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Hello BP Community! I am in the process of building my own team.
Started this journey a few months ago and I still feel a little lost. I am in the "wholesale " investor side of things at the moment. I've navigated with different areas in cold calling using Propstream and Vumber, mojo dialer etc. I'm currently stuck finding assistance with contract writing here in California and also looking for an expert in business taxes. I'm also currently building my cash buyer list.
My second avenue is to buy multifamily and start my passive income, this was initially my first choice I've always been interested plus have managed a few single properties in the past 10 years. My wall here is how to start? Is my own money absolutely need or are there other avenues for financing besides loans? Avenues that I can get started with right away.
Appreciate everyone's knowledge.
@Erika Calderon slow your roll. If you are starting with Wholesaling, then probably to stick with that for a while. Are you cold calling yourself? What type of list are you pulling? How much time are you spending on it? There are places you can get a contract. No need to find an expert in business taxes if you have not made any money yet. Focus on being successful with wholesaling first, then work your way into your second avenue.
Good Investing...
- Pellego
- 949-625-4533
- http://www.joehoms.com/
- [email protected]
@Erika Calderon I am an agent and willing to answer any questions on the contract side! As for your own money needed it depends on the deal you find. If I were you I would keep the best wholesale deal you find in the small multi family space for yourself and house hack it! After that I would start to network here on BP and potentially local REI meet ups! If you find good deals you can find buyers.
Glad to have you as a part of this awesome community, Erika!
- (561) 253-6640
- http://www.Engineeredtaxservices.com
@Joe Homs I get that a lot. :) This is how I work best though. As for the tax expert I was advised to get someone in the early stages to make sure the business is structured correctly, your thoughts on that? I did have a virtual assistant making calls on expired listings for me but that didn't work out so I'm making calls myself for the moment. Thank you so much for your advice.
@Nicholas Coulter Thank you so much I will definitely be reaching out. I appreciate the advice :).
Quote from @Julio Gonzalez:
Glad to have you as a part of this awesome community, Erika!
Thank you so very much. Glad to be here :).
@Erika Calderon the first thing you need is something to protect, before you run out and start opening LLC's or other structures. Once you have some income coming in there will be plenty of time to find a tax expert to help you legally keep as much as that as possible. I am encouraged that you have a virtual assistant making calls for you, but you are targeting the wrong group. Are you a Real Estate agent? These are very difficult leads to acquire. I would concentrate on Absentee Owners, Tired Landlords, etc.
Good Investing...
- Pellego
- 949-625-4533
- http://www.joehoms.com/
- [email protected]
Quote from @Joe Homs:
@Erika Calderon the first thing you need is something to protect, before you run out and start opening LLC's or other structures. Once you have some income coming in there will be plenty of time to find a tax expert to help you legally keep as much as that as possible. I am encouraged that you have a virtual assistant making calls for you, but you are targeting the wrong group. Are you a Real Estate agent? These are very difficult leads to acquire. I would concentrate on Absentee Owners, Tired Landlords, etc.
Good Investing...
Got it! No I am not an agent. Thank you for the suggestion on other leads.:)
Appreciate your time.
Loans always seemingly have a negative connotation to them. A loan is a way to front the money necessary to purchase the property that you want, and will hopefully cash flow!
If you have 100k, would you rather purchase one house with it or getting 2/3 rent ready doors through loans that will cash flow the way you want? I would choose the ladder to be completely honest!
As always you should know your target market and what your needs as an investor are, but don't sleep on loans as they can really help you out on your journey! Hope this helps!