We are off and running!
Hello BP Family!
I wanted to give a quick update on my progression as a Real Estate Investor. First I want to give credit where credit is due. Thank you @Joshua Dorkin, @Brandon Turner and your entire support staff for creating this knowledge base and social network platform. I have networked with many individuals and learned valuable things that will save me time and money down the line. I started listening to the biggerpockets podcasts earlier this year soaking up as much info as I could so I could prepare myself for the journey ahead. My wife and I were not sure exactly which investing direction to go but here is what I have chosen to do with the information given by all you wonderful people.
1. I partnered with a Relator who is open to real estate investing (my wife, we chose Keller Williams for the education)
2. I partnered with a company here in Houston, Texas that helps families going into foreclosure to take over payments of their home, find a new home and possibly a job. They will provide a list of individuals that are entering foreclosure and its my job to analyze the deals to see if there is enough equity for the owner to take on the project. I will receive 3 percent of the purchase price as a commission and my wife will sell the property and earn her commission on the back end if the owner decides to sell this property. I am not concerned with how much money I am making from doing the work as I am more interested in learning the business.
3. I also created a company that will wholesale properties that I find as i am driving for dollars working my partners lists. We have agreed that I will not take his leads create my own deals, but whatever I find on my own, I can keep. Whats cool is I believe this owner may become a private investor for some of these deals as time goes on.
4. I have partnered with a contracting company that I feel does a great job on their projects and have many years of experience.
currently, I work a full time, contract job that I was told will end next week. I feel better working a full time job to help pay my bills while I learn and take the pressure off. I have learned that trying to do full entrepreneurial projects while without knowing how you and your family are going to eat the next day is not my cup of tea. I failed at that too many times. Instead, I will run my lists and have my wife look for jobs for me so we can capitalize as much as we can.
When I close my first deals with my partner, I will invest those funds into my business so I can do more direct mail campaigns.
Wish me luck! the count down begins...