Where should i start!

Question

Hi everyone,

I'm an engineer in the oilfield, I've been really intrigued for some time to get into REI. I've been digging in all sorts of podcasts, forums, webinars, ect. & seem to be info Overloaded! It seems I need to learn wholesaling fundamentals first! Should I use a mentor/coach to keep from making costly mistakes & also learn the whole marketing seller/buyer leads? I need some wise advice!...Please, THX

Tiffany H. · Answer

I think it kind of depends where your strengths and resources are.  If you have handyman skills, maybe you partner with someone with money and experience and you do the fix-up.  If you have credit, maybe the same but you lend your credit capacity to a full-time investor who has too many loans or can't get bank financing because they don't have a w-2.  Or you can start by lending on 1st Trust Deeds if you have some cash but want to be passive.  I'm not the best person to ask because I've yet to find a true focus other than "cashflow".  Keep telling people what you're looking for and then opportunities come.  If they make sense, take them.  It won't always be perfect, but it will be a start.  We started with buying a duplex and living in one of the units.

Scott Saizan · Answer

Thx for your time/advice Anson, I will take it all in consideration!

Anson Young · Answer

The thing is, that ANY of those could work.  What is the best?  One guy will say absentee owner, another will say probates, another will say pre-foreclosures....

I think many people get their start with direct mailing to high equity absentee owners.

Scott Saizan · Answer

Thanks so much Anson, I will check that out asap!

I know I want to start wholesaling first, then venture into the others.

And Bryan thank U very much for ur advice.

Now as for as wholesaling what would be the best option to aim for, vacancies, probates, fsbo, or to work with an RE agent from your experience?

Bryan Davis · Answer

To piggy back on what @Anson Young just said, it can be overwhelming trying to figure this big thing out. I've been involved in real estate investing since 2007 and have recently re-focused my efforts on wholesaling. It is THE fastest way to build cash reserves and can be done with little to no money out of pocket. I learned most of what I do now from Ron LeGrand (referenced in my signature below) and Cameron Dunlap (no link, just Google him) and have completed numerous wholesale flips as well as a couple of other strategies. Feel free to message me anytime, I'm always happy to help.

Anson Young · Answer

If you havnt checked this out yet, do so immediately:

http://www.biggerpockets.com/real-estate-investing

Your strategy ALL depends on what you want to do?  Dont know exactly what you want to do yet?  Check out above.  Once you know where you are going, you can plot out the way to get there.

I spent the first 2 years of my REI career flopping around not really sure of what I was doing and where I was going.  I was on OVERLOAD, sub2? wholesale? rentals? flips?  owner finance? LOOK!  SHINY!  Suffice to say, it was not a successful start...