All Forum Posts by: Account Closed

Chasing NOD's is effective when they alert you early in the default.

Not sure how it works in the Commonwealth. Typically, NOD's come out within a few weeks after a default in Deed of Trust states vs. Mortgage states.

Nevada is a Deed of Trust state.  Ohio is a Mortgage state.

In Nevada, you know about a default early.

In Ohio, you learn about the default late. The NOD in Ohio is filed about the same time as the foreclosure action or even later when it is closer to sale time (if at all), long after the owner first defaulted. Foreclosure actions take up to 1-1/2 years here, so guess how much "baggage" you have to overcome to make a deal by then?

In some states, publishing the NOD is considered a violation of privacy laws and not published at all. (I think Texas is one of those.)

To avoid wasting your energy and time, find out how all of it works there in Virginia before investing any more time chasing NOD's.

On-line where? What is it you are wanting to do exactly from a business perspective?

San Antonio is a great market for wholesaling.

Start as a bird dog for an experienced wholesaler.  With the limitations you have listed, you will be wasting your time trying it on your own knowing nothing about wholesaling other than what it is.

@Account Closed

Most of the classes to get a license are useless as far as learning anything about investing in real estate.  They are designed to get you prepped to sit for and pass an exam to get a sales license.  Specifically, they are designed to teach you the laws you need to follow.  The exam is to make sure you learned them before issuing a license.

That being said, getting a license might be a good thing for you as a nanny.  You will be able to list properties and get paid a commission when they sell.  A lot of the listing work is done over the internet anyway, something you can probably do while you have a break in your nanny duties during the day.

The majority of properties brokered are co-brokered, meaning another agent is involved. That means the full time agent will find your listing on the MLS, show his or her client, and if the client wants it, write it up and present it you to present to the seller. Seller agrees, you have a deal and will get paid.

Connect with a guy named Kent Clothier in your market.  His operation does a lot of fix and flips in your market.  By a lot, I mean in the 100's.

You don't need a business license to work on your own stuff.

You might want to form a LLC to do what you want to do for a lot reasons, though: favorable taxation and limitation of liability to name two.

If by "buy and sell in order to generate cash flow" you mean wholesaling, understand that the materials you read or heard were designed to make you aware of wholesaling not teach it to you.

If you mean you want to fix and flip (rehab), based on your construction background, that may be a good direction for you.

As an experienced wholesaler, someone like you would make a good partner for me in my market.  The paydays rehabbing and reselling (or renting) are much bigger than they are wholesaling.  The problem is that today's market is a market of specialists. Difficult to run a successful wholesaling operation and successful rehabbing operation at the same time. 

Suggestion:  find an experienced wholesaler in your market who wants to fix and flip and create a working arrangement and profit split.  For example, the wholesaler finds and finances the deals, you run the rehab, and you two work out a profit split on the back end.

Understand that in the beginning, since you are essentially acting as the contractor, you are probably only entitled to a contractor cut - don't expect a 50-50 split when you someone else is putting up the capital.

Welcome, Tom.

There are some institutional wholesaler buyers active in Sacramento that buy tapes of properties.  Find the niche where they are not active.

@Jay Hinrichs

Suggesting we change the tone of the conversation in this thread from admonishing and scaremongering is not policing.  It is suggesting we make it positive, encouraging, supportive, and constructive by helping people get an idea of what to do, not what not to do.  I certainly didn't mean to offend your delicate sensibilities (or even be hypocritical, although I can understand how it may have come across that way re-reading).  

In my experience having owned, building (and later selling) successful companies, and more specifically, a team in those companies, people respond well when they are shown the right direction rather than being told to avoid the wrong direction.  The problem with being told not to do the wrong thing is that it leaves a void.  They don't know the right thing to do instead. 

The majority of posts I have read are people seeking advice on the right direction not to be told to avoid the wrong direction.  I am suggesting we do that for them.  That's all (and this is my final word - I am letting it go after this).

All this talk about Big Brother coming down on wholesalers emphasizes three words more than ever:

Get Properly Trained

It's the ones who don't know what they don't know and run out trying to wholesale after reading an ebook, listening to a podcast, following a forum thread, etc. and nothing more that cause the problems for the industry.  They are running with scissors.  

People only complain to the State when they have been mistreated.  Attempting to wholesale (having never done it before) without training or an experienced partner increases the odds of mistreating people tremendously.

Notice to those who "want to get into wholesaling":  welcome aboard and get trained!  Those books and podcasts you read and heard weren't training on wholesaling.  They were marketing pieces designed to get you interested in wholesaling so that you buy whatever training package the author has to offer.  They tell you just enough. 

The better written ones will inspire you to try it on your own. Nothing they want more than for you to try it, get to the "now what" point, and then contact them for advice because you don't know what to do.  That's when they tell you that you have to buy something from them to learn the "now what".  

Dollars to doughnuts, the ones "getting started" who ask the basic questions (like "what contract do I use") here in the Forum have contacted those authors, been told they had to buy something, and decide to get free consulting here on the Forum instead.

This is not a rail against the authors of those media materials.  In fact, it is applauding them.  That media did its job!  It created interest.  Now that you are interested THINK about the right action steps as a result.  (Notice that Napoleon Hill's famous work was title THINK and Grow Rich, not "ACT and Grow Rich".) 

You might be able to figure a few things out and have a deal or two work out on your own from just those marketing pieces...even a blind squirrel find an acorn now and then.  However, if you want to truly enjoy success wholesaling, perhaps the place to start is with some basic training and/or partnering/bird dogging with someone who knows what to do.  That's the reason pilots start as co-pilots.