Hello Bigger Pockets Community,
I have been doing a ton of research, attending seminars, and making phone calls to answer a lot of my questions. Throughout this research I have come across a lot of beginners getting involved with a coach for free. I guess this coach is someone with a good heart who takes someone under their wings to teach them the way and watch them succeed. I do have some capital and I have the ability to use a VA home loan (Veteran) to my advantage. I am very determined and I can see how the business has tons of potential for a motivated, hard working individual. In addition, networking and capital are clearly the most important things needed. I have a good head on my shoulders, but I am looking for that extra piece of expertise to get me in full go. So to be clear, I am looking for a coach in the REI business that works out of NJ, Central NJ is even better, but beggers can't be choosers. Thanks for taking the time to read this!
@Nick Zinner Welcome to BP I can tell like you I'm also new but I didn't let this stop me from starting, the only thing i can say is think about it in NJ every person I have meet that considered mentoring me ask for money nothing in this world is for free. If you where a professional investor would you personally waste your time helping someone when your using your own time for nothing? Me personally I actually would honestly but a lot of the "professional" are either busy actually doing deals and don't have time to mentor or there are those that charge a ton of money up front to teach.
My solution that i concluded is just do it! it's that simple from what i see, i ised to waste a lot of time finding mentors and preparing myself as much as i could but one 1 did my first deal that's really when I learned a lot. And I still don't have a mentor lol.
Understand yourself I'm young and I've done a lot of crazy things in the past so taking a leap to do anything i dont second guess it because at the end of the day I'm learning from personal experience and growing as a person.
@Jeiby V. Thanks for the response. I totally understand where you are coming from on the free coaching, but I have heard of it. Unfortunately, that mentor lives across the country. I am actually at a good start. Just purchased a house that I need to sit on for a year because of the type of loan I used. It was a REO property that I purchased for 200k and the ARV is anywhere from 306k-325k. I am going to put about 25-30k into it. I know the basic things of REI because of how much I have researched, but that extra hands on experienced person helps a ton. For example, after this house does get sold in a year, what is my next step with all that profit I have made? How do I go about my 1031 capital gain? And other things like that. So I appreciate your advice and I love the "Just go do it." attitude because that's what I am doing. I am not just waiting around, but an experienced mind can potentially eliminate some mistakes and guide me into the best scenarios. Thanks for sharing and good luck!
@Nick Zinner No problem! If you are certain it's free education go for it! and please let me know lol! unfortunately I've paid lucky not a lot and it's been worthless I did learn the basics but that's it.
But from reading your response you're way ahead of me! I wish I could buy an REO and flip it, but as far as the strategy if i where in your shoes I would probably buy a 3-4 family or try to do another flip. In regards to a 1031 I have a close friend that has experience with this but from what I know its a trade up system in a way similar to monopoly, let's say you have 3 single family and you want to trade up for a commercial building you can do this legally and also avoid paying a lot taxes. I'm certainly going to do the same as you when using a 1031 but I need to find a good job first lol. On the mean time I'll just use my 203k loan or FHA and buy my first one, Something else to consider join a group please be aware some are better than others jus make sure you join a group you can actually connect with people.