I am new BP member, though not exactly a newbie in real estate. A number of years ago, after reading one of Robert Allen’s books, I managed to use a little creative financing to purchase in a small apartment building. I made a decent profit after three years, however, I found being a landlord was not quite to my taste and dropped real estate
I currently live in the Las Vegas, NV area and would like to get back into REI. I have downloaded The Absolute Beginners Guide, and not being in a great cash position, I will try to begin by assigning contracts to acquire some more investment capital. Five questions for the forum:
1) I assume this is a form of Wholesaling, which one of the Bigger Pockets blog posts advises is a difficult path for starting out. Nevertheless, I do have some experience in real estate and negotiation, and my wife and I are willing to put in the time and effort to get up and running. Is there, however, another workable approach members have used to begin from a low cash position?
2) I have searched BP for a Las Vegas real estate investment club, but there are none even listed for NV. With one exception, which I am checking out, most of the Las Vegas REI "clubs" that came up on Google seem to be pricey guru style "investor education" groups. Are there any BP members in the Las Vegas area that can recommend an actual REI club for networking with investors who might be willing to work with people just starting out?
3) We are putting together offers on three homes that have been on market for quite some time. They in good condition, but the market here has gone rather flat and the owners have given indications of frustration and are looking for offers. Our offers would be based upon 80 - 85% of recently sold comps. If lightening should strike on one of these offers, would seasoned investors likely be interested in taking over the contracts for a modest mark up?
4) Other than finding a good REI club to network with, and advertising, what strategies have members used to compile a list of potential contract purchasers?
5) Can someone recommend an online source to download editable .pdf Offer To Purchase forms that can be used to type in names, property locations, price, etc? I have an old MS Word one that does not look very professional. Is there a standard form good in all states?
Naturally any other advice would be appreciated and thanks in advance for any replies
@Jerry W. welcome to BP and congrats on getting started. My thoughts to your questions:
1. Wholesaling is just one method. It depends on where you see yourself going in the future. If you want to invest in large multifamily properties then maybe becoming an agent and joining up with a successful multifamily broker is the way to go.
2. Not sure about that one.
4. Don't limit creating friendships and discussing real estate to just REI meetings. Do that everywhere. I just interviewed someone on my podcast who got deals from window washer!
5. I'd check out the BP sections called Analyze and Resources
Other advice would be to do what you're doing now, asking questions, taking steps towards getting deals and course correcting along the way.
Welcome. You have received some goo info.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Search Google and meetup.com for meetings. If you fin d a club visit the website they might have links to other clubs. Check for landlord association meetings.
Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Welcome to the BP community. You will find alot of good information here. Make sure to view the BP blogs under "Learn."
Welcome to BP, it's always good to hear from another local investor. If you ever want to get together to talk Real Estate, don't hesitate to reach out to me. Everyone on BP have been most friendly and helpful so far from my experience, so have fun.
I have also been looking for a non-pitchy REI in Las Vegas, if you did find one, would you let me know about it or tell us about your experience at the one you're going to try out?
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing