Santee, CA · Member since 2017 · 8 posts · 6 votes
Hi all!
I am new to real estate investing and I'm here to learn and connect. I am a wholesaler in San Diego and I'm looking to connect with investors in my area.
I am currently wholesaling to gain capital so I can start investing in multifamily homes and commercial properties in the future. I'm looking forward to learning more about investing from you all.
Investor · Orange County, CA · Member since 2015 · 2k+ posts · 3k+ votes
9y
Welcome! Have you considered getting your RE license and working as a commercial RE agent? ... that would be an excellent way to go given what you have stated your goals to be.
Investor · San Diego, CA · Member since 2015 · 290 posts · 80 votes
9y
@Mary Carlson Welcome to BP! Also add me to your list for any wholesale deals. I'd also recommend checking out your local REIA to meet established wholesalers and investors. Best of luck.
Investor · Orange County, CA · Member since 2015 · 2k+ posts · 3k+ votes
9y
Welcome! Have you considered getting your RE license and working as a commercial RE agent? ... that would be an excellent way to go given what you have stated your goals to be.
Santee, CA · Member since 2017 · 8 posts · 6 votes
9y
David Faulkner Yes I've been thinking about getting my license. I currently have a full time job working for the government but I'm ready to quit and do real estate investing full time.
Mc Leansville, NC · Member since 2017 · 3 posts · 2 votes
9y
Relocated to North Carolina after 40 years in California. First in San Diego County at Escondido in 1947. Daughter graduated from UCSD in 84. Be happy to look at any wholesale properties you find. If you can get one under 60-day option contract with right to assign (Every offer contract should include "and assignees"] following your name as the offering party. That option contract will do if you transmit it quickly so we have time to move it. DO NOT BE AFRAID to outline high costs for rehabbing to current code -- complete new wiring, plumbing, 100% new drywall, ceilings and floors, windows and doors, kitchens and baths --- porches, landscape-- are not cheap. If the 30-day sale after listing comparable price in the immediate area is $320,000. Rehab costs can be set at $65,000. The top price for a wholesaler will be no more than $160,000. $320K minus $60K = $260,000 minus $65,000 repair costs equal $195,000. As a wholesaler, you need at least $10,000 for your time. That leaves $40-$50,000 for the actual rehabber in return for assuming a quarter million risk.
That rehabber gets two days from closing a sale and the house burns -- Even with construction insurance -- he may just break even or actually lose $50,000+.
You have come to the right place to connect with the wide array of real estate professionals and investors. Make sure to view the Bigger Pockets book store: https://www.biggerpockets.com/store
David Faulkner Yes I've been thinking about getting my license. I currently have a full time job working for the government but I'm ready to quit and do real estate investing full time.
Good for you ... in the meantime, you can go part time, though realistically that may be difficult to do as a commercial agent, but doable as a residential agent which would still teach you a ton and earn some extra for investing in the process. Also, many people don't think about it, but wholesaling and being a RE agent are NOT mutually exclusive, but rather complementary (just make sure your broker is cool with it and there is full disclosure in the contract) ... not every seller is the same, and not every solution is buy the property and close quick all cash, some can turn into listings instead, and even if it is all cash close fast, they still need to find a place to move ... enter Mary Carlson, the RE agent. More tools in the bag of tricks = more ways to help people = more ways to get paid. Good luck!
Real Estate Agent · San Diego, CA · Member since 2016 · 22 posts · 8 votes
9y
Mary Carlson yay another Santee person! Welcome :)
Let me know if you ever want to grab a coffee or something to eat. Always looking to work with people in the neighborhood.
Ryan Woods
Real Estate Agent · San Diego, CA · Member since 2016 · 18 posts · 8 votes
9y
Best of luck to you. I'm also a wholesaler here in San Diego. Let me know if you would be interested in working together sometime. BP is a great community and make sure to listen to their podcasts.
@Mary Carlson I've been wholesaling since 2011 and share a very common goal with you. Reach out if I can answer any questions. I'm in North County. All The best.. Michael
San Diego, CA · Member since 2017 · 6 posts · 7 votes
9y
Hi Mary, welcome to BP.
I'm also a fairly new REI. I'd love to connect and be in your buyers pool and vice versa. Let me know if you'd like to connect!
Lender · San Diego, CA · Member since 2014 · 143 posts · 38 votes
9y
@Mary Carlson, welcome to the BP Community. I will send you Colleague Request. I work with a few cash investors always looking for properties and I also provide private money lending, so I would be happy to help answer any questions you may have about real estate and private lending.