties while you share some of the profits with that person. You will also need to invest in marketing like @David Bokman mentioned in his post. You will save thousands if not hundreds of thousands of dollars and time just by teaming up with someone that knows what they are doing. The learning curve will be very short for you if you do it that way.

We get some calls from bandit signs, but what works the most is direct mailing. 

 Good Luck with it!!!!!!!

@Chris Messersmithyour best bet is like @Account Closed mentioned above, start wholesaling, find a wholesaler from the area to mentor you and make sure he or she has a track record on wholesaling, since you will be doing a lot of the leg work for the wholesaler, learn the trade while you get active on investing on direct mailing, get a few deals on contract and sell them to local investors. Make sure you go network with the real estate investment clubs in the area and let everyone know you want to get started and are willing to be coached that way you can locate qualified buyers for your properties. 

@Caleb Allan Find a local wholesaler to show you the way, partner with him or her on your first few deals and then move on. The best way to learn is from someone that has walked to path and make sure they have track record.

@Nicole Wilson we are for sure our own stumbling blocks, for the following years I continue flipping a few properties a year just as an investment strategy for myself, until I found myself without a job and decided to take on this full time. We went from 3 properties at the same time to now having 15 properties on the cycle of getting rehab, sold or rented and started building two new houses from scratch, I had been holding myself from growing larger for so long, the only thing I regret is not doing it earlier.

@Ken Abdullah I suggest to start looking into setting up a syndication, you can put together all your small investors and start doing a crowfunding or syndication for one deal. 

For example: Joe 20K, Mary 50K, Ken 35K, Barry 15K Total 120K. 

Have all of them to agree on holding one promisory note and divide your mortgage payments in the percentage related to their investment, have a title company draft the promissory note and do the funding for a property you need to buy and rehab for that amount.