Carol Stinson's Real Wholesaling Journal. The second phase....WEALTH BUILDING!

I look forward to this one. With what you have achieved thus far the rest for sure will be a delightful ride. Looking forward to seeing the techniques that you use. As with quite a few more here you are sure an inspiration to a lot of people that are newbies such as myself. Thank you.

Billy

I have visited your website so many times, and have gleaned
so much on wholesaling and other real estate information.
Thank you very much for caring and sharing with us all.
I want to also congratulate you on winning the contest,
you're on your way GOD BLESS AND GUIDE YOU TO THE TOP.

George41

carol,congratulations on your new journal and your new life.i've read your first one from the start and i'm sure i'll enjoy this one too.God bless,rob

I have been wholesaling properties since I started my journey. I guess you could say that I am an addicted flipper...LOL! Seriously this fast cash can be addicting.

However I think it is time for me to step out and purchase my first property. This will be another big step for me. I have been so comfortable wholesaling properties that I will have to actually step out of my comfort zone once again and do this.

I have come across so many great deals that would have been great for me but I have wholesaled them all... ! I get them and think about buying and then turn around and flip it because I can get the cash now with no strings attached.

But this next level requires me to take a step higher, a step in the up direction. I am going to take this leap with the next great deal I get... If I don't wholesale it first...LOL!~

carol,i've read your journal and i know it wasn't that long ago you took a step,you know you can do this.pretty soon you'll be like rina people will be sending you flowers to get your business,lol.good luck and God bless,rob

Thank you for the encouragement. Your right it was not that long ago that I started in REI. Only about 16 months ago. I have had much success wholesaling properties since I have this method pretty much down to a science. I just know that if I am going to really start profiting I need to take the plunge and invest myself.

I am ready to do this!

i know you'll do great.question what are the links on your page and will these sites help me?sorry just a little computer stupid lol,rob

Rob the links on my page are the websites that I have created to help others. The one that will benefit you the most is http://realwholesaling.com. I have packed this site with over 300 resources and articles to help people succeed in REI.

Carol, I am also a newbie at this and I just wanted to write to say that all your journal postings, webpages, facebook page and your story has not only inspired me but has inspired me past my fears. I have followed in a few of your steps when I was barely through Deans books and have already gotten a few buyers on my list and have made the leap to join the success academy. I am looking at 2 properties this week and I have to say even tho' everyone and I mean everyone on the DG family website is inspiring and supportive, your story and what you have accomplished has pushed me past some of my fears. So, i guess what I am saying is THANK YOU. I wish you continued sucess and the best year ever!!!!

Nancy

thank you for the info,have to get ready to go look at a fixer upper but i'll check out that site later,thanks again and tell your family hi,rob

You continue to amaze me with your strength and determination. As always I wish you all the best. Continued success.

Sandra

CAROL!!!!!

Good luck to ya lady and I should have an answer hopefully by today

Carol,

First of, i want to say a million thanks to you for all the inspiration & success stories in your investing. You've been so helpful to us newbies, giving us all the ideas you have put in your business.That's a lot to digest i know but w/ everyone helping one another, i believe that we can do this !!!

Greetings of Good Cheers !!

I have created this journal to carry on where my other Journal left off which is the second phase of my REI future. As many of you know I am a wholesale addict. I have been wholesaling 3-4 properties a month at this point and loving the fast cash. However in this second phase which I call "wealth building" I have committed to take steps towards building my net worth by purchasing properties for myself instead of flipping them all.

Here is today's scenario...

I have been implementing Matt's 25-1 strategy and I went through the MLS listings that my Realtor sent me and picked 25 properties that I felt were the best deals and I put offers in on them this morning. In that list there was one property that seemed to be a deal that was basically seemed to good to be true. It was an REO property listed for $63,500 with an ARV of $180,000. I wanted to look at that property immediately since it has only been listed for 11 days and the area that it is in is a HOT Investors area. Great schools etc...

My husband and I went to look at the property and it was pretty bad. Though the bones were good the property needed aprox $70,000 in rehab. The people apparently had a few large dogs that actually chewed the walls, urinated throughout the house and one of the bedrooms must have been a doggy potty room because it was full of dog feces. I mean this place was NASTY! However it had alot of potential to be a beautiful property. The other houses on the block were nice, the area is very deirable etc...

