Bum from Salem, Oregon
A bum? Really? No, but I made you look.
Thinking back, I'm pretty sure this is the first forum I've posted in...ever. I'm usually just a lurker. But! Here I am! So here's the lowdown (for all who are interested):
(Holy cow, this post got gigantic! Don't care about the long-winded history? Skip the next few paragraphs.)
The Origin Story
Once upon a time, I was a wee lad. Then I grew up. I was always a smart kid, so when I wasn't accepted into a university, I was pretty taken aback. See, the problem was my GPA--I really wasn't motivated to do my homework in high school. That said, I had to find some less-than-appealing jobs doing what I found ludicrously boring. I've always been a computer guy (finished the first two years of college programming classes in high school), but getting a computer job without a degree is pretty much impossible.
Fortunately, however, I knew a guy. I grew up with him, but we kinda lost contact. He's a businessman in the truest sense of the word, and he offered me a deal: We'd start a company, he'd market it, and I'd be one of the two original developers and co-founder. What what? Needless to say, I snatched up the opportunity. I mean, I dump lots of time into it now and it doesn't give me much return, but the future holds great things. This was my first step in planning for the future.
My next step leads me here. I heard about real estate investing a few years ago, but the whole idea of buying houses didn't click until it was explained to me how I didn't need to already be a millionaire to get started. I've since been been absorbing all I can from Google which, naturally, lead me here. After lurking in the shadows for a while, I'm finally stepping out. Hello, all!
Now What?
And now to my goals! Still being pretty strapped for cash, the idea of wholesaling really interests me, and I've read a lot in the wholesaling category of the blog. My problem, however, is that I'm still fuzzy on the technicalities. I need to scrape together the money to start the LLC, but...how? There are, I'm sure, all kinds of legalities involved that I just don't know about. I've learned that there are, of course, all kinds of ways to fund creatively, so not having money on hand or the ability to get a traditional loan isn't a deal-breaker, but it certainly does make it harder, doesn't it?
My plan is something as follows (but is still very much open for adjustment as I learn more about the market I'm in):
- Start wholesaling to generate a solid base of capital
- Start obtaining rentals to generate a solid passive income
- Um...that's it?
I still face a few hurdles, though (A few? Ha! Surely you jest!), and money isn't the greatest of them. In the end, it really just comes down to being painfully introverted. Still working on that one, I am.
Wrapping Up
Finally!
We've labored through to the part where I ask questions now. Made it! Well, here they are:
- I've gotten the impression that my area isn't really a great market, but I don't really know how to tell. What are some indicators whether it's a good or bad market?
- Again with the LLC, how do I go about protecting myself in its birth? (Keeping in mind, of course, the whole legal spiel where you tell me you're not an attorney and aren't giving me legal advice...unless you are, in which case...um...thank you kindly!)
- I'm a young guy. I drive a Geo Metro (not the classiest of cars, I know, but it's so efficient!). I'm still working on my people skills. In my mind, I'm walking up to potential sellers and investors and they're laughing at me. Firstly, how real is this possibility? Secondly, what can I do to instill confidence in my ability in both groups of people?
Alright. I think we'll call that the end. Any advice y'all can give will be greatly appreciated. I look forward to hanging around and getting to know and work with you all.