Newbie intro. Looking for deals, financing, and advice

15 Replies

Hey Everyone! I'm from the northshore of Massachusetts and recently upgraded to Pro. I am a bit of a newbie. I did one flip about 5 years ago (2013) and haven't done anything since. I learned a ton from that flip and have always wanted to get back to doing another. After many years of tele-sales, I became a licensed realtor last fall. I decided to quit my tele-sales job (which I hated) and work on selling my own house and get into real estate investing. I was able to sell my house for a nice profit and I have currently been renting for the last 6 months. I have 3 kids so during my time off, I've pretty much been taking care of them- school drop offs/pick ups, sports, etc. At the same time, trying to get up and running with a career as a real estate agent, however it has been very challenging. I love the bigger pockets podcasts and checking out the forums.

My situation is that I have cash from selling my own house, but I do not have income at the moment so I can't get a conventional bank loan. I don't have so much cash that I can buy and rehab a home with all that I've got. I've looked into hard money lending, but the upfront costs are very high as are the interest rates. I don't have friends and family that are going to spot me thousands of dollars either.

I know I probably have a lot of excuses already, but on top of it, the market in my area is tough. But I'd still prefer to do a deal in my area as opposed to a long distance deal - at least for my first one in awhile..

Here's what I'm thinking of doing:

1) get a regular income producing 9-5 job and be miserable for awhile. However this will allow me to fund my investments through conventional bank loans. After a couple of years I'll hopefully have enough properties where I can leave my miserable job. :)

2) Get a hard money loan and buy a property. I'm looking at either holding multi-families or fix and flips. 

3) well...what would you do?

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@Glenn English

You are far from a newbie get rid of that mindset... you have experience, a license... yes you have plenty more to learn but have some confidence in the knowledge you have thus.


As for the kids... don't use them as an excuse for your time but as MOTIVATION - what is better than leaving a legacy for them?  Quit TV and social media not time with your kids.

Here's what I'm thinking of doing:

1) get a regular income producing 9-5 job and be miserable for awhile. However this will allow me to fund my investments through conventional bank loans. After a couple of years I'll hopefully have enough properties where I can leave my miserable job. :)

2) Get a hard money loan and buy a property. I'm looking at either holding multi-families or fix and flips.

3) well...what would you do? - Pick one and focus the hell out of that strategy

Originally posted by @Glenn English :

Hey Everyone! I'm from the northshore of Massachusetts and recently upgraded to Pro. I am a bit of a newbie. I did one flip about 5 years ago (2013) and haven't done anything since. I learned a ton from that flip and have always wanted to get back to doing another. After many years of tele-sales, I became a licensed realtor last fall. I decided to quit my tele-sales job (which I hated) and work on selling my own house and get into real estate investing. I was able to sell my house for a nice profit and I have currently been renting for the last 6 months. I have 3 kids so during my time off, I've pretty much been taking care of them- school drop offs/pick ups, sports, etc. At the same time, trying to get up and running with a career as a real estate agent, however it has been very challenging. I love the bigger pockets podcasts and checking out the forums.

My situation is that I have cash from selling my own house, but I do not have income at the moment so I can't get a conventional bank loan. I don't have so much cash that I can buy and rehab a home with all that I've got. I've looked into hard money lending, but the upfront costs are very high as are the interest rates. I don't have friends and family that are going to spot me thousands of dollars either.

I know I probably have a lot of excuses already, but on top of it, the market in my area is tough. But I'd still prefer to do a deal in my area as opposed to a long distance deal - at least for my first one in awhile..

Here's what I'm thinking of doing:

1) get a regular income producing 9-5 job and be miserable for awhile. However this will allow me to fund my investments through conventional bank loans. After a couple of years I'll hopefully have enough properties where I can leave my miserable job. :)

2) Get a hard money loan and buy a property. I'm looking at either holding multi-families or fix and flips. 

3) well...what would you do?

 Hello and welcome! You have come to the right place! Good luck to you!

Thanks very much!...looking forward to building a life of financial freedom!

Originally posted @Jim Sestito :

@Glenn English

You are far from a newbie get rid of that mindset... you have experience, a license... yes you have plenty more to learn but have some confidence in the knowledge you have thus.


As for the kids... don't use them as an excuse for your time but as MOTIVATION - what is better than leaving a legacy for them?  Quit TV and social media not time with your kids.

Here's what I'm thinking of doing:

1) get a regular income producing 9-5 job and be miserable for awhile. However this will allow me to fund my investments through conventional bank loans. After a couple of years I'll hopefully have enough properties where I can leave my miserable job. :)

2) Get a hard money loan and buy a property. I'm looking at either holding multi-families or fix and flips.

3) well...what would you do? - Pick one and focus the hell out of that strategy

Thanks Jim - I agree, I just need to focus on one thing and stick to it. working on it..

@Glenn English Check out Cameron Real Estate. They are a local brokerage and might be a good fit for you as a new agent and your interests in flips. FYI I have no affiliation with the brokerage but like them as a company and am amazed at their growth.

I will check them out - thanks Enis!

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Glenn,

Nice to meet you here and congrats at going pro. What kinda tela sales you do I have worked many phone rooms in Vegas. You dont say how your real estate gig is going? Sometimes its good to partner with someone that has credit if you have the cash?

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