Real Estate Wholesaling Made Simple

Ok, I have to rant a little bit here. As everybody knows real estate is the best wealth builder there is. Just for kicks I decided to do a little fact finding mission in my county, the area that I invest in. There are roughly 596,000 people living in kent county, 25% of them are under the age of 18, so they have an excuse. So that leaves roughly 450,000 in my county most of which are able bodied adults.

Onto my thoughts, today I am closing on a home in Kent county that I am buying for $26,000, this home has been on the market for 114 days, and needs maybe $2,500 in repairs. So after all is said and done I will be into the house for $30,000 and I never lift a finger except to sign checks. The home was foreclosed on once for $98,000 and once for $81,000, I plan to sell it for around $65,000 for a faster sale. So after paying commission and closing costs I will make roughly $30,000. While I am waiting to sell I will rent it for $650, which means that I will cashflow roughly $350/mo (I wont have repairs, I already have done everything) So every month I will be making a 1% return on the banks money that I used to buy the home. So in a year worst case I make 12% on my money, or I sell and make $30,000.

No onto my point, I am not a rocket scientist, in fact I graduated in the part of the class that made the other 70% possible. Why am I the only one of the 450,000 people in kent county that wanted to buy this home. Am I that smart? No, Do I have secret ways to buy houses? No Then what is it that keeps a vast majority of the 450,000 people away from deals like this. FEAR, or better put

False
Expectations
Appearing
Real

What happens if the city comes?
What happens if the toilet breaks?
What happens if I cant sell?
What happens if I cant find a buyer?
What if the furnace is broke?
What if I break a window?

Such stupid little questions, have kept probably 400,000 people in kent county broke.

I got news, the question they should have been asking is “What happens if I keep doing what I have always done?” I know you’ll keep getting what you have always got!

It is human nature to cling to all that you have (I dont want to lose). The problem is there is so much out there that you dont have, that is easily within your grasp, if you can grasp the concept of letting go of fear.

There is a huge difference between playing to win, and playing not to lose. Dont be another statistic.

Get started investing using my proven system www.TheForeclosureCollege.com

Eric Medemar specializes in Wholesaling real estate, flipping real estate, and investment properties including Grand Rapids Foreclosures, Grand Rapids Rental Property, and Grand Rapids HUD homes.

I have decided to take people piece by piece dollar for dollar what gos into flipping some of the latest properties that I am taking on. I just closed on this home yesterday. It was brought to me by another investor who already had to many properties he had spotted one of my signs available at www.TheForeclosureCollege.com (talk about a good return on investment) Its a 3 bed 1 bath home with a c-1 commercial building attached, the problem is that there is no parking except in the street.

I think I should be able to flip the home for about 65k I bought it for around $17,700 plus finders fee of $1000 so $18,700. The home should rent for $600-$650 when its done, I will post some pictures of what I am starting with, and I will continually post what I have spent and work that I have done.

I am hoping that this helps out some of the newer investors get an idea of prices and pains that go into rehabs.

This is the Commercial store front that they had turned into a efficiency, which lead to it getting condemned, not smart. I found a drawer full of 2000 depacote, which is like lithium, a drug for bipolars, so from this we know that someone is not on there meds.

This is a photo of the basement, can you say “small hording problem”

I love this sign if you cant read it, Next to the numerous wholes that people punched into the wall it says “Please, Keep House Clean! Thnx, The Maid-Bitch Ninja”

I find this very interesting because typical graffiti does not contain commas, yet the ninja decided to use one. plus keep the house clean seems a bit out of place.

I wish she would have said dont punch holes in the walls.

Anyway to get this whole house cleaned out inlcuding appliances, doors, carpets, and all belongings came to $350. I will keep you posted.

****Warning***** Never open a fridge that has not been opened for over 6 months, you will wish you were dead

To get involved in real estate using my proven system visit www.TheForeclosureCollege.com

I was just in anther real estate forum and someone asked the question what are the advantages to being a real estate investor, here is what I think.

1. You write your own paycheck-95% of people that I know have to work harder in order to make more money, I only need to work smarter. I know that alot of people like the satisfaction of knowing that if they work x amount of hours they will get Y amount of pay. I realize that many people would real estate investing stressful, I would find it far more stressful to be at a 9 to 5 knowing that in order to make more money I would have to work more hours.

For example, I just closed a home friday that I made a $17,000 net profit, That would be the equivalent to working a full year 2000 hours at $8.50 an hour, which alot of people do. I had about 10-15 hours into the deal. My guys had to work hard but I only had to write checks.

