I am looking to fully commit to improving my future through real estate. So far I have spent a ton of time listening to BiggerPockets podcasts (around 150 so far), listening to audiobooks, and passing my Washington Real Estate Broker’s License. I put together a snapshot of what I am doing currently, and if anyone has advice I would love to hear it. I have other long-term goals, and financial goals, but this is just a six-month or so gameplan.
Get real estate license - Done!
I want my license so I can scour the MLS, assist other investors with property searches, and offer/close my own deals to save money. Will be a helpful value to others, while offering some networking opportunity.
Learn property management - In Progress
I took a part-time position as a Leasing Consultant with a tax-credit property, so I can witness and learn the ins-and-outs of running a multi-family property.
Saturate myself in real estate activities -
My parents have flipped a few houses, and have an offer accepted on another. I usually help with basic labor, but this property I asked to work deeper with the financials, and project management.
With my real estate license, I hung my license with company that will allow schedule flexibility as well as payment per task, as opposed to strictly commission. It is certainly a low-risk, low-reward situation, but for my situation I felt it was best. Plans for this will likely change in the future as my financial position changes.
Start wholesaling -
I have targeted a farm area, signed-up with Listsource, and finalizing some details to start a direct mail campaign. This will be executed 12/1/17, and follow a schedule going forward. I will continue to spend time aggressively studying wholesaling, and ready quality phone scripts to be as ready as possible. My needs here would be to increase my networking so I can have a fair buyer’s list. I understand from the podcasts that if you find deals, you can and will find buyers. I have a good connection currently that I am sure would split deals with me to connect to a buyer.
This is what I will be driving for the next six-months. My main goal is to invest in buy and holds and occasional flips, but I have a bankruptcy and low capital that is going to cause some extra difficulty for that to happen. I am working very hard to maintain a budget, including working an extra job to fund my investment activities. In addition, I am actively building and maintaining credit so I can qualify for an FHA property when I meet the post-bankruptcy requirement. I have a full-time job that is low-paying, but the benefit is that I have been able to study a ton of audio over the last six-months to pass my broker's license, and educate about investing. I will likely leave this job within the next 60-90 days to do my real estate agent activities, as long as business looks steady.
My biggest weakness right now is probably networking. I really need to get out to some investor meetings and do some one-on-one coffee conversations. I need to work my calendar to make that a priority.
So BiggerPockets, any advice you would be willing to give me?
Come to the skagit RE meetup, you can find it here on BP, and the Whatcom RE meetup, I think its also found here on BP. I'm unable to link to it at the moment.
Other than that, welcome!
@Jay Shuler That's a really good game plan, you've done so much already! How's the leasing job going? What part of real estate have you found yourself enjoying the most? That's great that you are trying all parts of real estate, but I'll bet you'll gravitate towards one area that you'll then become an expert in. For the flips, get real involved with the management and numbers. That's great that you already have that in! And as always, it just takes time, but it sounds like you are on the right path!
Next Thursday (11/16) is our next Skagit Meetup and I'll have to create the event (I think it's going to be a special one in MV).
I'll keep an eye out for the meet-up. I have another meeting with a few agents next Thursday at 6pm, but I would love to start attending consistently.
The leasing job is great! Learning a lot hands-on that you don't find in books. Thanks for asking.
Solid plan. If you want a checklist of things you should make sure is complete before starting DM, scripts on how to talk to sellers, or any other help with your first direct mail campaign, gimme a holler and I'd be glad to help.
I like that you're attending the REIAs and have listened to so many podcasts and have taken lots of action.
Thanks Ray! I'll reach out to you later this month.
@Jay Shuler get guidance from your broker on wholesaling. If not disclosed to all parties, this could be seen an unethical by the local and state Board of Realtors. It sounds like you have a good base of knowledge. The main thing missing in your plan is marketing. If you want to find good deals, they are not usually on the MLS. I also didn't see any mention of you actually buying any property. Doing deals yourself is the best education money can buy. Best of luck in your future success.
@Jay Shuler I wouldnt bother with wholesaling (in the traditional sense). Everyone thinks they can jump into that realm but it's a lot harder and costlier than the gurus say. You could however work WITH wholesalers and help them find buyers, which appears to be something you're willing to do.
Most importantly though, I think you need to figure out your "why," or your end game. What are those other long-term goals? Depending on what they are, there might be an easier way to get there some of us are already in the process of doing.
@Patrick Britton That's good advice. Long-term my intentions are to buy and hold rental property, but I feel like I'm financially a year or so away from having the needed capital and credit to get that going. Building passive income streams of $5000 monthly is my five-year goal, through multifamily investing (10x it, set enormous goals!). I know I'm not a very attractive borrower currently, so I want to better that. Right now I'm working like a dog to improve my financial position, as well as gain experience for future endeavors. I have a plan of attack spelled-out for the coming years, and lots of goals, but I need to get moving up to that point.
My intentions with wholesaling are that between sourcing opportunities for my parents to scale their business, and looking for my own opportunities down the road, it would be a good approach for me to get off sidelines and into the game. I understand the process can take a handful of mailings, and repeat contact to get just a few leads, but I'm ok with that. I definitely don't have the 'guru' mindset to it, I plan to be very strategic, consistent, and persistent with my mailings and contact, as well as focused in my targets.
Nice man! You're doing great already. Don't stop. Keep learning and never stop networking. Build those relationships, give more than you take. You got this.
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