New investor looking for advice.

12 Replies

Hi everyone! My name is Henry and I am a new real estate investor here in south florida however I like to explore my options within the state. I currently have my 1st property under contract in Port Richey, Florida. I pulled comps in the area and I believe Ive priced the property well with at least 30% equity in the property. the ARV is 60K and the property needs about 5K in repairs. Im looking to virtually wholesale this property to a buy and hold investor preferred however I am having trouble finding them. Ive tried Craigslist, For rent signs, and even called agents but no luck. My 15-day inspection period is about to approach and im thinkin of backing out. Any suggestions?

Hello Henry, 

Have you tried contacting some local wholesalers and perhaps have them market the deal for you and split the profits 50/50 with you? This way, you get your feet wet in the game and develop some relationships with local people in the area.

Do you belong to one or more local REI clubs? That is where you will build relationships with active investors but that will take some time.

With that said, if the property is a solid deal as you believe I think an investor would have taken it off your hands.  Could your numbers be wrong? Any environmental or community issues?  Mistake on the cost of repairs needed?  I assume the owner would not agree to carry the note or sell the property subject to the existing note?  

Mitchell: Thanks for the advice, I am going to give them a call.

Guy: I am not involved in any REI clubs especially in Pasco County because I live in Broward county. However, when I get the chance, I will go to my local REI group meetings

I am a rehab and buy/hold investor in Pasco county...I live in New Port Richey. I am also licensed and have a good feel for values in the area. If you would like to PM or email me the information, I'll be happy to look it over and give you my thoughts. Maybe it would even work for me!

Hey Lisa,

Thanks alot. I will definitely shoot you over the information ASAP. 

Good Afternoon Henry,

You might want to try some bandit signs; Call the local Realtor Board and rent there membership list for an emailing via property blast or some other vehicle; list it with trulia or Zillow.......

Food For Thought: You Make Your Money When You BUY You enjoy it More When You get Paid. It very important to have a detailed exit strategy before you buy. Buyers List Mortgage Brokers etc....are just a few of the team members you need to assemble in orer to be successful...

Best of Luck

Hey Mark. Thanks alot I appreciate. 

Hi Henry,

PM me the info and I will also look at it and see what can be done.  I am also licensed with a solid market knowledge.

JOIN a local RE club(s), a lot of the time most clubs will have a point in the meeting where member can stand in front of the whole room and advertise their deals, sell to the masses.  Are you in a position to take title of property?  If there is only 5k in rehab, you do not have a lot to do.  Ill be honest though, when someone gives me a small number in multiples of 5 (for repair estimate), I am weary.  Make sure your accurately estimating repairs, round up.  Id say take title if you can, maybe even tell sellers your having a hard time finding buyer, and you may buy it yourself, but try to get a few more dollars knocked off. 

Tyler: I'm pretty new on here. What is PM? Lol 

Justin: Thanks for the info. Appreciate it

@Account Closed ,

PM is a private message. 

Click on "connect" under the Poster's picture, and you will see "send Colleague request." Click on that, and choose the option that is the Best for you.

Raymond

I like Michell L answer, smart!

You might  even be able send a flyer to the investors club there and ask them to pass it on to their members.

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