All Forum Posts by: Larmon Cummings Jr

@Alex Bok Hey, just sent you a message. 

Property Address: 6241 S. Washtenaw Ave. **Chicago Lawn Area

• Brick Bungalow, Built 1925
• 3bd 1.5ba
• 1,200 sq.ft
• Full U/F basement
• 2ca Garage

Asking: $55k

ARV: $155k

Repairs: $50k

Dropbox Link To View More Pics:

https://www.dropbox.com/sh/rmh2524enshv89b/AABK7jWOr80y2KX9Z22nU5kva?dl=0

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.

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

A lot of "newer" wholesalers really don't understand the process in doing a CMA, so yes, you will get some that "wing it" and toss out a number that is probably way off the mark. I know this because I was that new guy before, and I knew to help me get better at this I went to get my license-which I always recommend to newer investors. If you're gonna be in his business you have to be willing to invest in educating yourself. What also helped is me sending someone what I thought was a deal, and them taking the time to show me how to pull more accurate comps and that helped me get better. Let's use some of our experiences to teach someone and not just bash them and crush their spirits. Taking the time to show that one person could transform into a great business relationship down the road. It definitely did for the one guy who helped me when I was new, now we have several deals under our belt together. Always keep in mind that the new guy who is uninformed and lacking knowledge won't always be in that position, the experienced investors didn't get there overnight.....

@Jonathan Frausto

Had a similar, not exact same, situation in the past with paying the $650, them taking too long to get the BPO completed, me getting frustrated and deciding to just wholesale the deal-I actually got half of my money back though. The no phone line made communication with them a very slow process, and if your personality type is like mine and you are moving at a fast pace, then this also will be frustrating. There are HML all over the place, just take the time to research them before paying for any application fees. I unfortunately just had to eat part of my fee and move on. The best option is to locate a private lender, take them to lunch and detail your experience of what you've done and what you plan to do, and see if you can get them on board to fund your deals. My business has been much stronger since I made that connection, and the ease in getting my deals funded is much easier. I've removed all of the application fees, BPO's, and other items that can really make the process more tedious.

@Bamboo Tran

I agree with @Nick C. in saying that you have to bring value to an experienced investor or you may not get much feedback on your mentor request. New wholesalers are in abundance on this site, so you have to set yourself apart from that bunch to let people know you are serious.  A few of my own suggestions for you:

1. You should set up a profile picture for your account. This way people can put a face with who they are talking to. May seem unimportant, but definitely will have an impact.
2. You should draft a post using keywords for your particular area, and let experienced investors know that you are hungry to learn this business, and would be open to helping them in their business in whatever way possible. Now I can tell you now that this won't be some of the most exciting work, but with the right person it will be invaluable as it will teach you a lot by working with them. 
3. Start attending your local investor networking events, events that are strictly for networking and not selling programs, and come to those events with a pocket full of business cards and do the same thing mentioned in Suggestion #2. Introduce yourself as being new to the business and are looking to work under experienced investors for free, in exchange for learning this business. Get their business cards, take them out for a cup of coffee, and take lots of notes. 
4. In addition to the above suggestions, be sure to take in the podcasts, read books, the blogs here,  and just make sure you're constantly learning in conjunction with action steps. 

I'm in the Chicago market, but feel free to reach out if you need any advice or if you have any questions. I actually mentor a couple of newer investors in my market and they have grown into team members within my business, but these are people who are very serious about this business and their actions have shown that--this is why I don't mind putting in my own valuable time to help them become successful. Investors here on the site see that exact same post you made several times a week, only to see some of those same people disappear and never heard of again. Show people that you are different, and stand out by taking massive action to learn this business and never settle for the word "NO". You will get that a lot, but don't get discouraged. Just stay persistent and keep putting in the work and you will eventually get results. Everyone had to start from somewhere, and everyone was new at some point. Good luck, and I wish you the best. Let me know if I can help you out in any way. Look forward to seeing you around the site, and congrats for even looking to get into this business at such a young age.  

1405 E. 75th St.

Chicago, IL. 60617

-Asking: $68k
-2bd 1ba --Unit #2 ($800/mo)

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

                              $1,800/mo Gross Rent!!! -Porch (New 2014)

-Garage (New 2010)

-1st-floor rehabbed 2013

-2nd floor rehabbed 2015

-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 pays gas & electric for 1st floor

-Tenant pays 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

@Anthony W.

Hey, whenever you respond you may have to "@" me or I won't get notified of the response for some reason. I am just seeing this, but yes, its already sold. Let me know if you want me to keep you updated on future properties. Just send over your email and I'll add you to my Buyers List. Thanks

@Charles Street

Hey, I'm just seeing this response. Whenever you mention someone use the "@" so it can give them a notification. Sorry about that...this is still available. I just sent you a PM. Let me know when you get a chance. Thanks

5409 E. 13th Pl. 

Gary, IN. 46403

-Asking: $15k
-Rent Potential: $850/mo *(Source: www.rentometer.com)

-3bd 1ba

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.

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

@Ramon Cuevas

From what I've read from your original post and your comments, it seems as if you and your brother in-law provided an adequate amount of disclosures and you made a great profit on the deal--thats great to hear!! With that being said, I don't know the specifics of the deal, nor do the people who have commented on this post, so we can all only go off what you have stated, and like I said, it appears you all approached this deal in the correct manner. Now for all of the negative comments made on the post such as "you made too much money", "you stole equity from the seller", etc etc, I personally wouldn't even pay much attention to any of them. It just amazes me how people troll any post mentioning not only the topic of wholesaling, but Lord forbid you have any type of successful story to share, then you just get folks from everywhere ready to tear you down. As a wholesaler, licensed agent in IL, and also a rehabber myself, as long as you follow the appropriate guidelines and legal requirements in your state, who has the right to determine how much you make on a deal? Thats insane. Its like me taking on the risk of buying a distressed property, rehabbing it and dealing with all of the mess that comes along with doing this, and selling it to a retail buyer and making a profit, then having the retail buyer come back dictating to me how much they "felt" I should have made--the thought is ridiculous. Even on wholesale deals that I do, my buyers that I have a relationship with can careless how much I make on any deal, same as I can careless how much they make when they do whatever they decide to do with the property--I was always taught to never count whats in another man's pocket; its just none of your business. As long as everyone walks away from the closing table with a smile on their face and satisfied, then that should be the only thing that matters. Keep sharing your successes and just know that it will inspire someone, somewhere, and I hope you keep crushing it and building your business into something great. Great job and keep up the good work champ. Stay blessed