All Forum Posts by: Wayne Woodson

Nashville

...just saying

Here is the info on Montelongo

www.johntreed.com/Reedgururating.html#ancho...

and 

Carlton Sheets

www.johntreed.com/Reedgururating.html#ancho...

Apparently Armando’s brother David Montelongo and his wife Melina filed Chapter 7 (total liquidation) bankruptcy in May 2013 claiming $31,000 in assets and debts of $600,000. The bankruptcy petition said they own no real estate and live in rented apartment.

Among other troubles the Montelongo brothers were in litigation against each other.

How many of you guys want to learn how to flip houses from guys that own no Real Estate and have $31k in assets? I also have some ocean front properties in Tennessee I will sell to you.

I have experienced this first hand and yes most Brokers and Agents are bias against part time agents anyone who tells you different is a lair. From a business standpoint I think it is very stupid and foolish because most agents start off part time. 

So imagine being unemployed and living on unemployment then forking over $1,800 to $2,000 to get your license THEN having to pay out $200 a month for desk fee's MLS access and more. And people wonder why most Real Estate Agents either quit or go Broke.

I have also heard horror stories from other part time agents at these large first being given the run around. Other agents abusing them and even other agents cutting them out of deals and/or taking their clients. My advise is to go with a local mom and pop broker and stay away from the large firms as a part timer. Yea they may not have the education or marketing mussel as the big guys but that what the library and internet is for. Also you may find the commission split to be higher as well ; )

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