New to the Scene, Can Do Attitude.
Hello, My name is Jordan and I live and work in the Southern California area.
A couple of areas I'd like to focus on would be
Wholesaling,
Flipping,
Building.
I have some connections for investors and I build/remodel with a GC and he is keen on the idea of us taking on a flip or two for our next project. I would love to find some connections to help make that happen. And I would personally like to learn how to wholesale. I've listened to a ton of the podcasts, but still feel unsure of where to start when it comes to finding and making calls.
Hi Jordan, welcome to BiggerPockets!
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Quote from @Jordan Bigler:
Hello, My name is Jordan and I live and work in the Southern California area.
A couple of areas I'd like to focus on would be
Wholesaling,
Flipping,
Building.
I have some connections for investors and I build/remodel with a GC and he is keen on the idea of us taking on a flip or two for our next project. I would love to find some connections to help make that happen. And I would personally like to learn how to wholesale. I've listened to a ton of the podcasts, but still feel unsure of where to start when it comes to finding and making calls.
Why are you focusing in on everything but just buying a place and renting it out? You are confusing yourself with all of the podcasts and making connections. Analyze your current local market and find out what you can afford and what cash flows. Buy a property, rent it. Buy another, repeat.
I don't feel confused. I have very clear goals of what I want to do.
LA is a pricey market to jump in on and buy a house. The goal is to build up capital to be able to get in on one persoanlly. Working to get pre-approved and see what I can come to the table with and purchase.
Fix and Flip - I work directly every day with a GC and we are trying to build our business to expand beyond just fixing other peoples houses and instead flipping a house and going for a greater margin of profit for us. This would require either an SBA Loan or take on a Hard Money loan and get in and get out quickly. (Again though, LA market 499K Cash needed to get a discounted price on a house)
Wholesaling - I like the concept, I like talking to people and I like solving problems, and I like making a profit. I am a networker and I don't mind talking to people in situations where there is potential to help them out. If I can do this and make a profit that can go towards funding the other above mentioned goals, then I am interested in pursuing it.
I don't see myself as being confused, I see that as having goals, and instead of exit strategies, these are entrance strategies.
You are right that I could just buy a property and rent it, and I am working towards some version of a house hack, but mortgage rates just went up and houses in Hollywood are pricey. But it is a work in progress.
I don't find you as confused Jordan. But it does sound like you're focused on a little too much at once right now.
Pick either wholesaling or house flipping.
If you have some capital to deploy, and you have a good team (sounds like you already have a GC), then house flipping would be my choice. More work but upside can be greater than wholesaling. In this case just start calling every wholesaler and agent in town and tell them your criteria for deals.
If you don't have any capital to deploy, and you don't have access to private money, then wholesaling will help you build up some money to invest. But wholesaling done right is a full time job. It is going to take you months of work to start building lists, sending letters, sending more letters, taking calls. So don't go down this road unless you're mentally prepared to grind around the clock for a while. Wholesaling is not as easy as just taking some phone calls and helping solve peoples problems.
Hi @Jordan Bigler, welcome to the community! You seem like a smart guy with a plan but I am sure you are lacking the tactical day-to-day knowledge of what to do or how to start.
Before becoming a lender, I did some wholesale deals. I would be happy to discuss my experience and best practices.
Let me know if I can be of any assistance.
Quote from @Scott E.:
I don't find you as confused Jordan. But it does sound like you're focused on a little too much at once right now.
Pick either wholesaling or house flipping.
If you have some capital to deploy, and you have a good team (sounds like you already have a GC), then house flipping would be my choice. More work but upside can be greater than wholesaling. In this case just start calling every wholesaler and agent in town and tell them your criteria for deals.
If you don't have any capital to deploy, and you don't have access to private money, then wholesaling will help you build up some money to invest. But wholesaling done right is a full time job. It is going to take you months of work to start building lists, sending letters, sending more letters, taking calls. So don't go down this road unless you're mentally prepared to grind around the clock for a while. Wholesaling is not as easy as just taking some phone calls and helping solve peoples problems.
I don't have the capitol to deploy a cash buy and fund the flip on a project here in SoCal. I'd be hesitant to jump straight into a hard money loan for that type of project. Although maybe that would help us get it done.
I agree that wholesaling is not necessarily a top choice so much as a means to an end. But I see your point that it is a grind and it takes months to move something from start to finish and many hours to get a potential source. Thank you for pointing that out.
Quote from @Andrew Garcia:I'll shoot you a message man. Thank you.
Hi @Jordan Bigler, welcome to the community! You seem like a smart guy with a plan but I am sure you are lacking the tactical day-to-day knowledge of what to do or how to start.
Before becoming a lender, I did some wholesale deals. I would be happy to discuss my experience and best practices.
Let me know if I can be of any assistance.