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Real Estate On my way to a million

Discussion in 'Real Estate Investing' started by 21elnegocio, Jun 15, 2016.

  1. Action Mike
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    Action Mike Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Great to hear updates! After the last few years of what you have done is there a particular part of RE that you would focus on 100% if you had to chose? Like wholesaling, flipping etc.
     
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  2. Dan670
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    Nice work, Sounds like you are busy! I do house flips in my local market and as you mentioned in your market it's hot. Deals few and far between, people willing to bid on anything. Makes it tough for the guys with discipline and minimum return thresholds to be met.

    I have done the value-add multifamily strategy in the past you mentioned. It provided decent returns but the landlord-tenant laws are too in favor of the tenants in my market now. Best of luck and look forward to hearing more.
     
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  3. NadiaZ
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    How did you find real estate investors? I just joined the local Facebook group in my area for investors and I plan on talking to some people on Bigger Pockets
     
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  4. 21elnegocio
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    21elnegocio Bronze Contributor FASTLANE INSIDER

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    Wholesaling, it is a quicker return. You can make anywhere between $5k-$30k in 3-6 weeks. With flips you end up making anywhere between $25-35k in the beginner flipping homes and it takes 5-6 months to sell these homes thats if nothing goes wrong with your contractor or the buyer cancels contract due to repairs they requested and you didnt do.
     
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  5. 21elnegocio
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    I go on the MLS and check pas cash sales in the zip codes we focus in and look them up. Send them a mailer or call them if there phone number is online. Then ask them if they would like to be added to our buyers list. We also partnered up with a big wholeseler who has a ton of buyers, you have to be careful with this one. The small wholeselers might try to steal your deal, big wholesaling companies who see the value you bring will JV with you and they will send out your deals to their buyers as long as you keep them exclusive to them, you just have to sit down with them and talk it out.
     
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  6. 21elnegocio
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    21elnegocio Bronze Contributor FASTLANE INSIDER

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    Update:

    My brother and I partnered up and we have been selling more and more properties. We are at about a little less than $200k on a good month, we are doing more marketing this month to make it to constant $200-300k a month.


    I also started a real estate team, I am not seeing crazy returns on it yet due to all my agents being new but once they get the ball rolling they will start bringing a little cashflow in.
     
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  7. Action Mike
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    That's awesome! Is that $200k-$300k all in wholesale deals? What do you find is the best marketing method for finding deals?

    I am looking in to doing wholetaling in my area where I find a deal, buy it using cash or hard money and then reselling it with no rehab, maybe clean up, cut grass, and that's it. I know of another investor in my state doing this and he is turning about 25 properties a month. Basically traditional wholesaling but with taking ownership before selling to another investor, my state has had some legal issues come up with certain people wholesaling, although they were not managing the process correctly which caused the issues. I guess the idea is if you actually buy it first there is no co0ncern with reselling a property.
     
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  8. papi016
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    What state is this? Because I’m currently in Texas and planning on wholesaling in my neck of the woods.
     
  9. Action Mike
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    This was in Indianapolis Indiana. As long as you follow your state laws its perfectly legal and safe to do just make sure you follow the right process.
     
  10. 21elnegocio
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    Yes all in wholesaling man ! Just deposited $35k (two checks) for wholesale deals done this month, have two more that we are selling on the market like you mentioned. We bough them with a hard money loan and one in escrow that is a wholesale with a $30k profit, it is a porbate that we were supposed to close two months ago.

    The best way for marketing all depends in your city, I know some guys that still do mailers and works fine, some do ads ppc (I wouldnt do this one until you have a solid business) It eats up your money really quick and if you are not putting properties under contract and selling them, it will wipe you out of business really quick. Another mistake I made was market too much (Marketing is key for any business) but you must have the man power to get back to all the incoming calls otherwise you just threw money into the sky all at once hoping to catch it all but since its only one you wont catch much.
     
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  11. GetRichODT
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    How are you going about finding your wholesale deals?

    I’m a flipper in Dallas and trying to get off of looking on MLS. Not many deals there
     
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  12. Gracious
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    @21elnegocio, I'm very impressed with your hard work. I live in London. Would you mind connecting me/ introducing me to that guy in London doing the same thing as you?
     
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  13. Geekour
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    What are some resources or books / websites you recommend that have helped you along the way? Enjoyed reading this thread! @21elnegocio
     
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    Yes! Real estate is not a Fastlane business but it sure does pay to pay your bills, I will continue to grow my rental portfolio. By the end of the year I will have another multiunits. Maybe a fourplex if I get a good price on it. That should make me close to half a millionaire if I get the right price on it. Real estate is a lot of work, but it sure does beat the 9 to 5
     
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  15. ShinyCarlos
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    Hi @21elnegocio,
    where are you now regarding to your goal?
    Your thread is very inspiring, gives me lots of ideas for the futur.
    I have until now bought one formation and I think already refund this investment through an appartment I've bought with a bank loan. I rent it and have a positive cash flow.
    Would you have some books/trainings/other stuffs you recommend in order to get better in this field? Thank you!
     
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  16. 21elnegocio
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    21elnegocio Bronze Contributor FASTLANE INSIDER

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    Contact your local wholesalers, there is plenty of facebook groups. Join the "wholesaling houses full time" thats the best one, pull a list from your title company from pre-foreclosures and sing onto propertyradar. Those are homes with liens on them.
     
  17. 21elnegocio
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    21elnegocio Bronze Contributor FASTLANE INSIDER

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    Not at all man lets talk
     
  18. 21elnegocio
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    Thank you very much man, best books are the podcasts itunes "Real estate disruptors" "The no flipping excuses" and "The epic real estate investing show"
     
  19. 21elnegocio
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    Very true but it is very profitable in the wholesaling world, you can make up to $500k a month if you do it right. We are still working our way up to that amount, we are currently at about $120-$160k a month on a good month.
     
  20. Kak
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    Kak Capitalist Swine Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Complete BS. It absolutely can be.
     
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  21. Gracious
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    Great!
    Can you connect me to that person please?
     
  22. 21elnegocio
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    21elnegocio Bronze Contributor FASTLANE INSIDER

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    Update:

    Deals are still being sold by our company but it gets slow at times, we are looking to expand onto other markets. I have thought about what @MJ DeMarco say son his book. If you are local you will be limited on income but if you do it a national or global business you will be reached. We will apply same model in other counties.


    Does anyone know if wholesaling works in other countries ?
     
  23. Real Deal Denver
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    Awesome thread @21elnegocio

    Keep up the good work.

    As far as other countries go - forget it. I'm in Denver - a super hot market - so is yours - and you have California not too far away. That's enough to keep you busy for 150 more years.
     
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  24. Davejemmolly
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  25. Sampath
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    Excellent inspirational story. Thanks for sharing.
    How is your scaling process coming along?
    I am sure you may have figured your powerful process by now
     
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