Slidell, LA · Member since 2013 · 5 posts · 0 votes
DEAR FRIENDS, MY NAME IS ARTHUR THOMAS I HAVE BEEN DESIRING TO INVEST IN REAL ESTATE FOR YEARS BUT DID NOT KNOW WHAT TO DO. BUT A FRIEND OF MINE TOLD ME ABOUT BIGGERPOCKETS. SO HERE I AM ASKING ALL OF YOU FOR HELP TO BECOME A SUCCESSFULL INVESTOR. MY WIFE DIED THREE YEARS AGO AND MY DAUGHTER DIED LAST YEAR. I HAVE BEEN PRAYING TO GOD TO GIVE ME SOME ONE TO MENTOR ME. RIGHT NOW I WOULD LIKE TO BUY ME A HOME OF MY OWN AT WHOLESALE OR FORECLOSURE. I DESIRE TO LIVE IN SLIDELL LA CAN YOU TELL ME WHAT I NEED TO DO TO PURCHASE A HOME OF MY OWN. THANK YOU VERY MUCH ARTHUR THOMAS.
I hate to hear you've been going through a lot over the past few years, but I greatly respect your resolve and determination to continue forward towards financial freedom.
If you have any questions, feel free to contact me directly!
@Arthur Thomas Welcome. Sounds like you have been through a lot. One piece of advise from the start, ALL CAPS is equivalent to shouting. Better to use all lower case than all caps.
As for where to start, I recommend the Ultimate Beginner's Guide (UBG). Also read the forum posts about home ownership and how to get started.
Set up some key word alerts for your area and see who knows what they are talking about and reach out to them. Offer to help them in exchange for the chance to learn.
Hello and welcome to BP! I am sorry that your wife and daughter are no longer around for you. This a great site to learn and ask questions to people that might have been down that road. Planning is probably one of the most important things in investing. I found BP about a year ago while is was medically recovering and at home all of the time after having a brain anuerism and a stroke when I was 55 years old. My experience will probably help you. I have been in the construction business since I was 17. I also had a real estate broker license that was held active for about 30 years but never did that full time.
There are a few things you should do before starting besides selecting your niche and market area. One thing is getting a loan letter that states about how long it should take to close you and the maximum amount you qualified for. Another thing you should do, depending on your wealth, is to form some type of corporation or a LLC. You might need a lawyer and/or a CPA (or tax accountant) to help you decide what to do. You need to locate an office where there are few distractions. Your homesite could work for you as long as you can close it off and not be too distracted.
Practice on estimates for repairs/renovation can help you as well as offers. Learn as much as you can before you have to start. The more you learn, the more confidence you wil have. In the mean time do as much planning and learning as you can. You might want to hire a tax advisor who also does your tax returns and will help you save tax money.
Always do the math analysis on prospective properties and try to look at them before you make an offer or at least have a clause in the sales contract that allows you the time (usually 10 days) to make a detailed inspection and possibly back out of the deal without a penalty that will hurt you too much. Do not forget any expenses you might encounter.