All Forum Posts by: Omarwali Jones

Basically could you gain ownership of a home and then immediately transfer it to an end user for profit. Painting a hypothetical. Say for example you obtained a home for 70k no money down through a contract vendee and flipped it to an end user for 130k. Is this possible?

I created a topic inquiring about contract vendee's anyone ever herd of em? As I'm curious to this whole 'no money down' thing myself

Anybody know anything about contract vendee's? a.k.a. 'the paper swap'. I usually take notes and do research at night, and any questions I have I inquire with my father the next day. Lurking the forums hear I herd different things about obtaining, and then selling a property with no money down to and end user. Which made me remember a story my father told me a while back. about how he pretty much did this. When he first got into the game a long time ago. Needless to stay 5 law school grads, and a disgruntled family didn't like the idea that a 'Joe whoever, from Harlem turned real estate agent might be smarter than them. So he walked away with some money but not as much as he should've. So he 'licked his wounds' that day. He also told me a story about another 'Zeus level' agent lol here in NYC Philip Pilevsky. Who now teaches from time to time at NYU who did the same thing once upon a time. Except he got away with it and made about 3mil plus his brokers commission! The state did try and sue him for 350k in taxes though....still. Here's the pdf linking to his famous court case. My father printed it out for me. Thought I'd share it for those who'd like to see it.

www.nysdta.org/Determinations/813845.DET.pdf

I'm certainty interested in this topic myself.

Hi Eva I got your request an added you. Let's all get deals done before Christmas! :mrgreen:

Hi Kurt, hi Nicole. I'm hear in New York as well, Queens to be exact, and definitely looking for wholesale properties. All the time in fact. Anyone care to elaborate on the "Competitive" part though. What exactly does this mean? My father has been investing here in Queens for about 32 years and all his best deals do come from his connections so i sort of understand what you saying but I'm still curious.

Hello everyone I've been taking this whole Investment thing "serious" for about a week now even went out and bought a tie lol. My name is Omarwali Jones and I am originally from Jamaica Queens NY. My goals are extremely lofty and completely devoid of any modesty. They include but are not limited to a private jet with a water slide....Inside! Various exotic animals for pets, the biggest diamond in the world, 2 Billion, and a pimp cup lol.

My father has been involved in real estate and investment for the past 32 years successfully and I have nothing but the utmost respect for him and his journey.

Although he makes a modest living. He is very "ancient" in his ways and is living strictly off his experience and reputation. Great for him terrible for me lol. Although he is constantly learning he has no desire to learn anything "new" if that makes any since.

This of course is where I come in. Being a child of the "digital age" and all using today's resources and technology I plan to take us and the business to the next level.

Although me and my brother do "dabble" in real estate here 'n' there everyday actually. We both have our licenses and have been "working" out of his office for about 2 years.

Anyways something recently came over me that made me decide I wanted to take Investing very very seriously and become an investor investor for real. I'm talking eat sleep and breathe....so yea here I am.

Me and a friend of mine. I decided I absolutely needed to recruit. Because I consider him to be one of the most intelligent, "business minded" people I know. Have pretty much decided to meet everyday for the rest of our lives lol and talk, plan, study, review, and plot courses of action for all things business and investment related, which we have been doing. Ironically when I initially text'd him about my plans. He told me he was dreaming about investing lol. So that was all the proof he needed.

So far I've read a couple of books. Absorbed more information and technical terms than I should've at least in 6 days. Learned a couple of "important" equations, and pretty much have been receiving crash courses from my father whenever I have a question, and now I actually pay attention, close attention when he speaks.

I've networked somewhat. If you count cold calling real estate offices, and Craigslist investors lol. I've made connections with some people on the phone and have a rapport going with a couple of people through email but nothing substantial yet. I've also turned up various "investors" properties (residentials) all of which my father have deemed crap lol. Plan on calling at least 100 smaller boutique banks tomorrow and inquiring with their asset/management REO department.

Hopefully the people here can lead me in the right direction in correlation with my goals. From what I can tell this seems to be a legit place to network, build relationships, and get "how to" advice if your a newbie so I figured I sign up. :D