Re: That’s a plan? - Posted by TBmel
Posted by TBmel on April 21, 2006 at 05:31:45:
I lived in Jax for 10 years or so, did a couple flips there.(Wholesales)
I want to say that, though I agree with you, Joe made me see something that I had not seen before. I will tell a quick story to illustrate.
In jax, when I was first looking to get started, 5 years ago, I thought that there was too much competition. There were anywhere from 18 to 25 ads in the classifieds, bandit signs everywhere-you name it.
In Jax its all about the Ron Legrand school of REI.(probably why Joe said that it originated from there.)
All this made it hard for a newb with limited funds doing the Ron LeGrand thing.
Not with any thoughts so sage as Joe’s, I bought his vacant house course. I did a couple of flips following his advice. (I still wasn’t smart enough to get what joe said in his post)
The second wholesale deal’s first buyer fell through, I pocketed his 500 bucks (490 profit I figured) I almost wrote off the deal. With only days to go I knew that I needed a serious buyer, so I looked in the paper for investors with houses for sale, I found that one guy had 12-15 ads in the paper at any givin time with houses for sale. This said serious to me, so I called and he bought my deal.
The moral of the story is NOT buy Joes course-though you wouldn’t go wrong.
So I started asking this guy an annoying amount of questions while we were waiting to close. When I said "Wow you plan on doing 50 to 70 deals this year alone at 15K average profit. ummm…neat…ahhhhh…so, umm. How do you ummm… I mean, your advertising budget must be huge!
When he said that he didnt advertise at all I almost fell over. He gave some examples of things he did, all leg work. Things like Networking with realtors, calling brokers asking for pocket listings, buying wholesale flips, in short he said he was “always lookin” As for a team He had one high school friend helping him manage six seperate crews. All he did was rehabs.
I also agree with you “old and worn out” also means "tried and true"but…
After reading Joe’s post my eyes are opened. Yours?
Best of luck-keep us posted.