Real Estate Investor · Evergreen park, IL · Member since 2015 · 42 posts · 6 votes
Greetings all BP members! my brother and I for the past 6-8 months have made a commitment to be RE investors. With my brother being a recent college grad and myself having a family and responsibilities of my own we have limited funding so it forces us to come up with creative financing. What would you all recommend to be a good route to go for our first deal, Wholesale a property, go through private investor/lenders for potential flip of a property, or going through the bank getting a FHA loan and renting out a home or two flat?
Investor/Realtor · Wentzville, MO · Member since 2014 · 846 posts · 431 votes
11y
@Brandon O. Congrats! The first step is to take action! You did so by asking for advice.
We also made the decision to become real estate investors last year around July 2014 with hardly any money and working full time jobs just trying to make a living. We started by pulling together 1000 dollars between my partner and I to start a direct mail campaign with @Jerry Puckett and within 2 months of calls coming in, we managed to wholesale our first deal which made us 10500 profit! Now 7 months later, we have wholesaled a total of 3 deals (2 closed today), purchased 2 rentals, and we have another under contract now for a potential flip. We are also negotiating 9 more potential leads from our campaign! So my answer to your question is to take action! Regardless of which strategy you use to find deals, pick one and get started! The best lesson is the one learned by taking action!!!!!! The best goal to have is to find deals, not what to do with them. You will be able to analyze them when you come into contact with the potential deal. At that point you will determine your exit strategies. Every deal will be different.