All Forum Posts by: Wayne Woodson

I just got through creating a wealth building strategy for myself and now want to see if there are any problems with it.

1. Save $1,000 as an emergency fund in a money market account.

2. Pay off all my debts excluding my mortgage (less than 10k including my car and student loans).  

3. At the same time build my credit score using self-lender.

4. Save another $1,000 and invest it in dividend stocks that are also optionable. Write monthly calls on these stocks.

5. Once I have $3,000 to $5,000 then I would get an FHA and get a duplex. Hire a property manager. Live in one half and rent out the other.

6. Get 10 rentals to max out the FHA.

7. Do a 1031 exchange and get a few multi-fam unit 4-plex and apartment units. 

8. Get up to 50 doors and then retire.

Nashville has done pretty well.

4.7 percent increase in 2018

Population of 684,410

Average home price of 254k

This is my unbiased opinion ; -)

I will say from my own experience that Assigning properties is allowed. Just search for a title company with a closing attorney that knows what assigning properties is.

Before this thread gets hammered with real estate agents telling you to get a Real Estate license I am going to give my input. 

1. When doing virtual wholesaling you should start locally and perfect your systems and processes then move outward.

2. I would be very careful about partnerships when first getting started. I have had several and can count on one hand how many have been successful. Everyone has their own way of doing things and sometimes that can cause unforeseen issues.

Just keep learning and push forward.

As others have stated in this thread. You don't need a license to wholesale but boy I wish they would make one.

Nashville for appreciation.

Memphis for cashflow.

Knoxville and Gatlinburg for Airbnb.

My advice is to go to legalzoom.com and pay $100 for a purchase and sales agreement and have them customize one based on your needs. My guess is that you are going to be a buyer in most of your transactions so you would probably need one that protects your interested as a buyer (something that your state contract probably won't do).

The school of hard knocks helped me with my wholesaling career schooling did not. I was an investor long before I was an agent. The only thing you will learn in the Realtor class is state law and what you can't do as a realtor. I will say having access to the MLS helped me as a wholesaler but that is about it. My advice to anyone who wants to be an investor is to read everything you can, hang around other investors and go out and do it.

This is the perfect example of my short-term nightmare in Nashville. Someone using a fake ID and fake contact info to book your listing. Then trashing your house. Then disappearing without a trace leaving you with the cleanup bill.

I would recommend CLI. That is where I got my training. they do both online and live classes. I would highly recommend the live classes.

If I could do it again I would sign up with Keller Williams. Sadly none of the ones I wanted to work at would accept me. Caldwell is the worst. They straight up rub their agents. I don't see how their agents make any money as the desk fees are sky high as well as the other fees and don't even get me started on their split.