2. Knowing that if I fail its my own da*n fault– Many people might see this as the huge disadvantage of real estate, but I see it as one of the largest plusses. In the era of corportate downsizing, and very minimal job security, I cant think of a better boss in the whole world, than myself. 99% of all jobs are there to make someone else rich besides you. When you are real estate investor your only job is to make yourself rich.

I love knowing that if I do good, my paycheck will do good, If I do bad, then my paychecks are bad. Its not like most jobs where there seems to be a large filter between both ends. With real estate investing if I put good in, I get good out, with most jobs you can put good, or even great in, yet you are totally dependant on what the human filter between you and the end.Any hardworker who has been downsized will tell you that.

3. Freedom-Though real estate investing is not the big ball of freedom that many think it is. Many times you go from having one stupid boss to many stupid bosses. Essentially the housing inspectors, building inspectors, buyers, and sellers become your boss.

The real freedom to me is waking up at 8-9 sitting with my family till 11, then going and looking at a couple of houses, if they look good then I sell them, or buy them, then go home. In the summer I can drive my vette or harley to look at homes, then head home and sit with my family by the pool.

4. No salary cap or timed raises-I had a friend of mine the other week tell me that she just got a raise of a Nickel and hour. What the heck does that equate to. Yeah $2.00 a week. I have other friend who are engineers and they reach there potential at $75,000. Which isnt bad money but, who would ever want to reach there potential, the sky is the limit in real estate. There are far more real estate millionaires that started with nothing, than corporate millionaires that started with nothing.

I like that you dont need a college education, you dont need to have the highest GPA, you can make it in real estate if you were raised by wolves under the shed in the back yard. Real estate doesnt have a glass cieling, or some bullsh*t corportate ladder. It doesnt involve having to kiss the a*s of some dude who you loathe, in order to get a raise.

I could go on and on, but I think you get the picture, there is no better job in the world.

If you would like to get started as a real estate investor, don’t try to reinvent the wheel, I am giving away my system at www.TheForeclosureCollege.com

Eric Medemar

How do you make money with none?
How do you make money with no credit?

I talk to hundreds of investors every year who:

• Have been thinking about investing
• Have been reading about investing
• Have a friend who had done well investing (The elusive friend)
• Are saving for a down payment
• Waiting for rates to go down
• Waiting to finish their real estate course
• Waiting for their mentor to tell them to buy
• Waiting for summer (insert any season)
• Waiting for the market to straighten out
• Waiting till they can afford it
• Waiting till they get a promotion
• Waiting till their friend or relative can partner with them
• Trying to read just one more book
• Waiting till they buy their own house
• Waiting till they get a raise
• Waiting to graduate from college
• Waiting till their friend or family member becomes a realtor
• Waiting to be married
• Waiting till they contribute their maximum to a 401k
• Waiting till they get done working on their own home

Then after giving me their excuse for waiting they ask

• What happens if the toilet gets clogged?
• What happens if the furnace gos bad?
• What happens if tenant ruins the house?
• What happens if the roof leaks?
• What happens if the tenant doesnt pay?
• What happens if someone breaks a window?
• What happens if someone leaves a broken down car at the house?

If they dont have the question, they usually tell me about a friend or relative who had one of the above happen.

The questions that they SHOULD be asking but NEVER do

• What happens if I dont start investing now?
• How many homes do I need to buy in order to retire comfortably?
• If you could share with me your best idea, what would it be?
• What kind of money am I leaving on the table by not investing?
• How does the stock market compare to real estate? (that doesnt even deserve an answer)
• How can I use real estate to make my dreams come true?
• What would I do with an extra $500 or even $5,000 a month in cashflow?
• How will my family react when I retire 10-20 years earlier?
• What are my broke friends going to think when I show up in my Porsche?

99% of people share this problem: If a family member or friend needed $500, most people would need a ton of convincing to loan it to them, and if it wasnt repaid it would surely be a BIG problem, some people would even lose friend over such a small amount of money. But that same person could care less about the $500-$10,000 a month that they will lose each and every month for the rest of their life by not investing in real estate.

Why doesnt anybody pay attention to their oppurtunity cost.

I used to be a tight a##, then one day I got to thinking.

What if instead of worrying about ways to save money, I started just focusing on ways to make it?

That simple question changed my whole life.

If you would like to talk to me about investing, wholesaling or flipping properties visit www.TheForeclosureCollege.com

Eric Medemar
www.TheMillionairesBlog.com