All Forum Posts by: Ted Phelps

thanks Ken! And maybe I did not come off correctly. I am using some realtor help to get an idea of what is out there and to start property searching to get a baseline of what is in the area. I will be finding properties off the mls and on my own. I am now understanding that they can be put under contract with very little money down. Which is exciting! Thank you all for the input.

awesome job!

thank you!

Thank you so much for the info! I am not sure about our house we close in may. We don't even own it yet! we paid 161K and it came back appraised at 165K so its a start. I am hoping to try the note selling or send it down the line to another investor for a smaller prophet. I would like to get a small fund started with a few wholesale quick deals to fund my bigger entry as a part time wholesaler and/or fund my start to become a realtor! I joined the Milwaukee REI at the April meeting! That is how I am meeting all these great people! I have not met any hardmoney lenders but I am sure there are some at the Milwaukee REI meetings I can find. I will double check with the realtor I am working with about what the search includes. We set it very broad to start and I will narrow it down to what I am looking for as I go. Thank you again.

So I am getting excited about my first wholesale deal and I am working on putting the pieces together. I have 3 or 4 interested buyers in my area and 2 or 3 realtors to work with. I am still working on what options for finding said wholesale deal I want to pursue but so far driving for dollars and keeping an eye on the MLS and having a realtor who works with investors set up a search for me on distressed and foreclosed homes in the Waukesha, Jefferson, and Milwaukee counties. This will help me get my feet wet and I can crunch numbers on as many as I can to get a idea of what is a deal or not. So a realtor I spoke with told me I needed a pre-approval letter or a proof of funds letter to get into a house. How do you do this if you want to wholesale? I just bought our first home and I do not think I will be able to get another FHA loan pre-aproval. Can a hard money lender get a proof of funds letter? what do other wholesalers do about this? Thank you in advance!

Ted

got it. I will see what I can do!

I am new and just getting into investing and wholesaling but I would love to help if I can. Anything particular you are looking for?

I could not copy a link but the general meetings are the second tuesday of every month

Thank you John. Right back at ya with the town name. And DFTBA got it.

Paul, thank you so much for the great information. I will be looking into this. I am also looking at attending a madison area REI group meeting as well next month.

Ashley thank you. And De Pere! Its about that time my spidey senses are telling me that the walleyes are running soon. I fish De Pere almost every year about this time. I hope I can get up there soon!

I attended my first REI group meeting last night in Brookfield. I also joined! It is a massive wealth of information and people and the speaker was so informative. I was a bit nervous going alone and not knowing anyone but everyone was so friendly and helpful. Not to mention good snacks and cookies! I just want to encourage any other rookies who have not gone to a local meeting to attend. The first one is free! No worries. In the one that I attended I found possible Realtor training with 45% off class material and a waived entry fee and a great home depot pro deal. And I was pretty shy and didnt talk much. I cannot wait to get more involved and start making some real contacts to help me launch my investing career.