All Forum Posts by: Account Closed

@Account Closed

With all due respect, knowing what wholesaling is, is not the same as knowing how to wholesale.

I strongly encourage anyone who wants to launch into wholesaling get properly trained by a professional, or at the very least, bird dog for a seasoned wholesaler before launching into on his or her own.

Too many people out there read about wholesaling and then run out into the marketplace and try to do it.  Then, they run here to the forum for help.  

To me, that's like reading a book on flying and then, jumping into the cockpit, throttling up and starting down the runway thinking they can pilot a plane, and then asking the tower for instructions.

Check MarketPlace

@Jonathan Villanueva

Your questions about getting a license and what to do with it once you get it are all posted on your state's site.  You need to read that instead of relying on what people tell you here.

@Shirley McLean

If you want to get into wholesaling, get properly trained by a reputable professional.  The guy who trained me is right up the road from you in Arlington.  He trained me 10 years ago and got me off to a great start in what is now a robust wholesaling operation.

Ditto on Ned's point.  You don't even know how to wholesale.  What makes you think you can virtually wholesale?  Or that virtual wholesaling is magically easier?

You need to master, or at least have a history of success with the basics before trying something more advanced.  That's true of any endeavor, including wholesaling.

Man, I like free and clear. The sooner I can pay off the mortgage, the happier I am regardless of interest rates. There is a method of cascading and aggregating your NOI of your properties to accelerate your pay down property by property.

When the only obligation you have on a property is taxes and insurance, you really start to make some money on your properties.

@Sabrina Kane 

I have run into this scenario more than once.

First of all, their family problem is their family problem and not your business problem.  Keep it that way.  You are a business woman and not a social worker.

Before going further, you mentioned the mother died intestate.  Has the estate been through probate?  If not, quit wasting your time. The heirs can do nothing until then, and without a will, that can take a couple of years.  (You may have heard that the worst will is better than no will - that is the reason.)

In the mean time, no one is paying property taxes, no one is maintaining the property, and the property will deteriorate to the point where although it has value now, it won't by the time this all gets resolved, if ever.

But wait, there's more.  The probate court will require an appraisal, and the property will have to sell for 80% of appraised value.  That not be a number that will work for you so once again, you will be wasting your time pursuing this.

If by some amazing stroke of luck it has been through probate and the property can be sold, you need the family to get together and pick one person to be in charge, and all the others give POA to the family leader. You have to deal with one person. You can never get an agreement with a committee. That includes the mentally incapacitated one. If no one is the POA for that person, you have the same issue as you do with the estate. The State will appoint someone to act on that person's best interest and good luck getting that person to do anything.

Have fun!

You need to consult with an attorney on-the-double!

You mentioned you are doing a 506(c) offering.  That is the point of a 506(c).  You don't have to go through your own rolodex.  You advertise to the crowd.  However, there are strict compliance regulations for a 506(c).  You sure you aren't doing a 506(b)?  

Have you already had an attorney create the PPM you need for your offering?  

Are you going through a broker/dealer, which is required for a 506(c)?  

Do you have a way of researching and verifying your investors are accredited, which is mandated by law for a 506(c)?  

Do you have a portal?

I don't understand how you can be doing a 506(c) based upon your post.

@Jacob Beemer

I don't know where to start answering your questions.  The hype you must have read about wholesaling must be inconsistent and have a lot of holes.

Based on how much you don't know, you are a danger to yourself.

You can't learn wholesaling from blogs.  Partner up with someone who knows what they are doing as a bird dog to learn wholesaling.