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Ryan,

Thanks a million for the links you posted. I just finished reading them. Excellent information :superman: . As Robert Kiosaki would say,you have just expanded my context (possibilities) and my content (know how). I never thought about wholesaling 100 houses in a year. I get goose bumps just thinking about it. When I reach that volume of business I won't care about rehabbing any more. The only reason I can see myself doing a rehab again is if I can't move one of my wholesale deals for some reason. The reality is I don't like rehabbing much. It's a headache. If I can make that type of income wholesaleing I'd rather just skip the retail side all together. After my cash income needs are met I can move on to my long term goals.

Part of my ultimate long term ("why") goal is to live very comfortably off 10% of my income, sow 50% of it into causes of my choice, and use the other 40% to build a large inheritence for my children and my children's children. I can visulize a little over 17 thousand units across the country with less than a 10% vacancy rate, netting between 100 to 200 dollars a month per unit. The units should net even more for future family generations. That feeling is beyond awesome.

Now that you have stretched my context into 100 there's no way I can shrink it back to 9 or even 20. I feel the need to set a goal for at least 52 deals a year. That's an average of 5 per month. In an earlier post you stated that wholesaling is based on certain principles. 1.) Finding deals 2.)Your network of buyer investors. The easiest and cheapest way I know to find distressed property is the MLS. The problem with that is the bank/REO sellers always want to dictate which title company you use. The title company seems to have a definate alligence to the REO/seller in the transaction. I've never tried to get them to do a double close. I know my own title company will do it. I would love to do a double close, I just don't know how to pull it off with a bank REO. My next choice for locating deals would be combing the classifieds every day. Next would be working vacants, then bandit signs and door hangers. Later on I'll need to set up a direct mail farm and a yellow page ad. I guess I just need to use three or four good methods to start and use them"consistently and persistently". I'm unsure about what my ratios should be in order to hit my target goal. Which methods should I make highest priority and how much of each should I do? I need to change the habit of just relying on the MLS or waiting on REO list agents to call me.

I have made a commitment to join my two local REIAs and be at EVERY meeting to network. The biggest one meets once a month and the other meets once a week. I will also run a blanket ad in my major newspaper.

I have to admit that I feel a little confused and overwhelmed right now. I assume it's normal and will pass after I've closed my 25th deal sometime around May or June of 07 :D . By then I should be familiar with the systematic process. If not before.

Is there anything else I should be asking about?

Thanks again.

Shalom,
Isaac

Hi Ryan,

That's a really good question. I regret to say that I really haven't put a plan together yet. I just know I want to do alot more deals. I'm so glad you responded. Now my probability of reaching my goal just went up. :D

I want to focus more on wholesaling to get my cash reserves up. One thing I feel I need to do is run an ad to build a better buyer's list. I was also thinking about registering three more LLCs so I can do an assignment of member because I'll most likely want to assign some bank repos. My brother-in-law trust me enough to give me the whole amount and close in my name and then just quit claim title to him right after closing. I don't think a stranger will do that so I need to find another way that will work with REOs.

A wise man once said "Where there is no guidance the people fall, But in abundance of counselors there is victory." In light of this fact, please, tell me what you think my plan should be.

Shalom,
Isaac

Hello All,

I'm new to this forum but not totally new to real estate investing. I live in North East Ohio and I've been a lic. real estate sales agent since 1998. I just recently started buying and selling property for myself. So far I have did a few wholesale deals and a few retail rehabs. This year I have rehabed 3 houses and sold 1. I have deals on the other two and they should be closing soon. I have wholesaled 3 properties this year also.

My goal is to triple my numbers in 2007. I hope this forum will be a good place to bounce ideas and get honest feedback. I look forward to participating.

Shalom,
Isaac