Well, like most people in this particular thread, I'm a newbie.

Well, like most people in this particular thread, I'm a newbie.

Fort Worth, TX · Member since 2015 · 80 posts · 16 votes

Hi. My name is Glenn, and I live in Fort Worth, Texas. I'm new to real estate investing, I suppose. I say "I suppose", because 9 years ago, I bought the Carlton Sheets real estate program and went through it. I found that there was what I THINK is some good information, but I was never able to make a go of it, and before long, I put it aside and went back to slaving away. Last year, though, things changed for me. My son was born December 6th. And then, this year, we found out we have a daughter on the way (due in March). This has lit a fire under me. I want to be there for my kids, and so does my wife. I don't want to spend 40 - 60 hours a week away from my family, while my wife does the same, and others raise our kids. I don't want to put my kids in public school; I want to teach them myself, the way I learned. I want my kids to grow up in an environment where they learn that it really is possible to make things happen if they work hard and put their mind to use. I want to pass on to them valuable skills that they can take with them throughout their lives, and I want to leave them a good inheritance when my time comes. My wife wants to work, but she also wants to be home with the kids and be a mom. She wants to do something that puts some money in her pocket and lets her feel like she's not only contributing, she's an equal partner. And we both want to work together on building a solid life for our family. That's why I'm here; to learn where things went wrong 9 years ago. To fill in the gaps and gain the confidence I need to properly evaluate a deal and then pull the trigger. And, honestly, to get advice on how to start with VERY little money (a couple thousand at best) and iffy credit. So. There it is.

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Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
10y
Originally posted by @Stephen Nicholson:
Originally posted by @David Dachtera:

You don't need to be an agent to write offers. Most investors are not agents and some of them write multiple offers every day.

David J Dachtera

Is a regular investor allowed to write their own offers for REO properties without an agent? I never knew that, I will need to look into this, could be something I would be interested in learning!

You can always write your own offers and the lender's REO agent MUST submit it, by law. The lender or their agent may request the offer be submitted on their form, of course.

David J Dachtera

"Success is not a destination. Failure is not an event. Success is a process, failure is a choice."
- DJ Benedict

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  • Real Estate Broker · North Richland Hills, TX · Member since 2013 · 1k+ posts · 607 votes
    10y

    Hi @Glenn Mayo, welcome to BP!    Sounds like where you went wrong was the same thing as happens to most would-be RE investors - lack of action.    You know have a great "Why" to do this, which will hopefully guide you towards action.

    Unfortunately, it takes some combination of time and money to make money in REI. W/o much money, you're initially (at least) going to have to put in a lot of time into making it happe!

  • Fort Worth, TX · Member since 2015 · 80 posts · 16 votes
    10y

    Well, fortunately, time isn't too much of a problem for me. My schedule is somewhat flexible, and I'm able to adjust it as needed right now. My real concern is this: without much money, I'm kind of stuck. To that end, I was just talking with my wife, and we both agree that, right now, our two best options are A) go through FHA, if possible, and get a two-family home (we'd be first time buyers), that way we can live in one side and have the other pay our mortgage, and we'll be able to save what we would have spent on rent toward a decent down payment, and B) spend some time REALLY learning how to identify darn good deals, so that, even if we can't buy them, we can wholesale them and earn a little money that we can, again, sock away toward a significant down payment. We figure that, with our credit, we're going to need to walk in with some cash, no matter how we end up buying our first property, and the more the better. So, what we're hoping is for as much advice as possible toward those goals. Honestly, our income and our bills are such that it won't take a tremendous amount of passive income to replace our current income and keep us living at the level we're at now, which, while not great, isn't horrible, either. And once we get there, we plan to do this full time. I'm hoping to learn that what I want to do is possible, and how to make it happen.

  • Groveland, FL · Member since 2015 · 11 posts · 0 votes
    10y

    @Glenn Mayo welcome to BP! There's alot of useful information on this site. Yes, education is very important, and it will take some time to get enough of it under your belt, the most important thing is to start "doing". Picking a place to start and setting some goals will help get your momentum going. Good luck on your journey! 

  • Fort Worth, TX · Member since 2015 · 51 posts · 7 votes
    10y
    Hi Glenn, I live in Fort Worth too. I remember Carlton Sheets! Maybe we can get coffee some time.
  • Fort Worth, TX · Member since 2015 · 80 posts · 16 votes
    10y
    Originally posted by @Account Closed:

    Hi Glenn, I live in Fort Worth too. I remember Carlton Sheets! Maybe we can get coffee some time.

     That would be great! It's nice to know I'm not alone in this market. Have you had any success here yet, Boyd?

