Hello everyone my name is Rishan Wright. I’m 20 years old and I live in the Montgomery AL area. My whole reason for getting into real estate is that I know I’m young but I don’t want to spend my life slaving a 40 hour job every week. I want to become a entrepreneur and build my net worth. I’m working to find my first deal and I know where to start looking for deals in my area but I’m not sure what to do after I find a deal. Like where would I find buyers in my area I’ve been searching and haven’t came across anyone except someone trying to sale me an education for $20,000 which I don’t have at the moment. So any advice anyone can give I’m all for it.
Hi @Rishan Wright ,
Your first step IMO is finding a good mentor. Find someone doing what you want to do (whether flips or rentals) and offer to work for them for free. See if it's a good fit, and then ask them questions and try to learn as much as possible now. Take classes on basic trades, and learn basic stuff of houses, that will save you a ton in the long run!
Look bro funny thing is. We're the same age. And like @Linda D. said you gotta get a good mentor...I mean I didnt but still. She's right. Either that Or build a sickening work ethic and search everything on the topic on the web, cross reference, throw out the bull but take the good. This business really isn't all too difficult and yet again I'll do another repost that'll break it down.
"They say once you get to a certain position of success in your Investing career you'll realize your time is valuable. Negative. When you are first starting is when the time is the most valuable. You can A spend hours and hours on the web watching hour and a half long videos, be clueless of where to go, get sold a training that costs 5k plus (for information that you can learn on the web for free if you look hard enough, bigger pockets,crinoline, youtube, google, reitipster, ..the list goes on forever. We're in the digital age guys) or...you can just find a Real, Straightforward Investor to Mentor you. and if he's ligit and not a greedy crook. He or she will just be straight up and teach you what works, not drag it out.....over a hour...or in some cases a couple months.. Its all really the same business. Whether your wholesaling ( residential or commercial) fix and flipping, or buy and holding. With wholesale...find a seller in a distressed situation, connect make an offer, get a contract signed then sell it. (Assign, double close, quit claim..w.e your preference lol) stack your cash ...take it the next step ( Or if you've a silver tongue use OPM..other peoples money..give em 6% on their money in interest only payments).... ..fix and flip.. same steps except this time guess what? You close on the property yourself..by now you should have a feel for the game, know how to get sweet deals for the low low and more importantly know how to calculate repairs...yup..close on it yourself...no end buyer no assignments..that 40k profit is all yours..... hire a contracting company or if your a hands-on guy...(youtube) visit home depot and start rehabbing. Fast forward 3 months..ready to either sell it on the market..or...since it's yours ...start hunting for a tenant ( don't do it...just flip it honestly, renting out SFR is by far...just silly..having one tenant really??Ayee again some do it, it works I guess). Personally, prefer Multifamily..either start with 5-20...(target mom and pop) or be like good ole Grant Cardone and target only 35 plus units ( ps. that's when OPM comes in handy)...oh man There's so much...And by the way, all that knowledge was gathered for FREE. nope...didn't pay a dime. In the end its all about leveraging your time..and finding out who REALLY knows the know how. A man doesn't make 100k a year because he wishes to...he does so because he's unaware of how to do it in a month.... (lol there's some pretty good wholesalers out there doing that now)..oh man...If you've followed this far you see what I mean by finding a Knowledgable Straight Foward Investor. Why spend 4 months learning what should take a day..come onnnnnn...lol
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