What Should I Do While In The Meantime While I'm Broke..?

Question

Hey BP,

So, after a lot of reading and research and downloading home design and development software, and 50 podcasts, I'm ready to get started! I've planned out my full Facebook and Google ads, setup my website, and have my Hotline setup to start generating leads on homes I can either flip or wholesale, depending on if it meets my criteria, budget, and loan abilities. In addition, I am planning on getting my real estate license in the state of Indiana. I've added up all my costs to get this started, and I'm anticipating about $2000 for one month of the ad campaign, $300 for my website, $500 for my license , and I'm still unsure on the Hotline. That being said, I need about a month to save up the cash for all this. Living in small town Goshen, IN there's not much going on, and I can't seem to find any real estate investing clubs. I don't mind a drive to Chicago for meetings, but would much rather stay local. My conversations with strangers have taught me that shockingly a lot of the older people here are investors as they knew my terminology! All that said, I've got two questions..

1) I can't find any investor meetings, does anybody have any idea of where I can find some in my area?

2) How much are the average MLS fees?

3) What should I do in the meantime? I'm getting bored and anxious! I want to keep furthering my education and re listen to podcasts and read more blogs, but so much information is only useful to a certain point. Eventually you need to put it into practice!

Thanks BP,

Jason Eyerly

Adam Gerig · Answer

Rei meeting in Fort Wayne next Saturday at 9:30am if you are wanting to come

Cuong Le · Answer

Hi @Jason Everly.

You can save some money on the website by doing Wix.com; Brandon Turner wrote an article about setting up your website under a few hours with Wix here. It's inexpensive or you can do the free route until you're ready to expand.

Do you have someone outside your area or near you that you can partner up with? You can get some experience while you're building up your war chest.

Heather Fetter · Answer

Hello @Jason Eyerly ...

As Adam mentioned above, come to the REI Association meeting on Wells Street, Saturday the 18th.

It is a wonderful group of people.

Jason Eyerly · Answer

I've got the sales issue covered. I've added the newspapers to my sales plan as well. However, I've only spoken with two agents so far and I don't know if they are willing to help an investor or wholesaler yet. I'm going to two REIA meetings in the next couple weeks and I'm hoping to actually meet some potential buyers there for the deals I do find and cannot flip myself as of yet. Perhaps some people who can bring my leads as well.

Tyler H. · Answer

@Jason Eyerly How many people have you physically talked to in the last month that can put deals in your path? Realtors, attorneys, title company contacts, etc. How many offers have you made on listed properties?  Have you knocked on doors in neighborhoods you want to buy in? Do you have a way to track these numbers?

I would encourage you to take more sales action to develop more leads, for which there is no substitute. You may consider expanding your farm market.

Michael Olesky · Answer

Hey Jason- If you want a live person hotline, pat live is good but pricey.  I just use a free google voice number with a message asking for name, number and address and have it forwarded to my cell for when I can answer it.

You can cut some costs by not getting the real estate license right away, there is a mix of folks who think it is helpful and folks who don't.  For me it isn't worth the cost, I have agent friends who are also investors for access to the mls.  But I may consider it in the future when the cost has less of an impact on my budget.

I've done well so far with adwords and a squeeze page, but monitor the adwords daily at least, depending on your keywords and geographic constraints, you can get a lot of clicks too quick.  On my buyers adwords, i didn't constrain it to florida the first day and got $25 worth of clicks overnight!  Not a big deal, but could have turned into one quickly if i wasn't paying attention.

Best of luck!

Mike

What Should I Do While In The Meantime While I'm Broke..?

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