The Question...

I am going to put in an offer on the property for $50,000 and see if they take it. Even though I looked at this house to possibly purchase and flip for myself my wholesaler brain is saying ..."Carol you can wholesale this for $70,000 and make $20,000 Now as apposed to $50,000 later". I know one of my buyers will purchase this without a doubt. If I wholesale I will have no rehab to do, no commitment etc... but then I will make $30,000 less than if I purchased and rehabbed. Which could be 6 months down the line as apposed to 2 weeks if I wholesale.

Ok DG Family, what would you do? Flip or no flip? Cash now or cash later?

i am living on less than paycheck to paycheck and really struggling, so i would take the quick money. 20k would be like a million to me. it would go along way for me. however i suspect you have some money in the bank so i recommend that maybe you could step out and rehab something at this point. just be sure you can afford it if it goes over budget they always do. i wish you there very best in all your endeavours............

congratulations and all the best.

walt d.

It's funny how everyone starts out in REI with a different nitch, a different money making strategy. Each person finds what works for them and runs with it. For me it was wholesaling a way to make cash now because that was exactly what I needed when I started... CASH NOW. I have been using this strategy since I started 19 months ago and have mastered the system of house flipping. It is what I am comfortable with because it is what works for me.

Now I am switching gears and learning other techniques that will get me making cash later. I spoke to Randy yesterday (the contest runner up) and he is willing to teach me the strategy he uses subject to the existing mortgage on a fsbo. Then there is Matt's 25-1 which I have already begun implementing and let's not forget Greg's awesome lease options.

As you can see above there are many strategies of buying houses with no money and never using your crappy credit that anyone can really master one of these techniques like the ones above and build wealth. I started with wholesaling but it is time to move onto something that allows me to go to the next level. Which is wealth building.

Carol, I really think that you should wholesale this property now because if you wait six months to flip this property you may not sell it right away for whatever reason. However, if you know you have a buyer that would be interested in this property as is, even though it is less money now it will be less headaches later.
Also, are you looking to do any business in Connecticut, because I have a knack for calling on agents to get deals done, because I have been working with a shortsale and reo specialist who likes to buy those properties that I help put him in contact with, but he will only fund the transaction if I have end buyers. Actually, if you are interested I could take this national seeing as you do have acsess to national buyers. Let me know Carol on my pm or email me at damiondavidson at gmail dot com.
I look forward to working with you in any of your ventures.

Thanks,
Damion Davidson

I would love to connect with other DG members on a national level. I could use some hands and feet in other states to help me get properties moved in various states. I have no problem finding National buyers as well.

Anyone up for this challenge send me a pm but also put your state and information in my journal here as well so others can connect with you.

Carol, do you have your rehab team in place and ready to go? How about inspector? I think I might flip this one, get everything/everyone lined up, and then go for it. You can always continue to flip while the rehab is going on! Can't wait to see you at the edge!

Cathy

Hi Carol, I also wanted to say that you are an inspiration to me and everyone out in the DG world, but I feel that you should go with what got you here and that is stepping out of your comfort zone and trying new things. Now I can only go by what I have read in your diary, but I really feel that if people sit stagnant for too long they tend to keep repeating history, which in your case would not be so bad. However, even though I do think in this case that you should go for the quick money that is only because of the condition of the property that you stated earlier was in shambles. Whatever your decision I do think it would definately be in your best interest to eventually get away from that comfort zone, because taking chances is what has made you who you are today and hopefully I will be right behind you by the end of this year.

Thanks
Damion Davidsdon

Hi Carol, I am ready to work with you here in Connecticut anytim you are ready. In addition, I have alot of experience calling listing agents all over the country and negotiating deals with them and their sellers on short sales and reos so hopefully I can be your apprentice and we can work together soon even if I have to work for you for free on the first couple of deals it wont matter because i would be learning from one of the best. Anyone else just pm me and i will get in contact with you as well.

