London, Greater London · Member since 2015 · 2 posts · 2 votes
Scenario: You have no experience in real estate and little to no savings for investing. What you do have is the income from your spouse which covers both your expenses. This allows you to commit all your time to real estate without having to worry about a job.
What strategy would you use to be able to flip homes and also buy and hold (any type of real estate) for cash flow?
Look at 3 or 4 beginner books and read the chapters on finding deals. But you might as well educate yourself on the rest of the basics. Then pick a strategy and follow it. I think mailing lists are least productive but that is my opinion. Once you have the book smarts you may be able to get a realtor to assist you.
Look at 3 or 4 beginner books and read the chapters on finding deals. But you might as well educate yourself on the rest of the basics. Then pick a strategy and follow it. I think mailing lists are least productive but that is my opinion. Once you have the book smarts you may be able to get a realtor to assist you.
Well, if money is a challenge, first learn how to attract and partner with private lenders. Not sure how that would work in the UK.
Once you've established some relationships, the start analyzing potential deals. When you find one where the numbers work, present it to your prospective lenders and get their buy-in and/or feedback.
Learn what you can from that and refine your work until someone says, "Yes! I'll lend on that!" Then, you're on your way.
David J Dachtera
"Success is not a destination. Failure is not an event. Success is a process, failure is a choice." - DJ Benedict
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.
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). Find them through Google and meetup.com
Consider checking out HUD homes for small multi's owner occupied gets first crack.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Thank you all for the feedback. I love to get new perspectives on my plans so I appreciate your input :)
Hey @Ed Emmons, thanks for the content! Although I've already read the BP beginners guide and I've been all over the podcast since late last year, I haven't looked at the flipping book which sounds like my type of thing. I grew up as a kid renovating our house every weekend for years but estimating costs is a focus for me now, so.. Thanks! Also a good point you make about the specialised housing that I hadn't considered - more food for thought :)
What you pay back to the private lenders is interest. The experience you gain comes from finding and partnering them, showing how their money will be repaid and protected, how their interest will be paid, etc., and from actually doing the deal and making it happen.
If you need to learn how to do that, check my profile. I can help you there.
David J Dachtera
"Success is not a destination. Failure is not an event. Success is a process, failure is a choice." - DJ Benedict