All Forum Posts by: Troy W.

@Andrew Holmes

Way to start a conversation...there are some things I can agree with, and on the other hand I can pick apart. For one your fail rate is way to kind. The fail rail actually proven in REI is well over 90% within the first 2 years, as most people hang their hats and step aside. Heck I was almost one of them...and any person that has been in REI has contemplated this as well. To me this a true test of determination, because it really all rely on YOU!

There have been valid case studies of this fail rate. And personally about 3 years ago I called eveyrone that was in my REI class back in 2007...and we each paid roughly 6k to take the class. The total people in the class was 36 people. Total still doing the business in any capacity was 3 Including me. Goes to show you just because you pay for education doesn't mean you are going to stick with it.

You will have to define your rate if success..that's to interpretation.

Anyway, there are 3 types of Investors..and I happen to be all 3. 

Quick cash (wholesaler) and no risk* - well the only risk is your name will be mud if your numbers are not wrong, so repeat business will never be had if so.

Fix and Flipper - Quick Cash - a lot risk, if your numbers are off, CMA's...repairs, etc...you can get your tail handed to you!...I know...I have been there too! Haha :)

Buy and Holder: The Wealth Builder. This is where wealth is made and contant revenue stream is realized when done correctly.

I have buddy of mine that has over 25 properties in Baltimore( I'm about 45 mins away...seems like another state sometimes...just a totally different part of Maryland...maybe because I'm closer to the nation's Capitol DC!).

I personally wouldn't own in city of Bmore if someone gave me a property...well..hmm..let me rethink statement hahah...

But seriously 25 properties..some in war zones, a few near John Hopkins University and Morgan State U... and net profits for him is over 7k a month.

Where we differ is I have 9 rentals and my numbers are the same. But I'm in PG/MO county, where my avg rent is over 2k on all my SFHs. I also have a DC brownstone, that I bought in 2009 semi-regut at the time cost me $535k, rehabbed over $500k, today its worth $1.7MM (3 years ago it  was worth $2.6MM....whew!... come market...turn again baby!) converted 6 unit apt that alone  pays for it self. Rent on each of these units is 3k a month.

My friend and I chop it up (talk) all the time, and compare our REI like a monopoly board... We lol...He has houses scattered all across the board he likes to see a lot of the his lol green pieces ...and I have maybe 5 Red hotels.. And if you know anything about monopoly Hotels rule! Haha...

Bottom line is, our constant bebate... I don't see the reasoning behind owning over 20 low rent properties in war zone BMore..and he doesn't see why I have 9 high end properties (ARV avg. 300K) because of the risk....insurance..etc

So lastly, I beg to differ your statement and will debate you regarding Low Risk=High Returns.

I don't know where you market it is...

But let me tell you...High Risk=High Reward...any day!

Thanks again for the post...

The contract part is the easiest part of any transaction. What I would caution you with is virtual deals period. It's not for everyone. You have to have a trusted resources in that area that will do the homework for you. Demographics, economic trending, CMA'S etc. And because people my know you are an out of towner doing business, they may feel you don't know the area etc, so they can feed you anything and you will take it...even realtors etc.

Now thay I said that....

My 6 virtual deals I needed the following:

Trusted Bird dog* taking pics etc.

Realtor

Contractors

Title Co

Real estate attorney

And a plane ticket...

Etc.

Because laws are different in every state, things are not the same as it may be where I live in Maryland. For instance, in NC where I wholsaled 2 properties...there is no title co, they use Attorneys to close. So my suggestion is understand the way that state does business in there area you are virtual wholesaling.

And I have actually flown to see a few of my deals first myself to get my sea legs with virtual wholesaling, but only after the deal was pre qualified by me first.

Hope this helps your journey...

My day job is Sr. Project Manager for the Government...and I have in my office a frame that says"Don't worry  Buy Real Estate", and it always sparks a conversation. Or when I'm meetings where the ice breakers come up, I mention I ride motorcycles, I play golf and I love my passion which is Real Estate investing.  I have yet to have some one NOT stop me when the meeting is over and ask about .... you guessed it...Real Estate, or I'm invite to play golf, and Real Estate always comes up while walking down the fairways.

I have had 5 deals from me mentioning what I do. And these deals have never came from the person that I was talking to but a person that knows them. They were just the instruction.

@Paul Stephan

@Russell Brazil is spot on

Interesting read...

@Account Closed Good stuff!

@Mark Parzychyou are giving them no reason to call you. Meaning you don't leave them any fruit to go after. Most sellers will stop after the first paragraph anyway.

Change I know you don't live there, "to it appears to be vacant, and because of such may be in need of repairs...and that's ok because I want to by it AS-IS." Yes it's just that simple...

Don't sound like everyone, sound like a buyer, and buyers like myself and others cut out the chit chater...so stop as AS-IS I'm your letter, and end with.

Sincerely,

Mark Parzych

Your phone number

Hope this help

@Rick H. spot on Rick!

@James W. take care of your rental as if you lived there. Make your repairs that need fixing and make updates to your rentals. We should never be judgmental of our renters, as they pay our mortage(s) on our investment properties, and build our wealth.

Hope this helps.

@Dawn Anastasi@Dumitru Anton@Vincent Crane@Ryan Dossey

@Chris K. I agree

@Brian ButterfieldGreat Job,

I use to do videos as well because of how you see on the MLS with e virtual tours, but even I tend to skip the vid and go to the rack of pics that may be shown. My buyers also preferred 30-40 pics, and detail of the house over a video of room by room of the house. But what ever works... go for it!

@Kristy Towson

 I'm always happy to see others paying it foward. Hopefully a lot of newbies or those that are struggling in this business contact you and take you up on your offer.

I wish you well