Mentor Advice for Newbies

2 Replies

I’m relatively new to real estate and I’m looking for opportunities to learn from more seasoned investors. I was fortunate enough to have inherited two single family homes but I have not yet taken the “leap” I need to in order to cash flow. My long term goal is multi family and commercial rentals but I am thinking of wholesaling in the short term to raise capital for repairs to the properties I have as well as purchasing future properties. I know it’s wiser to start with a mentor than without one but I’m having trouble finding a credible wholesaling mentor. Any suggestions out there?

Hi Salliece,

Sounds like you got 2 free and clear homes that need repairs and are not ready to be rented out. You also need to raise money to make the repairs. That is how I am interpreting your post.

I don't think wholesaling is the way to raise money to make the repairs.  Wholesaling takes time, money, and a high level of skill to be successful.  I think there is a notion that all you have to do is put bandit signs send some mailers out and like magic, a desperate seller falls on your lap and you can buy the house for 50% off.  Its far from that and wholesaling is very hard. 

My suggestion is to see if you can pull an equity line out the house and use that to make the repairs. This way you know for a fact the money you are using goes straight to the repairs and you get the houses listed for rent.

Let's go right at the problem solve it and get you some cash flow.  Now that you have done that you can plan for your next acquisition.