REI Rookie From Dutchess County NY

8 Replies

Good afternoon my name is Steve Talaber and I am brand new at this whole real estate thing.  I got into this by "accident". 

I have a background in construction both commercial and residential. Construction wasn't really making me happy so I decided to get my RE license. I became a part time real estate agent with practically no success. I became a little discouraged and focused back on construction.  I applied for a new job as a project manager. While at this interview I met the owner of the company I was interviewing at. We by chance got into a discussion about flipping houses when he saw I was licensed in real estate. We both had an interest in pursuing fix and flips. He encouraged me to write a business plan to flip and present it to him. 

4 months later here I am. Now I work full time researching properties to flip and to continue to develop the business model.  Its a decent situation I get an office, small salary and they have agreed to be my "investor". 

I spend most of my time searching through MLS sometimes I use hubzu.com and auction.com as well. I have probably looked at 30-40 potential properties and put offers in on 3 so far no luck though. I need to find a better way to bring in motivated sellers. This seems to be the biggest challenge to me is finding properties, especially with the margin of profit my investors look for.

I have learned a lot using this site the past few weeks. The flip analyze tool is helpful (the main reason why I joined) as well although sometimes the math comes out wrong. Anyone else encounter this issue? 

Welcome to BP @Stephen Talaber . BP is a great community so rest assured that you've come to the right place. I'm a newbie too, looking to get started in wholesaling. Your background in construction and real estate should serve you well in the flipping business. However, from what I've read some of the best deals are not necessarily found in the MLS, so you will need to master other ways of finding motivated sellers. Also I've also heard that it sometimes take anywhere from 20 to 25 or more offers before you may have one accepted. So keep plugging away sending in those offers.

Best wishes with your REI.

Promotion
Marko Rubel
ATTENTION INVESTORS
Get Deals 100% Funded – No Credit, No Banks, No Job Verification
New Unlimited Funding® program for investors: low-interest, without banks or shark lenders.
Check availability

Welcome to BP community @Stephen Talaber   It is a great place to meet new friends and learn about various aspects of real estate and more. Here are a few recommendations for you:

Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below. He or she will be notified of being tagged so that the conversation will continue.

Wishing you the best! 

Thanks for the responses everyone.

@Vala Shahabi  I will be sure to check loopnet.com out today, I haven't heard of that site yet. 

@Amicia Mussenden Yes I understand MLS is not always the best source. The problem I find with MLS is that there is just so much competition. Almost every investor in the area has an agent checking the MLS, just like me, looking for deals. So it is hard to find good deals. I wont give up though!

@Dmitriy Fomichenko  thank you for the help, I will be sure to save some keyword alerts 

Hi Steve.

Welcome to BP.

If you are looking for on line places to research deals, you may want to try HomePath.com (Fannie Mae), HomeSteps.com (Freddie Mac) and HudHomes.com (HUD). You can find foreclosures there and the occasional deal. I find that the banks appear to be less and less intersted in selling at a discount. the good thing is that you can establish some relationships with brokers in your area that are reprsenting the banks.

I've begun trying to connect directly with sellers and have been mailing postcards and yellow letters. Feel free to connect and I will be glad to share what I've learned.

Stephen

@Stephen Fryer  I have checked homepath.com but have not seen the other two sites. I will be sure to add them to my daily search for homes. 

Post cards and yellow letters will be my next step, I think its a great way to go. There are so many different ways to get lists of distressed homes. Have you seen any success with your letters? How are you obtaining your mail list? 

Feel free to direct message me if you would like.

Thank you for the help 

Steve 

@Stephen Talaber  

Welcome. Time to build the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 80 past ones to catch up on.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good luck

Paul

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you