All Forum Posts by: Winston Spence

@Nichole Gabriel

No hard feelings. If that's how you connect with JESUS, who am I to judge. It irked me the wrong way logging on and the seeing the title the way it was, I misunderstood and for this I apologize. Happy to see that you are succeeding in real estate. All the best!

@Nichole Gabriel

Congrats on getting your business to the point of making offers. I wish you the best with your real estate journey. Not trying to be critical, but do you have to use the name of JESUS in that reference? I know your excited about growing your business but couldn't you have chosen a different post title? Just something to think about next time you post. Again I wish you all the best!

@J Scott

I was hoping no one was going to call me out on that lol

You do make a lot of good points about landlords being in trouble if their units are not rented. Also, automating a real estate business changes everything from a rehabber's point of view since there are properties being sold on a constant basis.

The only reason why I think landlords would be in a better position than a rehabber is buy vs rent. Now this is a debate all in itself. IMO, depending on the market, I think it's easier to get a property rented than sold, not to mention all the tax advantages that goes with being a landlord.

IMO, being rich for example, is a rehabber who fixes and sells properties and brings in more capital on a deal by deal basis. If the properties stop coming in, then that rehabber will be living the money already earned. Being wealthy is the landlord who receives cash flow each month regardless of whether another property is purchased. I also think a person becomes wealthy the minute they don't have to work a job and the assets currently owned brings in more than the expenses of that person. Any more is just adding to their net worth. Just my two cents

@Gustavo Kehrt Kehrt

I'm 20-years old and I still trying to make my ground in the business. If I were you, I would start educating myself on wholesaling real estate. This is the easiest way to get started for someone with no experience, no skill, and no money. Search BP for info on how to market for motivated sellers, finding cash buyers, REOs, double close and assignment (personally I think double close is better), finding realtors. Also start listening to the biggerpockets podcast as well as other real estate podcasts on iTunes and that will give you a good start. Hope this helps

@Haim Mamane Palman

If I'm not mistaking, you're describing a regular double close transaction. I think you should screen your title companies/attorneys to see if they will use end buyer's funds to cover the whole transaction. As for remotely wholesaling from a different state, if you trust the lawyer/title company that you are using, try to get an agreement that will let them sign and close the deal for you in your absence. Something like limited power of attorney.

Disclaimer- This is not legal advice just trying to help out, best to do your own research and see what works for you

@Mohammed S.

You could try Microsoft Mappoint. Its an advanced mapping system that you can plot individual address, can print them, and also upload files that are mircosoft excel. You can plot out cities by whatever price range you want it's kinda cool. The reason why I don't use it is I'm still a wholesaler building capital and I think thats geared toward rehabbers or investors who like to plot out their strategy. They have a 14-day free trial to test it out. Hope this helps

@Mark Ferguson

Thanks for the sound info. Since you probably put in a lot of HUD offers and the real estate market is a sellers market now, what percent list price would you bid? The property is priced at $60K, hoping to get it under contract for $57K and doing a quick flip for $64K, $7K profit. There will be a fair amount of bidders, in your experience would you stay at $57K or go up? Thanks in advance

@Nick Miller

Podcast I listen to are:

Biggerpockets- Interviews real investors and explains their business model

Real Estate Guys- Explain the world of real estate such as development, private money, what to look for in a new market, tax advice, legal protection, etc...

Jason Hartman Creating Wealth- talks mostly about the economy and what it has to do with income investment property

Lifestyle Unlimited- explains the single family business model

The Peter Schiff Show- explains economics

Sean Terry Flip 2 Freedom- explains wholesaling and adds motivation

Matt Theriault Epic Real Estate Investing Podcast- explains mostly wholesaling, as well as other things such as rehabs, buy and hold, some motivation

@Mark Ferguson

I know that your a HUD realtor, quick question for you. I'm trying to get a property under contract on the first day it's available to all bidders. I tried to bid on a property like this before and my realtor told me we cannot bid until the status of the property changes. So we waited to bid a day after the deadline to allow the computer to change the status of the property but it was off the market already. Question is did the property go to owner-occupant or somehow an investor got it? Hope this makes sense