All Forum Posts by: Wayne Woodson

As Mark said you have to hang your license with a broker. I decided to just use my license and go out and make some additional money since I was already wholesaling. I recommend the live course because you will hear things mentioned and questions asked that are not in the online course. Also you get to network which may pay off later on. If you want access to the MLS you will need to join TAR or Tennessee Association of Realtors.

I have found out that having a license is a huge cost (somewhere between $1800 and $2000 depending where you go). But you can easily make it back depending on how active you are. 

Once you become licensed you have 6 months to join a Broker or retire your license. In my mind there are only two types of brokers. The big name firms that have great training but suck the money off their agents in commission splits, desk, training fees and other misc fee's. And the mom and pop broker that don't really offer a lot of training don't charge you and pretty much let you do whatever. Guess which one I chose as a wholesaler.

Look the address up in your local tax assessors website and find out who the owner is. Also you can ask the neighbors or use a skip tracing site to track down the owner although it will cost some $$$.

I paid $400 for the "Rich Dad  Stock Success System" the only thing I got from the course was to buy options at least 3 months out. 

So is it worth $10,000? It depends what you do with the information. I would highly suggest finding a local mentor and learning from them. I had a guy offer to mentor me back in 2009 but I turned him down. I wish I could take him up on his offer now but I can't. Me and several other BP members have 1on1 coaching programs that cost waaay less than 10,000 and you actually get real guidance from real people who are really doing the business. 

To add to what @John E. said. At the program just like the Peter Conti seminars all they do is make you call FSBO leads from out the newspaper to get deals. There, I just saved you $10k and gave you advice on how to get a deal.

This is just my two cent but...

Find a small broker that has a office close to wear you live that pays a good commission. Don't worry too much about the training. Make sure they have a mortgage broker they work with (preferably onsite and in-house) and absorb all the knowledge you can. All the "selling skills" in the world wont help you if you can't get buyers qualified and financed. In addition to learning financing side you should read every book on Negotiating and Marketing. I suggest reading "Crucial Conversations: Tools for Talking When Stakes Are High" by Kerry Patterson  and "Guerilla Marketing" by Jay Conrad Levinson.

I offer a 1on1 training and deal split if you PM me I can give you more details. Been doing REI since 2008 so I would say I know a thing or two. My claim to fame is "I don't know everything but I know how to get paid in this business".

I like what @Chris Uhler said but I personally wouldn't start out with $1,000 as a new investor. Really you can start with $25 or $50 a week and scale up from there. At least that's what I did and as I got more confident and got better at negotiating I just scaled up. 

Far too many to count

- Wayne

If I had to guess it's probably your competition going around flagging your ads. Just keep posting and eventually they will get tired or focus on increasing their advertising instead of wasting time taking yours down.

They ask for a $1,000 "refundable deposit". Run, RUNNN!!!!

@Milton Patterson Welcome to Nashville and BP. To answer your question you would use neither the Tennessee or Illinois contract. The reason being is because the state contract is weighed more towards the Seller. You want a contract that is weighed more twords you the Buyer. The one you would more than likely use is called a Purchase and Sales Agreement.

You would put the 5 or 6k on the Hud when you get ready to close. That is if you are ok with the Buyer and Seller knowing how much you will make.