long story but read and give input!!!

23 Replies

So I came into bigger pockets and was one of the many people who just popped their heads in to say that their new and then completely disappear. Recently i started looking back into the forums and reading here and there and after listening to podcast 127, I was very encouraged to make a post. I'm not sure what to offer on advice so I thought I would just say whats happened since last year.

Okay so rewind to summer of last year. My girlfriend at the time talked about flipping houses during one of our conversations. Forward maybe a week I'm on my way home from work and I hear about an event on the radio "THAN MERRILL WILL BE COMING TO ATLANTA TO TALK TO YOU ABOUT FLIPPING HOUSES!!!!" So I think to myself hey this would be a great gift for my girlfriend since she talked about it the other day.  Forward another week. We are in a hotel in Buckhead and get a great seat close to the front. So the presentation is about to start and I decide to write notes on his selling techniques( I was really into human behavior at the time especially after watching Lie To Me). so He's going on and on and I note how he's making the crowd comfortable and making them like him with his sense of humor and such (I later Found it's called "building rapport") and I also notice on how he plays on some of the older's crowds sense of regret of not working harder when they were younger to build a better life. At this point I'm just waiting for him to sell something cause the crowd was nice and buttered up. At the same time He is introducing wholesaling (which I honestly thought omg this look sooooo easy I wanna do this then get rentals!!!)

Then he finally introduced his product and said there were only a few for only 299$ and the crown STAMPEDES to the back of the room to buy it. As for me, I simply got my free tools and left(got a flip calculator, book on negotiations and other things).

Needless to say, I caught the "Real Estate Bug". So I do some researching into Wholesaling cause the plan was to raise money with Wholesaling and use that money for rentals. I then find Bigger Pockets. After listening to some podcast on my commutes to work and home, I finally make a post. Of course I get the awesome welcome wagon. "I ask what should I do?" You Awesome guys say, "Go to a REI Metting!!". So I find one and I go. I meet some amazing people. one of which was a guy who had one of his flips featured on HGTV's House Hunters. He tells me about his career and how he started with a Mentor so I think hmmm I need a mentor. So I looked on craigslists ( big mistake) and meet a guy that was looking for a wholesale partner .He says that he wants someone who is serious and so He sends me links and I look at all of them learning about co-wholesaling. So then he comes to me with a contract. Gut told me not to do it especially since I would be binded into ONLY doing deals with him and no one else. So now I'm out on a mentor. I come back to bigger pockets and ask "hey is there any mentors in the Atlanta area?" BOOM!! I get a PM from someone saying I know a person. So he send me a woman's email and I go to another REI meeting and I BUMPED INTO HER!!(still keep in touch with her today) so I'm having a great time talking to people at the meetings. I tell them I'm low on funds and so they advise I drive for dollars. So I do that. I drive all over the place. Talk to all sorts of people see all kinds of houses and have a notepad full of addresses.I read the Ultimate beginners's Guide. I make business plan then I get out there and try to make things happen. It then became this thing where I would seem to be close to a deal and then some type of disappointment would happen. I would get hung up on when making an offer, people not answering the phones, houses look great to only find out that there was some type of HOA that killed the deal, finding out someone already got to the property before I did etc. And this went all through the summer. So school starts( I go to school for engineering) and so now I have less and less and less and less and less time. Everything pretty much comes to a screeching halt. I would try to look at houses for the person I met at the REI meeting( the one referred to me on bigger pockets) on the weekends but that came to a halt as well since I had to use ALL my time to study and work.

Fast Forward to now and I am now studying back into everything again(bought all the bigger pockets books ) and I decided to go ahead and go after a Real Estate License before school started  back up in full swing. I started the pre-licensure course last Week Tuesday and I should be done with the course by this Saturday ( That's my Goal at least) Then I plan to take an extra week to study some  more and then take the actual exam to get my license. I'm hoping to find a way at getting into investing while in school because I never got to meet my goal of making a deal by the end of 2014 and I would like to make some deals happen even while I'm in school. 

