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Forums » Starting Out » Young Investor needs opinions on where to start.

Young Investor needs opinions on where to start. Subscribe to Young Investor needs opinions on where to start.

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Real Estate Investor · Chicago, Illinois


So I have been into real estate, well any type of investing really, since I was young. I really only started reading books about it, doing research and what not after i graduated highschool. My plan initially was to go to school to be a architect then flip houses once I got my career off the ground, but I only wanted to be an architect to get into real estate. So a couple months ago I came across wholesaling, and I love it. Now I currently have not done a single deal for i learned about wholesaling 6 months ago and tried to studied and research as much as I could to get to where I currently am. I believe I have enough knowledge to at least go out and try to get started, along with all the other real estate knowledge I learned since I was young. I didn't head back to school this year due to financial reasons ( I would still be going to school but I'm currently going broke cause of it LOL ) so my plan is to start out wholesaling, since I think this is a great time to get into the market cause everyone is foreclosing or selling as long as i can find buyers, then move into flipping them myself. Once I get enough cash from that move into condo conversions and try to take my investment company public. There is more info but i'll spare you guys the boring details. What I need to know is where exactly should I start for wholesaling. I am currently in Springfield, Illinois which the market for wholesaling, well let's just face it, SUCKS. So should I move up to Chicago, which can be expensive but I do have friends that live there so I can maybe work something out. I also heard that I could possibly do find deals online in other states is this possible or even a good idea. I have tried to put together deals so far and everything works out accept there are entirely no BUYERS down here. I haven't got a single phone call and i can only found ONE yes one investor. At first i was saying to myself I'm not trying hard enough but now I just think that investors hate this area HAHAHA. ( afters DAYS,WEEKS, MONTHS I GOT NOTHING) anyone have any ideas or advice for me. Thank you


· Florida


Perhaps go to school and continue to invest in your education.


Real Estate Investor · Chicago, Illinois


Thats what i figured i am going to do now. Fact is the market is hurting now and i don't have that kind of cash to be a big player in this day and age. So i figure i'll finish school in the next 2-3 years and start trying to get deeper into investing after that.


Real Estate Investor · Gainesville, FL


Dan,

It sounds like you have the motivation to get things going which is key. Unfortunately I think this is a hard market to get started in (not impossible, but hard). You have a lot of deals and not a lot of buyers. I'm sure most of the buyers out there know where to find deals, but have the same problem as you, no money.

That being said, if you can find home run deals than you can always find a way to make money from them. I would find a deal and then shop it around. Even if the buyers don't bit, you will have their names for the next one.

Just an idea. Good luck man.


Real Estate Investor · Vancouver, Washington


If there really aren't any regular buyers than stick to wholesaling to investors. I'm pretty sure there's more than 1 investor in your whole town. Have you put an ad on craigslist, backpage, and a newspaper or two like the books say to do when looking for investor buyers?


Real Estate Investor · Chicago, Illinois


Yea i have and do get calls but most of them want superb deals. Im talking one guy said he only wanted deals with 50% equity. I told him if i were to find that it'd cost him BIG lol. Although i will keep shopping deals and seeing what i can do because it never hurts anyone. Thank you guys for the advice.


Real Estate Investor · Renton, Washington


It hurts to hear that you can get sellers on board, but not able to assign it to someone else. Have you tried letting people know in this forum if they're able to find you a buyer that you'd be willing to split the profits? Just an idea, because 100% of $0 =$0.


Real Estate Coach · Atlanta, Georgia


Dan,
As your real estate learning moves forward you're facing the harsh reality that this can be a tough market for beginners -- and those of us who have been around a whole lot longer -- but the best thing you can do is believe in yourself and not give up on the dream. On the surface it looks like you have the fundamentals in place, other than not having anywhere to shop these deals when you find them.

Does Springfield, Illinois have a local REIA network you can tap into? Craig's List and some of the other places mentioned in this forum are good strategies, but it wouldn't hurt to go to some of your meetings, too. You may have the fundamental principles down, but if nothing is happening right now it wouldn't hurt to try and get some additional real estate training if you can.

Don't get me wrong -- there's no reason to spend every waking minute learning about real estate investing, but it also wouldn't hurt to pick up additional strategies while you're going to school and adding additional weapons to your arsenal.

Keep systematically working to get that first deal under your belt and stay positive. It may take a little longer than you hope, but with solid preparation and a firm commitment to your success you will get where you're going.

Good luck!

Peter Vekselman


Real Estate Investor · Chicago, Illinois


Thank you for the reply. Springfield does have one, but i am rarely there i stay wih my friend and his parents (free to stay so why pay lol ) when i'm up in Chicago. I will deffinitely start heading to some REIA meetings to get some more real estate education.


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