Wholesaler · Summerville, SC · Member since 2011 · 7 posts · 0 votes
Hello everyone, my name is Angel Verdejo and I am a total newbie in the world of investing. Any tips on weather I should start with reo's or go straight to wholesaling and mortgage reassignment? Which is the absolute quickest way to make my first dollar?
Investor · San Ramon, CA · Member since 2011 · 1k+ posts · 569 votes
14y
Quickest way to make a buck is to get a real job.
If you're looking to quickly make money in real estate investing, you're likely going to be sorely disappointed. While it is possible, most stories I have read have required months of leg work up ahead of their first deal. You have to learn a technique, research an area, sift through hundreds or more candidates to find a real deal, and then close on it.
Remember, if it was easy, there'd be no money to be made. You may want to temper your excitement with some realism.
Investor · San Ramon, CA · Member since 2011 · 1k+ posts · 569 votes
14y
Quickest way to make a buck is to get a real job.
If you're looking to quickly make money in real estate investing, you're likely going to be sorely disappointed. While it is possible, most stories I have read have required months of leg work up ahead of their first deal. You have to learn a technique, research an area, sift through hundreds or more candidates to find a real deal, and then close on it.
Remember, if it was easy, there'd be no money to be made. You may want to temper your excitement with some realism.
Investor · Fort Worth, TX · Member since 2011 · 1k+ posts · 450 votes
14y
Angel,
The quickest ways with the least amount of up front cash and COMPARATIVELY "no risk" would be bird dogging for wholesalers or wholesaling. Either one will take some time and a lot of work (running around time and gas and other crapola). I don't like running around that much. But you do what you gotta do.
The quickest way to make money in real estate if you do have money (and construction knoweledge) and can accept large risks would probably be to flip houses.
Being excited is good. You can't really even work the smallest real estate deal successfully without a passion for what you are doing - IMO.
There really is nothing quite like actually DOING it.
Wholesaler · Charleston, SC · Member since 2008 · 172 posts · 5 votes
14y
Read some books on wholesaling and bird dogging. You don't need any money to do either. You can also search through some threads on this forum about wholesaling. Find a niche and run with it.
At least work on building up your buyers list so you'll know what kind of property that you need to tie up to bring back to them.
Real Estate Investor · Member since 2009 · 88 posts · 48 votes
14y
Angel,
Congrats on getting started. Back when I first got into the biz I didn't know a thing!!! I ended up meeting a successful wholesaler in my city and started asking a lot of questions. Eventually I asked him "is there any marketing that you are NOT doing that you wish you were"????? Low and behold there was, he told me what it was and how I could market to them.
I started running direct mail campaigns, setting appointments, and the both of us would go out together. He was getting leads on my marketing dollar, I was going on appointments, getting a priceless education, and ended up doing a lot of deals together!
I'm 100% sure even the most successful investor out there isn't marketing to everyone the he/she would like to be marketing to! They would probably be extatic if you approached them willing to put a little bit of money and a lot of hard work towards getting them deals!!!!
Specialist · Cleveland, OH · Member since 2011 · 1k+ posts · 852 votes
14y
Hi Angel,
Welcome to the wonderful world of investing. I would begin by wholesaling, but I would deal with privately held properties, REO properties can quickly drain your energy and you may loose motivation. GOod luck!! :mrgreen: