LandCzar's blog

Well it's the end of a 2 week sprint out of the gates for my partner and me. As you may have read we just got started again after taking some time off from wholesaling. We've been marketing for 2 weeks now and we have 5 properties on contract in StL and 1 on the IL side of the river for 6 total. One is a shortsale. Basically September is going to be a very good month.

There are literally so many deals coming in that we have to pull back on our marketing for a bit to get some of these to closing. This is where having a partner has helped quite a bit. He can keep up the marketing side of the business while I close these deals and put cash in our account.

Action Items for today...

1) 2 properties shown (done by other wholesalers)
2) 120 signs dropped off at my employee's house
3) Meeting with 2 potential bird dogs this evening
4) Partner coming by to discuss business tonight
5) Put offers in on 2 more properties
6) Return emails and calls on property in the works
7) Put up CL ads
Post fliers
9) Work on getting our website up

This is a typical Friday for us. It's actually a slow day. We're at the end of a marketing sprint, hence 120 signs being dropped off at my guys house.

Point is when your taking action, building your team, and marketing you can expect a day like today! It's exciting. So much action going on.

It's a busy day so I'm keeping this one short!

Own Your Situation,
Ben

Lowe's Knows...

I made a trip to Lowe's last night. I absolutley love that place. If you are just getting started out in wholesaling you will want to make a trip here or somewhere similar. These are some of the hidden costs you won't think of if you're just beginning. You're first shopping list will look something like below...

Hammer - $25
Hammer - $25
Nails - $8 per box
Lock Box - $30
Stakes - $10 for 25 Stakes

That should get you started. And YES, I did buy two hammers. Let me explain.

Who cares? It happens daily. If you're putting in a ton of offers it won't matter at all. And that is really the secret here...

I put in an offer on 2 bed 1 bath under 800 sqft home that is over 100 years old. It's a wreck. Doesn't need major work, but it needs tons of labor in little things. This guy bought it and made a vague attemt to fix it up before running out of money. In fact I bet he made more of a mess than anything. Everything he did is half-assed and will need redone. It's total crap.

If you are investing in StL feel free to get ahold of me! I would love to meet in person and partner on deals. My partner and I have a good stronghold in this araa and a vast network of locals. We're building a team and we would like for you to be a part of it!!! Just send me a PM!

Own Your Situation,
Ben

Yes you can buy real estate with your 401K. You can borrow against it, refinance with a bank, then pay back the 401K with no penalties. My 401K will only allow me to borrow half of the current value. They use the other half as collateral for that loan against the 401K. That cuts your funds in half! Being young my 401K doesn't have $100K in it.

There is one other option offered by most. It's called a self-directed 401K. You can roll it over into a self directed acount so long as you have a C-Corp or LLC and you can use that account to purchase real estate!

How does the Self Directed 401K work?

1.Create Entity (LLC or C-Corp). Your 401K company will create the entity with the appropriate state.