So this is my Career so far. I hope to actually have deals made and be able to give others advice. Hope this was a good read

@Bryan Vincent sounds like a lot has been going on these past couple months/years. My advice to you, is to find your niche, and to master and excel at it. Do you want to wholesale? Do you want to flip? You seem motivated which is good, even if you can't keep driving for dollars and cold calling during school, stay tuned on the forums and read topics to learn more and more. Best of luck to you!

Gino

Thanks @Gino DelGais

 I was hoping to Wholesale as a way to fund Rentals. I very much like the idea of having multiple streams of income. One thing I definitely got hung up on was estimating rehab cost. So this summer I bought J Scotts book on estimating rehab cost. I plan to read more into that once I get my license and find a broker 

Hi Bryan - Lots going on in your life with school and when you're out of school you're studying more! I'm right there with you, I'm working and it's not a 40 hour work week but I'm pushing on have people working on a website and also have business cards as well as LLC. My goal is to find a wholesale deal through mail campaign and then flip it. I waiver back and forth on rentals.

Good luck but I don't think you will need it!

Louise

@Bryan Vincent  you are in the right place and doing the right thing by learning. Figure out your niche and focus. Immerse yourself in that niche and surround yourself with those in that niche.  Stay active here and ask questions- you'll get lots of great direction. 

A good starting point for new Real Estate agents is rentals.  They don't pay as much as sales, but they often have a shorter time frame.  Also established agents tend to pursue listings more, so that leaves more opportunities for newer agents.

If you have limited time to spend as an agent you want to limit the amount of time you spend showing houses as a buyers agent.  One exception would be for serious investors(can produce proof of funds or at least pre-approved for an investment loan) - even if it doesn't result in a commission - the networking can be valuable.  But even there at some point you may have to cut back on how much you do for them.  If they are looking at dozens of properties and only making low-ball offers that are rejected, it probably isn't the best use of your time.

well bryan, you've got the bug, and its a good bug this time. what i see is that you have what it takes, namely the will to never give up. you may not reach that goal today or tomorrow, but you will reach it. do you know what keeps most people from meeting their goals??? they give up too soon. no one in history ever got anywhere by giving up. you can still do the drive bys even though you seem to be quite busy. your best deals will come when you aren't even looking. i found one of my better deals while talking to a woman i was putting in a toilet for, of all things. take a different route to school everyday. you haven't been everywhere yet. its out there, find it. 

@Bryan Vincent, 

Your unique experience is what will give you an edge.  You'll be able to better identify the phony stuff and grasp what's a real deal.  Your real estate license (wonder the value of this if you're only doing investing) should give you an opportunity to add some extra income.  Many of the investors I work with came off of sign calls from my own listings.   Thanks for being so brave and putting it all out there for others to learn from. 

Wow guys once again amazing responses. I've read them all. I'm not sure that I'll be able to be a Real Estate Agent full-time but my goal for the rest of the year is to find time to still pursue my Real Estate career during school and Hopefully get some deals!!

  @Derek B. that was great advice for me to focus on one thing. I currently work at GTRI (Georgia Tech Research Institute) and I want to do well in my work there so its sort of a  juggle of pushing toward my engineering career and my real estate career at the same time so really focusing on one thing will be a big help.

As for now I'm focusing on getting through this pre-licensure course. I'm off today so 12 hours of studying this and I should reach the 75 hour mark today!!! Then after finding a broker and being done with getting a license, I can focus back on reading J Scotts book on estimating rehabs( Always had trouble last year with estimating how much it would cost to rehab).

@Mark Elliott   I also still drive around neighborhoods a bit on the way home from school/Work (beats sitting in traffic). That actually reminds me to look into the vacant house I found the other day so thanks! Hopefully that will turn out to be a deal!!

@Jesse T. What do you mean by focus on rentals? do you mean finding rentals for a client? Or maybe selling the rentals?

