All Forum Posts by: Larmon Cummings Jr

@Benj Ecker

Welcome to the BP Community. As mentioned already, there are lots of great resources available to you here on the site. If I can be of any assistance feel free to reach out. Good luck.

@Jacob Lyons

Welcome to the BP Community. There are a variety of meet ups throughout the city, and there are wholesalers that host a lot as well that are specifically geared towards wholesaling. @Brie Schmidt hosts a great meet up on the north side, and I would recommend checking that one out. There are always a lot of great people who come out-both experienced and newbies. Hope this helps, and let me know if I can be of any assistance. Good luck

Thanks everyone, lets all keep pressing forward and doing more deals....

@Jason Chen Not an Audi lol, this is my Dodge Ram truck.

@Jimmy Cantave I always get sellers that say do not call them, and I try to be respectful of that. With that being said, I won't follow up with those individuals that often, I will usually move them to a 6mos-1yr follow up schedule. You have to remember a lot of these leads may be going through some very stressful times, so when you call it might be on that one day that they're upset, or mad, and may not just want to talk to anyone at the moment. They still may have a property they "need" to sell, so I wont just forget about those leads. I had a few leads in the past that told me not to call them back, and I ended up reaching them down the road and they thanked me for not giving up on them and for calling them back-ended up getting a couple of deals from those as well. At the end of the day you have to just remember that this is a people business, so you have to be able to deal with a variety of personality types. Always follow up, never throw out those leads because as I mentioned, a "no" today could easily be a yes down the road. Hope this helps, and good luck out there. :-)

@Roland Paicely

Lol, I know I can get long winded :-)

Hello BP Community,

Just wanted to take the time to share my experience on a deal that I just closed recently. I wanted to share the experience on this particular deal to maybe motivate someone out there to keep going, and to show the value in being persistent and always following up. Now I do not share this to brag at all, I am a very humble person, but the objective here is to illustrate how important it is to always follow up with your leads, even when they constantly tell you no. I mentor/partner with a handful of newer investors and I constantly stress the importance of following up on a regular schedule with the leads that come in from our marketing campaigns, so hopefully this speaks to someone out there. I will try to be brief.

This particular deal came from one of my campaigns that I was running on my own, targeting absentee owners with high equity over the age of 65. This criteria is used very ofter by wholesalers in my market, and the particular zip code this deal came from is very hot right now. This call came in towards the end of last year and the seller was looking to get $50k for the property. It belonged to her uncle who passed away and he left it to her and two other relatives that lived in different parts of the country. The property was not in bad shape, very outdated, and it needed to be updated along with some other repairs. I estimated it would need close to a $50-60k rehab budget. When I went on the appointment we walked the property and talked the entire time, most of the time not even about the property. She was an older lady, very nice, and we really established a good rapport that day. I told her that I would send her the offer later that evening. I sent an original offer of $35k +buyer pays all closing costs. She was ok with the offer, but the family members who lived out of state she explained had a real "emotional" attachment to the property since it belonged to their now deceased uncle, so they said they would need time to think about it. I told her that was fine, and that I would follow back up with her. 

Each month Podio would send me a reminder to give her a call, and everytime she would tell me that her family was still thinking over my offer. I told her I definitely was not going to pressure them into making a decision, and would just keep touching base with her to see if anything changed. Several months went by with me doing this and after about 6mos she said her family wanted to know if I could possibly come up on my offer some. I told them I could come up to $45k with the same terms and they finally agreed. I was excited that we were finally moving forward. What I didn't know was that one of the family members lived in a very rural area, was elderly, did not use email, and had a PO Box that she only checked once a month. Getting the documents signed from their attorney took us an additional 3mos to complete. 

After about 10mos of chasing this one deal we finally had the contract signed by all parties and it was time to schedule the closing. During this time I was pretty confident that the deal was secure, so I sent it to my main VIP buyer for $55k. He said the numbers would be kind of tight for him based on what his contract would charge to rehab the place, so he would pass on this one. This was earlier on when I was working on the deal. Once I finally got the fully executed contract back, I sent a text to another one of my buyers and she wanted it immediately. We agreed on $52k sight unseen, other then the picture gallery I sent her. I focus on building relationships with my buyers, so they have trust in me that my information I give them is accurate and they know I am very honest when describing the condition of the properties I send them. I assigned this contract and we closed this deal a couple of weeks after that, and here is my paycheck for this deal. Not a bad payday for consistently making a quick call once a month..... 

I shared this to really emphasize how important it is to constantly follow up with your leads that come in from your marketing. A NO today definitely is not permanent, and I take that as only meaning NOT YET. Always make sure you have a CRM that will give you constant updates to remind you to stay in touch with your leads. People spend a lot of money on leads, and they rarely keep in touch with them after speaking with them a few times. I am still following up with leads from campaigns 2-3yrs ago!! Hope this motivates/informs someone out there , and I hope you get more deals from your campaigns. Good luck out there, and stay blessed. 

@Idris Lawal

Hey, if you come across any good deals on the south side of the city and south suburbs, no war zone areas, I would definitely be interested. My email is in my bio. Look forward to hearing from you. Thanks in advance.

@William Kelly no problem, glad I could be of some assistance. Feel free to reach out if there is anything else I can help you out with. Good luck

@Van Blackman Thanks, I appreciate it. Same to you.

@William Kelly

There are several different ways you can get the money. There are hard money lenders, private lenders, crowd funding, etc., just a matter of you building relationships and finding someone that you can have a steady stream of funds available to you when you find good deals. I have a private lender (my attorney), so whenever I need cash its easily accessible. Now this didn't just happen over night. He seen me consistently doing deals, and since he had a lot of money just sitting in the bank not really earning much interest, he approached me to see if he could fund my deals-the partnership was born from there and we've been doing great business together ever since. This is beneficial to my business because I do not have to go through a long drawn out application process and other steps lenders that do not know me will want me to go through before funding my deals. The first deals you do you may have to JV with someone, or find a way to make it happen yourself. After getting a proven track record, believe me, the money will find you. Hope this helps. Let me know if I can help in any way that I'm capable of. Good luck

1405 E. 75th St.

Chicago, IL. 60617

-Asking: $65k
-2bd 1ba --Unit #2 ($800/mo)

-3bd 1ba --Unit #1 ($1,000/mo)

$1,800/mo Gross Rent!!!

-Garage (New 2010)

-1st-floor rehabbed 2013

-1st floor furnace (New 2017)

-2nd floor furnace (New 2016)

-Roof (New 2015)

-Both tenants on MTM but management is working on - them signing new leases

-Landlord floor pays gas & electric for 1st floor

-Tenant gas & electric on second floor and garage is included

-Back yard is fenced and gated

-Common area consists just of an interior stairway going to second floor unit.

ACT FAST, THIS WILL NOT LAST LONG!!! THE FIRST ONE WITH A SIGNED CONTRACT AND EARNEST MONEY GETS THE DEAL!!!!

We have equitable interest in the property and we are selling our contract.

Cash or private/ hard money only. We have lender referrals ready to lend- contact us.

Buyer pays ALL closing costs which include transfer taxes, title insurance, and title company fees.

Buyer will receive taxes prorated at 100% with a free and clear title. Property being sold "As-Is" with no warranties by Seller.

Please do all of your inspections and due diligence up front before contracting. PLEASE DO NOT DISTURB TENANTS.

Realtors add your commission to the price.

Proof of funds required for viewing.

Do you know someone that would buy this deal?? Please forward this email as we do compensate for referrals.

If you have a property you want to get rid of, want a quick sale, and need a buyer-contact us today.

For showings email: [email protected] or text (708) 304-3129