Easiest way to get started?

4 Replies

I've read several posts on getting started and I'm honestly still a little confused. We thought wholesaling/assigning contracts would be the easiest way to get going in RE, but I'm finding that so many people think it's terrible. So, just starting out, no previous RE experience, no buyers or investors list, what's the best way to start? I want to be working on deals by June.

@Toni McDonald - While I am no expert by any means. This is a bit of a tough question to answer. I still consider myself very new to RE investing and there are plenty of people here that know way more than me. Having said that I suggest you go to a local REIA meeting and meet other people in your market and get a sense of what they do so that you can understand things better. Nothing will come easy and most will require work and effort. When i joined about a year ago I visited the newbie section and introduced myself. From there I just focused on learning as much as i can in my spare time. You approach may be different than mine but that's what I chose to do. I suggest speaking with others, reading and learning and find out what interests you most. There is a lot out there.

Hello, my name is John. I am also new so let me give you my opinion from the dozen or so books I read and a bit of personal experience. Whole selling is not the easiest for several reasons. The biggest and most general reason, you have to know what you are doing on several levels to be truly profitable. You need a good funnel to find RE. You need to know what the house's equity is and if repairs are mandatory. You need to negotiate a good deal. You need to know all your state specific laws. I find all those things incredibly daunting. Especially since there are some people with those skills in my area already. In my personal experience the State I am living in (AR) just changed consignment law. It is making me very gun shy about my next deal as whole selling might not be legal in a lot of ways right now. Even though you are explicit in what you are doing. A better way to start out in my opinion. Do you have any personal advantages you can use? Time? Money? Knowledge? Your personal starting strategy will probably be developed off these personal strengths. More than trying to do something you need a lot of hats to make money.

My biggest advantage is time and willingness to learn and work. We're kind of in between two states right now, so there's that. We'd really prefer to flip houses, but were originally told that our financial situation meant we'd be better suited - at least initially - for wholesaling. However, we're willing to look at all options.

Why does flipping attract you? If you want my best piece of advice right now is network, try to partner with someone who doesn't have the time or the ability to work right now. If you do feel like you have to do this by yourselves analysis, analysis, analysis. No matter what you do in RE all of it come back to knowing: A) If you have a deal. B) If it is a deal how good is it. That kind of knowledge is platinum. In almost any market if you can tell show people you have good analysis and a deal they will line up to get behind you.

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