@Louise Courville That reminds me I have to make business cards for my Organization (National Society of Black Engineers) this weekend!! thank you if it helps anyone,  I found a June special on 100 free cards in case anyone needs any Link: http://dealnews.com/lw/artclick.html?2,1381080,118...

 I have to make some for myself while i'm at it

@Joshua Jarvis I Actually have been thinking about running a Direct mail campaign again. I remember when I wrote letters (all handwritten)  to some people. Out of maybe 5 people, 3 called in the Next week which was exciting but I also realize I have to set up another Google-Voice number for just business calls so that I can differentiate between the two  and know who's calling for business and who for personal. I remember being told to spend 600 getting a listing and sending out direct mail and I'll be sure to get a deal but I never did save up the money. Maybe I can make sure to get that going this year

I meant focus on listing properties for rent.  I would think in at least some of the markets your area that is a fairly common way of finding tenants.  A fair number of your clients may be people who just one rental, but there will likely be some that own multiple properties.

Welcome back Bryan!  I like your energy and work ethic.  I am also freshly stung by the bug and will be looking to make my first investment likely in or around Atlanta within the coming months.  I hope to talk with you more!

@Bryan Vincent you seem to be very motivated and dedicated but your brain is currently engineering a real estate license with a mentor who is always absent and you are doing all this with no money, pardon my directness. 

My advice to you is to build a foundation first. You need to have an attorney and an accountant who are an email or phone call away if your wholesale deal becomes no-sale deal. As you might have already researched, laws on wholesaling are quickly changing and it's not in our favor. You need to start saving as much money as possible so that you can have "skin in the game." Eliminate unnecessary expenses, get another job (maybe you have no time for that right now), whatever it takes to put extra cash into your bank account. If wholesaling is something that you want to do, please make sure you have cash buyers already interested in working with you before you go out and start signing contracts. 

And remember, real estate is long term investing!

Best of luck to you my man, I'm sure you will find your niche much sooner than you think.

Damir 

@Damir Kamber

I thank you for your honesty.

 How would I go about finding a good Lawyer and Accountant? What sort of qualities  should I look for in them to know they would be a good match for my investing career? Is there usually any up front fees or do they only charge once they perform a service for me? 

As for the laws that are changing regarding wholesaling, that was one of the major reasons that I decided to pursue my real estate license. I figured that getting a license would help me to avoid some issue I may run into doing it without a license. I also figured it would help build credibility and rapport with a motivated seller.

As for money, Wholesaling itself is merely a way for me to really break into rentals. I've always liked the idea of passive income and so It's the thing I'm to focused on long-term. As for a second job, I'm also hoping that being a real estate agent will also help bring extra income to help me break into doing rentals. I'm hoping to fit that in with Work and school once the fall semester starts.

As far as a mentor is concerned, I would like to have one that can help walk me through my first deal just so I could get a really good feel for it. 

Last year I was very anxious as to the whole closing and escrow process and dealing with contracts (I would research into it and  people would make it seem insignificant at times when explaining their deals) But while taking this online Pre-licensure course,  I've gotten a much better idea as to the process of escrow and the things involved. I still would like a more hands on approach to get a good feel for it but at-least I now know the logistics of it.

@Bryan Vincent

Hope to see you at the event tomorrow.  In any event, stay in touch and let me know how I can help in your success.

@David Bateman  I will Definite be at the meeting tomorrow. Hope to meet you so we can talk more

Welcome Back. You sound just like me .. extremely motivated but we have so much going on. I found a great mentor and even someone to fund a deal(if I can find a great one) just by talking to people about how excited i was about l what i was learning about real estate. I wish you the best of luck. Im here in Atlanta feel free to reach out any time. I start my RE classes July 1st

Originally posted by @Bryan Vincent :

So I came into bigger pockets and was one of the many people who just popped their heads in to say that their new and then completely disappear. Recently i started looking back into the forums and reading here and there and after listening to podcast 127, I was very encouraged to make a post. I'm not sure what to offer on advice so I thought I would just say whats happened since last year.

