All Forum Posts by: Ryan Garrison

I have been using virtual assistants from the Philipines in my REI business for a while, but there are several challenges Filipino virtual employees.

There are a lot of reasons for considering this change, but I wanted to know if any of you have experience with hiring VAs from Central/South America. 

Was it a direct-hire or through an agency?

How did their pay compare to the Philipines?

Do you have any other recommendations?

I am primarily looking for a Lead Manager and Acquisitions person, but may also look at an Executive Assistant hire.

There is nothing wrong with wholesaling. 

If you are "only" wholesaling, it is hard to get consistent income without a large marketing budget. Most people go into wholesaling because it does not cost much to do a deal. 

It takes a ton of NO's to find wholesaling YES's that want to sell their house for a heavy discount to a "cash buyer" with no proof of funds and no true intention to close on the deal themselves. (That is actually why wholesaling is getting more regulated...but we can save that conversation for a different day.)

I did my first few deals with free advertising. Facebook posts, referrals, craigslist. Then I used some of that money for marketing.

Personally, I only look at wholesaling as ONE of the possible exits. 

I might do any of the following:

• Close on it with seller financing.
• Close on it with a hard/firm money loan.
• Close on it sub2
• List the property as an agent
• And if none of those options work, look at wholesaling it. 
  
• Why limit yourself?
  

Some education, and/or mentorship can give you more ways to monetize each lead.

It is not too far away depending on your origination costs. 

I just got a DSCR (Debt Service Coverage Ratio?) loan that was based on the rental income, and not my self-employed income. The Rate was 3.875. I have a prepayment penalty, but don't plan to sell it for a bit.

If you can qualify individually: One person. 

Every. Single. Time.

Usually, your mortgage guy will tell you to do joint loans...because it is easier for them. 

I wish I had put all of the loans in my name when I was W-2. I had a great income from my job, and her income was not necessary for the loans. If I had, my wife's credit would be squeaky clean from debt. It would leave her wide open to get loans in just her name with her W-2 later on. 

It just gives more future flexibility.

(You are also correct about the federally insured loan limits. I believe you can each have 10.)

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FB Group Page https://www.facebook.com/groups/olyrei/

Join Us!

Whether you are brand new or a seasoned pro, show up and network with other local investors, wholesalers, lenders, agents, contractors, flippers, and more.

You DO NOT have to be some investing wizard. Join Us!

You will be glad you did :)

We will be in the small room near the bar!

It is going to vary a bit depending on your location.  Propstream or Property Radar would be a good start.  You can use list source. You can also ask your title company to send you a list of properties that were sold through foreclosure auctions. 

I have a lot of connections in STL through REI Blackbook. They are based out of there. Agents, wholesalers, contractors, etc. Good idea starting the search now. There are some warzones there so you will want trusted people to make sure you know what you are buying. PM me if you want some direct connections.

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