All Forum Posts by: William Williams

Let me go cool off Antonio and I will get with you. Got a lot to say. Great experience! Somebody Stop Me! As The Mask (Jim Carrie) says SMMMMMMMOOOOOOOOOOOOKKKKKKKKKKKKINNNNNNGGGGGGG!

OMG!!!! $%&^$%&$%&!!! TWO TIMES I HAVE WRITTEN A BOOK AND BOTH TIMES I HAVE MISTAKENLY HIT THE BACKSPACE KEY AND LOST IT!!!!! NUNDESCUT! >:-{

Antonio, I am going to my first REIA meeting tonight at 6:30. I will ask this question. I will reply when I get back. The answer about the comps is "...pretty well". I will begin doing it myself soon... and will update you. I was always in the ballpark though. Usual rule-of-thumb was folks would ask about 10% higher than what they would settle on. So the sale price would normally be 10-15% less than listing price. I suggest you spend some time in the area and try to find some for sale by owner (FSBO's) signs, and realty sales signs. Give em a call and just ask what this is listed for. If they ask to look at property? Tell them your not interested in looking at the properties at this point. What are you looking for? Well I am just looking at few areas to live right now, not ready to make any moves yet, just want to know what it is listed for. Just keep calmly asking for the list price... you will get thru the sales stuff... Now at this point after obtaining the list price, if you are so inclined and you feel you can... ask so how is the area is that list price pretty much what to expect in that area? How long has this one been on the market? I noticed that there are a bunch of empty houses, I am not comfortable with that, whats up with that? You know what I mean Antonio? Build a rapport if you can, you will sense it. People love to talk so get em talking. Just get him/her to talk and you can get a lot of info you need without feeling like you have to let em know what your doing... you will scare em off that way. Only disclose stuff like that in closings and such. Just be yourself and learn the gift of gab... :). Your going to need to learn how to get a thick skin and let stuff roll off you like water on a ducks back and look forward to listening talking to folks and seeing how you can help them while seeing how you can help yourself as well. Especially if you are going to remain in wholesaling and pre-foreclosures and stuff... Will get back to you Sir!

Antonio, I am a newbie, so take what I say with a grain of salt (it might hurt a little) but I sincerely understand you and just want to help and encourage you Sir!. It seems to me that if you put together a good deal having read, understood, formulated a plan, and then implemented the plan based on the fundamentals of a good deal which I am sure you can find on BiggerPockets.com, then “They will come”. The buyers will come and they will come again.
If the buyer is a rehabber/flipper ask them about the realtors they use and if they would introduce you to them.
When dealing with sellers, you are dealing with families and people’s livelihood. If you are not certain of what you are doing, you could really put them further in a bind if you tie up their property for a couple of weeks and then pull out because it was not a good deal.
Do your homework before you ever go meet them. Once there, sincerely find out their situation, just listen to them for minute or so before you discuss business. They are folks like you and me and they are in fear of losing their home, their credit, etc. You should already know what you are going to offer before you go there. You should already know this is a good deal.
If you are discussing properties with buyers or realtors and you do not have an equitable interest (a contract on the property) then you are acting as a real estate agent without a license.
It is possible that most realtors see you as a lawsuit or train wreak waiting to occur and do not know how to just be straight up honest with you, or they have tried to be, and you are not listening.
Trust me I’ve been there. Years ago I wanted to be a real estate investor, I made a deal, I ended up being foreclosed on. I can feel your enthusiasm and zeal. I am just saying be sure you understand the fundamentals of a good deal and how to perform your due diligence and how to not hurt yourself legally, financially and most important of all how not hurt the ones you are trying to help.
A good deal is the whole package. A fixer upper in an area that has not had recent comps in over 6 month in my opinion (IMO) is not a good deal.
If I wanted to comp an area without a realtors help, what I did back in the day was, I would go to three or four homes in a 300 yard to one mile radius, no more than that. I would look at like properties (i.e. single story 3bedroom 2bath 1700 sq ft). I would look for sale signs and get the flyers, I would look for pending sales and sold signs and call and ask how much it was selling for or how much it sold for. I would ask how long the home has been on the market or how long the home was on the market (it HAD to be 90 days or less). I would look at the condition of the home and whether it was remolded etc. You can get a good idea of what the market will bear in that area…
Don't worry about real estate agents. Relax, read, go to the wholesaler's forum and read, go to your local REIA club and listen and watch, be yourself, keep your eyes and ears open.
You will prevail. You will put together a good deal, “They will come”!