Thanks Carol and I will pm you with my contact info so we can talk soon!
Damion Davidson

I have no problem stepping out because I know that once I do I will make it work. I have the knowledge and tenacity it takes to do this. My husband is a contractor so rehabs are no problem for us no matter how big or small. I just want those who are starting out to see that there are multiple ways to make money in REI. It is taking the steps even if we are unsure that will make us successful. I plan on being transparent on this journal in order to allow others to walk the steps with me as I move towards wealth building. I want others to see that no matter what stage you are at in REI there is always going to be a "fear of the unknown" that must be conquered. Even those here who have been successful in one area will be always be a little insecure when they need to switch gears to make it work. It is stepping out in spite of fear that brings success!

I am glad to see that you are ministering to others as well as yourself You said..."I really feel that if people sit stagnant for too long they tend to keep repeating history...". This is great advice to everyone here that is considering taking the steps they need to take to succeed.

You are right Carol, I am glad that you can use your success to help others take chances like myself. I hope to talk soon if you are interested because I know right now getting ahold of you is almost like getting ahold of the president. However, if you find time maybe we can do a deal or two here in Connecticut seeing as I am your neihbor.
Thanks,
Damion Davidson

"Twenty years from now you will be more disappointed by the things you didn't do than by the ones you did. So throw off the bowlines, sail away from the safe harbor, catch the trade winds in your sails. Explore. Dream. Discover."
~ Mark Twain

Opportunity is knocking on my door with a steady beat. With every one of Dean's books that I read, every one of his videos I watch and every time I step onto this forum it knocks harder and harder.

I will open the door to success and step through no matter what type of lock is trying to hold it shut. Whether it be the dead bolt of fear or the chain lock of doubt or even the lock of discouragement... IT MUST GO! These are locks that we put on the door to success ourselves and if we have put them there only we have the key to unlock them. No one can unlock the locks for us, we must use the keys of courage, hope and determination to unlock these locks and walk through our door to success.

The only thing stopping me from success is well... ME!!!

Today I will commit to change that! Will you join me?

Hi Carol. I just read your inspirational posts...second thread. I live in the Los Angeles County area and I would love to assist you in any way possible. I dont have much experience in this field but like we all know, we have to get out of our comfort zone in order to see results. I have the passion to get to the next level...BECOME A REAL ESTATE INVESTOR!
I read Deans books (Be A Real Estate Millionaire and Profit From Real Estate Right Now) once and im currently reading his newest book (Your Town Your Real Estate Profits). Ill have to read them again to get more understanding on the techniques. I plan on joining the Success Academy by next week (had to save some funds to make it happen). Let me know if your interested. Isn't Dean great?

I am glad to meet you and welcome to the DG forum. It is so exciting each time I hear of someone ready to take action and change their life through Real Estate! I get excited because I know it works and that if you are truly determined you WILL make it happen.

Please take the time to visit my wholesaling website http://realwholesaling.com for more resources and tips to help you get started.

You have already started coming out of your comfort zone by taking the first step which is gaining the knowledge you need to succeed. The rest comes with having the passion and desire to put all that knowledge into action.

Keep us posted as to your success!

You know that you are one of my heroes, don't you? Well, you are and I'm with you all the way.

As always, wishing you the best.

You are too kind

I own some rental properties and now I want to start flipping like you do.

I "sell" as a Real Estate Agent but I want to start doing my own wholesaling and rehabbing and just use my license as an extra tool that will save me a little money. I'd also be open to working with others on some deals as you mentioned working with others on a National Level if you have the buyers. I know my home market in Ohio extremely well and am learning this Sw Florida market quite well. There are a couple areas within my Board that are hot for investors and I would be willing to do some research if you want to work on some deals together.

Kate

I own some rental properties and now I want to start flipping like you do.

I "sell" as a Real Estate Agent but I want to start doing my own wholesaling and rehabbing and just use my license as an extra tool that will save me a little money. I'd also be open to working with others on some deals as you mentioned working with others on a National Level if you have the buyers. I know my home market in Ohio extremely well and am learning this Sw Florida market quite well. There are a couple areas within my Board that are hot for investors and I would be willing to do some research if you want to work on some deals together.

Kate