Well welcome back! If wholesaling is really what you'd like to do, search the site on wholesaling. Make your education about wholesaling. Read the forums, blogs, podcasts - and focus on wholesaling. Sounds like you really don't have time for anything else anyway. When networking in your group, try asking your peers what they're looking for in homes, are there any wholesalers they currently work with, can you add them to your buyers list. Best wishes on your success!!! And your BP community is here for ya! 

@? So I just passed my Prelicensure course today!!!! That Final was tougher than I thought but I'm happy I got through. Next I'm gonna study a bit more while they get things processed and then take the exam to get my license. Also went to a REIA meeting tonight in College Park. It was really cool. they were talking about rentals and it came me some inspiration to keep pushing. I really want to get out there and wholesale then build the capital to get some rentals. Next step is to take the Exam then get the license!!!!

@David Bateman ,@Nick Brubaker ,@Damir Kamber ,@Joshua Jarvis ,@Louise Courville ,@Crystal Aasir ,@Gino DelGais ,@Lauren Lockett ,@Jesse T. ,@Louise Courville,@Mark Elliott

Just an update. I passed my Pre-licensure course last week and today I just got the green light to take the Exam!!!!!! I plan to study some more into this prep book I have then take it next week. I'm very excited but this is just the beginning. There is still plenty of work to be done. I have to find a good Broker that will train me to be much better in the field and not charge me any overhead fees monthly (cost of tuition keeps me on a strict budget a lot of the time). I don't care if they take 60% so long as I make a decent commission(Not come out with 2$ after everything is said and done)  and, more importantly, learn how to do it Right and do it Well. 

Congrats on your progress, Bryan!  Good luck finding a good broker.  I will be interested in hearing more about the process if I decide to go down the same path.  

Originally posted by @Bryan Vincent :

@David Bateman ,@Nick Brubaker ,@Damir Kamber ,@Joshua Jarvis ,@Louise Courville ,@Crystal Aasir ,@Gino DelGais ,@Lauren Lockett,@Jesse T. ,@Louise Courville,@Mark Elliott

Just an update. I passed my Pre-licensure course last week and today I just got the green light to take the Exam!!!!!! I plan to study some more into this prep book I have then take it next week. I'm very excited but this is just the beginning. There is still plenty of work to be done. I have to find a good Broker that will train me to be much better in the field and not charge me any overhead fees monthly (cost of tuition keeps me on a strict budget a lot of the time). I don't care if they take 60% so long as I make a decent commission(Not come out with 2$ after everything is said and done)  and, more importantly, learn how to do it Right and do it Well. 

 That's awesome news Bryan! Glad to hear it! Keep us in the loop if you need anything! There's possibly great local brokers you can find here on BP in your local area so hope you're able to foster those relationships and someone comes your way soon! I'll def keep my eyes peeled in the forums! 

Congratualtions.. I wish you the best of luck. I cant wait to get started with mine as well

I know it's been a while but here's some updates. School started back up so of course there's that load. And today I just picked up my real estate license!!!! I'm very happy to have gotten through this and to finally obtain this. Had to slow down a bit due to other obligations but I didn't let it stop me. After some talks with people on the site as well as talking to some brokers, I have decided to go with Keller Williams and I will be starting my new career very soon!

Originally posted by @Bryan Vincent :

I know it's been a while but here's some updates. School started back up so of course there's that load. And today I just picked up my real estate license!!!! I'm very happy to have gotten through this and to finally obtain this. Had to slow down a bit due to other .....

There are a lot of people on here who stop in for a week or two and we never see them again. The fact that you keep coming back is a good sign. Put your head down, keep working and you will get there for sure.

For me, real estate is my hobby. When I get done with work, I come home and instead of watching TV, I come to BP and get on the internet and look for houses. I have a passion for it. My wife too fortunately. Keep the passion and drive and the rest will come.

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