Ryan Nguyen Welcome to BP! You've come to the right place! I too am just starting out. I introduced myself to BP yesterday.

I often told my children (all Adults now...) "I do not believe in luck…" “What I do believe in, is preparation meeting opportunity, which gives the appearance of luck..” William W.

I appreciate your question since the comments from those that are currently doing what I want to do have even further encouraged me to keep preparing…

Ben Leybovich's comments “If you answered because RE is cash intensive - you are wrong. Mostly this is because to play real estate requires knowledge, and lots of it.”
“RE is the only game in which having lots of money does not guarantee success, and having no money does not prescribe failure. Happy studying...”

Brandon Turner's comments “'’The Unofficial Guide to Real Estate Investing" - which I wrote a review on here which taught me a lot about making a plan, and then following that plan”
““Rich Dad Poor Dad””
“I think it's important to just begin with reading a lot, discovering what you like/don't like, reading more on the stuff you do like, building a plan around that, and then working your plan.”

It gave me information on more books to buy and study in order to build a plan I am comfortable with and then go and work that plan. It speaks of knowledge and patience and of formulating a plan then implementing the plan.

Solid advise as far as I am concerned.

Joshua Dorkin's comments gave me search phrases to look at in the forums: what are good deals; how to identify changes in market; what are the fundamentals of a good deal; etc…
I too am interested in wholesaling. I have been reading for a couple days now and I am already beginning to formulate a plan. However, I am going to test this plan at local bars with my new found friends from REIA..

I am certain that guaranteed success requires knowledge, preparation, a plan, and then implement the plan.

GOOD STUFF everyone!

I got tip from Tom A. (I modified it some…) I took the Guru references out of it…
- Join your local REIA, attend regularly and talk to the people there (~$150 - $200/year)
- Take some friendly local buyers, attorneys, realtors, wholesalers out to lunch/dinner/drinks ($50 per "date")
- Buy some good RE investing books (can find references on this site) ($5 - $20 each, used or new on Amazon)
"Seek and

Anyway, I have a lot to learn. I am going to research the forums; learn; and resources; sections of this site. I need to learn how to set up my business, market for buyers and properties, operate in real estate as an investor and not an agent while not hurting myself financially, or legally, as well as others. I've already ordered books Tom A. recommended and will be finding and joining a local REI Club in my area. I hope to be asking questions and participating actively in the near future.

LOL!!! Oh I needed that! I am sure that you are correct that is why I laughed to hard along with the tell it like it is truth. That is always refreshing to me. So starting with marketing and finding buyers, then finding the properties they want is a good start right?

Hey Ned,
And everyone that has replied thanks!
Now please know that I have just recently heard the term "wholesaling and reverse wholesaling" from the seminars so it is just from the notes I took.

The Wholesaling Process: 1. Market for properties; 2. Evaluate to get best potential prospects; 3. Complete due diligence and arrange meeting with seller; 4. negotiate price; 5. put under contract; 6. Market and find buyer; 7. show property and sign contract to sell property to buyer; 8. go to closing

The Reverse Wholesaling Process: 1.Locate active cash buyers; 2. Build trust with active cash buyers; 3. Understand the properties your buyers want; 4. market and find those properties; 5. then put under contract, show, sell to buyer.

Hey everybody... I found some good no nonsense advice from a Tom A. on this site while researching Fortune Builder. I felt I would get more so I joined. I would like to start in the wholesaler/reverse wholesalers niche. Please go check out my profile which explains me a little bit and please disregard the geeky, nerdy, goofy, pic... hey I can't help it... that's just what I am... :).