What made you focus on your current method of investing: example ( wholesaling, buy/hold, fix & flip.)

When things were hot flipping made the most sense because you could look for the ugly duckling in a neighborhood and fix it up and know you would sell it quick.

Now buy and hold makes the most sense since selling is hard. You should consider buying a good deal now and then renting it out until things get better.

If you are new to investing you should get training before jumping in.

Edited: 06/26/2010 at 11:57AM

Jackie Patterson

Real Estate Investor · Antioch, California

35 posts
2 awards
50 influence

Mar 08 '10, 05:18 AM

Thanks Henner. I'm thinking of buying a multi-family purchase as my first home. Some of the properties I have seen are not in the best areas. I'm still looking.

Edited: 06/26/2010 at 11:57AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

Donor

4,619 posts
15 awards
79 influence

Mar 08 '10, 05:22 AM

When I started, I was poor and young. I was very limited in what I could afford. A duplex was the first property I bought, and it became the first property I sold/exchanged... I think small multis are great if you can live in one to begin with. It worked nicely for me. Rich

Edited: 06/26/2010 at 11:57AM

Jackie Patterson

Real Estate Investor · Antioch, California

35 posts
2 awards
50 influence

Mar 08 '10, 05:28 AM

thanks for sharing Rich. What is your focus these days?

Edited: 06/26/2010 at 11:57AM

Uwe S.

Real Estate Investor · Chemnitz, Saxonia

1,241 posts
12 awards
69 influence

Mar 08 '10, 05:32 AM

Jackie,
always buy and hold for me, steady income is good and I donÂ´t look to the south states :).

-Uwe

Edited: 06/26/2010 at 11:57AM

Jackie Patterson

Real Estate Investor · Antioch, California

35 posts
2 awards
50 influence

Mar 08 '10, 05:46 AM

Uwe,
Do you usually buy properties on your own or do you partner with other investors? Do you ever use hard money lenders? I would ask more questions, but I will find the correct forums and post them there...Thank you all in advance for any input and advice that you offer.

Edited: 06/26/2010 at 11:57AM

Mariah J.

Real Estate Investor · Hillsboro, Oregon

154 posts
4 awards
50 influence

Mar 08 '10, 05:55 AM

I have a full-time job, so fix-and-flip and wholesaling are too time-consuming for me. The only thing I have time to do are analyze deals and buy properties that I turn over to my property manager to manage.

Edited: 06/26/2010 at 11:57AM

Jackie Patterson

Real Estate Investor · Antioch, California

35 posts
2 awards
50 influence

Mar 08 '10, 06:06 AM

Have you ever thought about investing full time Mariah? If so what's stopping you from doing it?

Edited: 06/26/2010 at 11:57AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

Donor

4,619 posts
15 awards
79 influence

Mar 08 '10, 06:17 AM

Jackie,
I've been at this a LONG time. My focus now,,,,,is travel!! I have a lot of RE and have owned all types. There is a lot more info on BP about my interests and past. I buy bargains now and they come to me, usually. Read Meet The Investor on BP for more of my thoughts as well as thoughts from other very experienced investors. Rich

Edited: 06/26/2010 at 11:57AM

Matt Kearney

Real Estate Investor · Springfield, Massachusetts

142 posts
4 awards
50 influence

Mar 08 '10, 09:05 AM

I like big checks so I mainly rehab.

When I first started I was all over the place.... trying to do Lease Options, Owner Financing, Buy and Hold etc.... The problem was I wasn't doing too many deals. Once I started just focusing on rehabbing I started to do a lot more deals.

Edited: 06/26/2010 at 11:58AM

Justin S.

Rehabber · Chandler, Arizona

Donor Pro

1,257 posts
14 awards
68 influence

Mar 08 '10, 09:15 AM

Once I started just focusing on rehabbing I started to do a lot more deals.

Great Advice! Focus, focus, focus.

Edited: 06/26/2010 at 11:58AM

Justin S., Wheelhouse Properties
E-Mail: wheelhouseproperties@gmail.com
Telephone: 4806780446
Website: http://www.wheelhouseproperties.com
Realtor, Re-modeler, Cash Buyer

Pamela K.

Real Estate Investor · Atlanta, Georgia

8 posts
50 influence

Mar 08 '10, 09:34 AM

Originally posted by Matt Kearney

I like big checks so I mainly rehab.

When I first started I was all over the place.... trying to do Lease Options, Owner Financing, Buy and Hold etc.... The problem was I wasn't doing too many deals. Once I started just focusing on rehabbing I started to do a lot more deals.

Matt, so glad to hear you add the point of "focus". Seems like nothing was really developing for me until I started to focus on a particular area. I think that focus helps to streamline a systematic approach that can be applied over and over again.

Same system for each set of facts presented.

Edited: 06/26/2010 at 11:58AM

Mariah J.

Real Estate Investor · Hillsboro, Oregon

154 posts
4 awards
50 influence

Mar 09 '10, 01:05 AM

Originally posted by Jackie Patterson

Have you ever thought about investing full time Mariah? If so what's stopping you from doing it?

My day job brings in 6-figures (not to mention benefits), I mostly work from home, and I enjoy it. I won't be giving it up any time soon. RE is more of a hobby.

Edited: 06/26/2010 at 11:58AM

Jackie Patterson

Real Estate Investor · Antioch, California

35 posts
2 awards
50 influence

Mar 09 '10, 01:23 AM

cool..thanks for your input Mariah.

Edited: 06/26/2010 at 11:58AM

Brian Haskins

Real Estate Coach · St. Louis, Missouri

421 posts
2 awards
50 influence

Mar 09 '10, 11:11 AM

Well I have done it all. I first started rehabbing. I changed this strategy because of the hard work and the market downturn. I got into wholesaling which is strictly what I focus on now. Its so easy in my opinion compared to all other categories. You don't need money you don't own any houses no tenants. I have tried a little land-lording here and there and hated it because the tenant issues. I'm not saying all are bad just not for me. Another huge upside to wholesaling is the cash. You make money now and lots of it. With rentals its more of an investment and to build wealth not to many people make a living on rental cash-flow.

Brian Haskins

Edited: 06/26/2010 at 11:59AM

Rachel H.

456 posts
4 awards
50 influence

Mar 09 '10, 08:36 PM

I guess I learned the hard way. I started out finding deals for other investors, then wholesaling and then landlording - it really burnt me out. I found myself tied up in the day to day operation of things, not being able to enjoy life and not having enough time to do the things I want to do. I went into mobile homes (after many years of knowing about it) and things have been great ever since. Now, I have the time to do things I enjoy doing. I truly understand now the concept of "financial freedom," which has helped me to learn the value and importance of time. Hope that helps!

Edited: 06/26/2010 at 11:59AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

Donor

4,619 posts
15 awards
79 influence

Mar 09 '10, 08:51 PM

Rachel- As I said above, my focus is TRAVEL!!!! Rich

Edited: 06/26/2010 at 11:59AM

Rachel H.

456 posts
4 awards
50 influence

Mar 09 '10, 08:59 PM

Cool! Sounds like a great life, Rich! I've had both Switzerland and New Zealand on my mind lately :D

Edited: 06/26/2010 at 11:59AM