    In addition to being part of BP, I recently signed up for the free Lifestyles Unlimited class, and I'm thinking about joining that organization as well, for all the contacts and educational opportunities there, too. I've heard good and bad about LU; mostly good, at the level I'd be joining, and mostly from BP. I'm hoping to avail myself of as many educational and networking opportunities as possible, since my initial plan (wholesaling) is going to require me to REALLY know what a good deal looks like and then to know, or quickly be able to locate, investors who can close on a good deal. Thoughts?

    Also, I see that some people on here have real estate licenses. Long ago, I considered getting a real estate license, but I was talked out of it on the grounds that you only get paid commissions. I know that a real estate license isn't necessary to invest, but, aside from access to the MLS database, are there any major advantages to having a license that make it worthwhile to pursue? I'm REALLY interested in everyone's thoughts on the matter. Thanks!

  • Fort Worth, TX · Member since 2015 · 51 posts · 7 votes
    10y
    There's no right answer to that in my opinion. Getting licensed is a lot of work, but worth it if you are a good salesperson and are willing to hustle. If you're just wanting to do a few flips here and there then it's not really necessary.
  • Houston, TX · Member since 2013 · 1k+ posts · 114 votes
    10y

    Welcome to Biggerpockets @Glenn Mayo! Wish you all the success on your real estate investment!

  • Investor · Lafayette, LA · Member since 2015 · 152 posts · 50 votes
    10y

    @Glenn Mayo One advantage of having your license is being able to write your own offers, which is handy if you plan on making a bunch of lowball offers on REO properties etc. You also save money on the commission you would normally pay an agent when making deals.

  • Realtor · Fort Worth, TX · Member since 2015 · 12 posts · 12 votes
    10y

    Welcome @Glenn Mayo! I'm being restationed in Fort Worth this summer and am on a similar journey as yours (though I'm currently leading by one child!).  

    I'm currently looking at the following areas for a house to purchase and rent 3-4 years down the road: Ridgmar, Ridglea North, Far West, Palmilla Springs, Benbrook, La Bandera, etc.  

    Good luck to you. 

  • Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
    10y
    Originally posted by @Stephen Nicholson:

    @Glenn Mayo One advantage of having your license is being able to write your own offers, which is handy if you plan on making a bunch of lowball offers on REO properties etc. You also save money on the commission you would normally pay an agent when making deals.

    You don't need to be an agent to write offers. Most investors are not agents and some of them write multiple offers every day.

    David J Dachtera

    "Success is not a destination. Failure is not an event. Success is a process, failure is a choice."
    - DJ Benedict 

  • Investor · Lafayette, LA · Member since 2015 · 152 posts · 50 votes
    10y
    Originally posted by @David Dachtera:

    You don't need to be an agent to write offers. Most investors are not agents and some of them write multiple offers every day.

    David J Dachtera

    Is a regular investor allowed to write their own offers for REO properties without an agent? I never knew that, I will need to look into this, could be something I would be interested in learning!

  • Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
    10y
    Originally posted by @Stephen Nicholson:
    Originally posted by @David Dachtera:

    You don't need to be an agent to write offers. Most investors are not agents and some of them write multiple offers every day.

    David J Dachtera

    Is a regular investor allowed to write their own offers for REO properties without an agent? I never knew that, I will need to look into this, could be something I would be interested in learning!

    You can always write your own offers and the lender's REO agent MUST submit it, by law. The lender or their agent may request the offer be submitted on their form, of course.

    David J Dachtera

    "Success is not a destination. Failure is not an event. Success is a process, failure is a choice."
    - DJ Benedict

  • Investor · Orange County, CA · Member since 2015 · 2k+ posts · 3k+ votes
    10y
    Originally posted by @David Dachtera:
    Originally posted by @Stephen Nicholson:
    Originally posted by @David Dachtera:

    You don't need to be an agent to write offers. Most investors are not agents and some of them write multiple offers every day.

    David J Dachtera

    Is a regular investor allowed to write their own offers for REO properties without an agent? I never knew that, I will need to look into this, could be something I would be interested in learning!

    You can always write your own offers and the lender's REO agent MUST submit it, by law. The lender or their agent may request the offer be submitted on their form, of course.

    David J Dachtera

    "Success is not a destination. Failure is not an event. Success is a process, failure is a choice."
    - DJ Benedict

    I second this notion ... going through the REO listing agent is a great way to go IMO. The listing agent will double end the deal, and is therefore has financial incentive to try to close the deal with you. Plus, most buyer's agents won't want or be willing to write a bunch of offers on a bunch of different REOs, which is what you often need to do in order to land a good deal, but the various listing agents won't mind at all putting in your offer if they think they might be able to double end the deal. Just need to watch your own back as the agent is representing both you and the seller, but I'd argue that you always need to watch your own back regardless of the RE agent you are using to put in offers.

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