BiggerPockets

Update on what I've been up to

Friday, December 11

Folks,

How ya'll doin'?  I'm hangin' in there... Just would like to post a few things I have learned thus far (in particular for newbies):

 1) RESEARCH!!!  (If you plan on working for yourself, you need to do exactly that, hit the net, get FREE info FIRST!!!  I read on several websites that it would take me forever to learn how to accomplish my goals in real estate UNLESS I buy their material... I'm not saying their material is no good, I'm just encouraging you to first try and research on your own as much as you can BEFORE you buy anything, the internet is overwhelming with info, especially HERE!!!  It's a GOLD MINE!!!)

2) TIME IS MONEY (Are you wasting idle time?)  I have to think about this when ever I am about to do something that might not be so productive towards my future (this does not include the GYM!!! for me it's productive, however, I have refrained from getting wrapped up in watching reality shows... unless I am making money from them... which I am not :(  BUT You need to take care of your HEALTH!!!  Try to balance everything out

3) WHAT EXACTLY DO YOU WANT TO DO?  (This is really for newbies)  Research about and write out your business plan BEFORE asking for a mentor... (I made a post about wanting a mentor BEFORE I researched on the topic)... and geeez did I learn alot!!!  So I retracted my post in order to research more... And you can learn a WHOLE LOT HERE!!!

4) NO QUESTION IS A DUMB QUESTION... If you have a question you are not certain about first attempt to research it... (on here if you'd like, or where ever) but ASK IT!!!  You will be surprised at the responses you'll get... You are just not familiar with certain situations, so ask... how will you know if you don't ask? :)  Then make it happen for yourself!!!  Do NOT give up!!!  There are things that we don't want to do but are RIGHT to do, and financial independence is one of those things....

Thank you for your attention folks!  All the best!!!  Michelle

Advice on Investing

Monday, December 07

Good evening,

I would like to know everyone's thoughts on the following scenario:
I have been doing some research in a particular area and found a home which I could purchase for 9K to flip however there is fire damage and I would be responsible for all C.O. and all certs required.  If repairs average 40K and I could come up with the funds to fix it up and sell it for about 80-90K (hoping that the house would look good enough to sell quick since it's such an attractive price :( - would that be a wise risk to take (especially since I don't have a single clue as to that the heck I might be getting myself into)?

Any thoughts?  Any questions I should be asking?  Any feedback is appreciated.  Remember, I don't have not 1 dang clue about what the heck I'm saying, I'm just thinking to myself that I am 2 seconds from choking myself at work from being so sick & tired of making someone else's dream come true and thought that perhaps I should consider some risk...  So I don't know how dumb of a question this might be, but how will I know if I don't take a chance and ask - I appreciate any feedback.  Thank you all once again.

Update on my journey thus far

Tuesday, November 17

Good morning Folks!!!

 Blogging to keep myself motivated and to update BP.  I'm still working on reading everything on BP (with focus on wholesaling & then all other topics) and taking LOTS OF NOTES!!!  I will absorb everything I can before I come back and ask questions.  So far it's been educational & fun at the same time!  It's like a reality show!  The conversations that go back and forth really shed light on different views & experiences, so you get to see various angles of what can go right/wrong or may work/not work.  I LOVE IT!!!  Thanks BP contributors!!!  I am grateful for all of this information. 

 I'll be back, but I'll share one thing that stuck in my mind: I read on the internet someone ask this very important question: When you are about to do something, ask yourself "is what I am about to spend my time on going to be valuable"?  Is it going to get me where I want to be?  So when I feel overwhelmed and perhaps might shut down, I think about that question... Is shutting down & doing nothing or just watching tv going to be a valuable way to spend my time?  Or is studying on wholesaling going to be a better deal?  And you know the answer Ladies & Gents... I have a stack of papers with me of forums I have printed out from BP so I have NO EXCUSE to waste time on things that won't get me where I want to be!!!  All the best!!!

Wholesaling Homes: Building your team

Saturday, November 14

Hello all,

I'm reaching out to you all for advice on how to build a team when you are thinking about wholesaling homes.  I'm trying to be specific about my goal/s and specifically would like to know who should be part of your team when it come to wholesaling and what should you look out for when trying to create "the team".  I've done a lot of research on this (and I have a WHOLE LOT MORE TO GO, just appreciate and would like to get your advice on any thing/or EVERYTHING you could share with me):

2) If we establish that we have the same goals (meaning I want to bring you MONEY and in order for me to do that you understand HOW I plan on doing it AND you believe that I CAN do that for you and you decide that we can be a team), then hopefully things could work out but...

3) Who do I really need on the team?  It seems that the team players are: an attorney (but is/could this person be from the title agency or is that a seperate member?) & a real estate agent, in addition to/and most importantly the BUYERS (perferrably cash buyers) & MOTIVATED SELLERS!!! (the latter are one shot deal team players :)

4) Ultimately, I want to give everybody what they want... (while getting what I want :)   ).

Please let me know your thoughts on this topic.  Thank you all very much.

Day 1 of a New Beginning

Thursday, November 12

Hello all!

This is my very first blog post ever in life.  I am pubicly declaring my commitment to:

1) Learning how to become financially independent by learning how to wholesale real estate in order to...

2) Gain capital so that I can flip some homes in order to...

3) Gain capital so that I may be able to obtain some incoming producing properties to take care of me (now take a breath Michelle)... 

I came from nothing (as many of us have) and just want to share my progress and hope that I can get the help I need in order to help myself help others as well.  I want to reach my full potential.  I read something on the internet about making a public declaration, so this is what I am doing!  I'd like to read this post a year from now and see where I am at.  I am so glad to be a part of this community so that ultimately I may be able to help my own community.  Will be back at a theatre near you soon... I mean like tomorrow.. :)  Have a great day!