Updated almost 8 years ago on . Most recent reply
Advice for my game plan
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.
Summary -
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?
Most Popular Reply
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!