Hello BP nation! My wife and I are new to BP, as well as the real estate industry as a whole. We've been doing research and reading books, blogs, forums and talking to real estate professionals for a couple of months now and we feel ready to dive in head first! We don't currently own a home. I am driving for dollars to find deals and then once I do, I plan on finding the funds to invest. One of my biggest questions is where should I begin looking for private money investors that would help fund my deals?? We don't have a local real estate club here in Longview, Texas yet so there isn't much I can do in the form of networking at events.
Once we figure this out and have a solid foundation to grow our business on, we will take it by the horns and make the absolute best we can out of it! We are very motivated individuals and even more so as a team. My goal is to be able to quit my job in 2 months and live strictly off of real estate profits. 6 months from now, I would like to have our own storefront business and be a big enough investor that we're comparable to other real estate companies in our area. By this time, I would like to be doing at least 5-10 deals per month.
Any and all comments are greatly appreciated and will be put to great use!
Welcome to the club. I'm as new as you guys. So, I'll leave the expert comments for the experts to do. I just wanted to say I'm amused by your enthusiasm.
Welcome to Bigger Pockets.
Have you thought about creating a REIA group? You can post here at BP for any Longview area folks, contact local real estate agent, search Craigslist for names of property managers and landlords and invite them all to a coffee at Starbucks. Someone in that group would likely know of a local private lender.
Hello and welcome, from everything I've read it sounds like you may be in a good situation to form your own REIA for your area.
This would connect you with like minded individuals in your area and might connect you with people willing to invest in your ventures. Could be a win/win for everyone in your area, I like your enthusiasm, Good Luck
We do have a REI group,
It is held in Lindale, but all the Longview/Tyler and even some Dallas investors attend.
@Sachin Acharya Thanks buddy!
@Mark Nolan Glad to be here!
@Darlena Jones I was made aware there is a REIA group in Lindale, which is about 45 minutes down the road. I am going to join this one and see where it leads. I appreciate your comment. If I ever do need to start one, I'll know exactly where to start! Thanks!
@Lennie Holland Thanks! I guess my response to Darlena's comment can address yours too. I appreciate both of you taking the time to help me!
@Andrew Baker Thanks brother! I joined meetup and am definitely going to attend the January 10th meeting! If you don't mind me asking, have you met any investors that are willing to mentor you in the right direction or even sponsor any of your deals in this association? Thanks!
Think about starting your journey with Wholesaling.
Not only will Wholesaling will allow you to consistently locate the most discounted properties in your community, it will also give you the fastest infusion of cash.
Be careful of education. Education will put you in anticipatory and preparation mode, it is better to seek instruction, take action and fail fast. Think of it this way, education will not prevent failure it will only postpone action. You are going to have a series of successes and failures no matter when/how you start, so you might as well get started now. Wealthy Wholesalers are just as familiar with Failure as they are with Success. Take premature, massive action based on Instruction not Education.
The benefits of Wholesaling:
Zero to Very Little Financial Risk - Only a very small deposit ($100) and marketing dollars (much of this can be compensated for with Grit, Determination and Persistence) are at risk.
Zero to Very Little Real Estate Knowledge Required - Wholesaling has almost nothing to do with real estate and everything to do with running a pawn shop.
Fast - By far this is the fastest path to a massive cash position in the shortest amount of time that we have found.
Scale - By following very simple rules (focus on a single exit strategy and a single marketing channel and being an owner/founder not a real estate expert) you can quickly create a business that is a servant to you rather than creating a job you serve.
True Freedom - This is difficult to define and different for everyone but I can say this with certainty. Since starting 2.5 years ago my definition has changed and it has nothing to do with money.
God Bless Brother, do good work, be a humble servant to desperate homeowners, really slow down a listen to them, be a friend. No matter what you hear about Wholesaling our services are desperately needed in every community and if you choose this direction be proud to serve your community in this way.
And remember this; There is no such thing as competition, only collaboration!
To Great Adventures,
hey blake. sounds like you are on a roll. you got lots of great advice here. thats what BP is all about. keep up that motivation, it is key in this business. the money will start rolling in, however, your timetable may be a little enthusiastic, but stick with it. the time will come when you can quit that job and follow the dream. OPM is what makes it in this business, thats Other Peoples Money. credit. if you don't have it, get it. if your credit is shot, fix it. go to www.annualcreditreport.com and work on improving that credit score. its free. and watch the podcasts here on BP. education helps, but it can slow you down. you have to jump in and jump the hurdles that you can and knock down those that you cannot. no on ever learned anything without getting started and failing a time or two. think of all the great inventions created in the last 200 years. not one of them was a success without first figuring out how NOT to do it. good luck to you