Newbie from Baltimore..NEED Encouragement!

Baltimore, MD · Member since 2017 · 199 posts · 56 votes

Hi BP members,

I am a newbie from Baltimore, MD and am very interested in getting involved in Real estate. My situation is that I would like to start with Wholesaling because I don't have the money or credit to buy a property outright (or a down payment) as of now. But I am very motivated to make this happen. I am soaking up the Immense amount of knowledge available especially on Bigger Pockets! It could be I am experiencing analysis paralysis a little, because even thru this amount of knowledge I have gained, I am still balking at actually starting. I feel like I need a real estate GPS to show me the way :) .. Any help is greatly appreciated! ty

Jake

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Ned CareyPro Member

Moderator

Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes

@Jake K. Welcome to BP. Don't be afraid about going to REIAs because you are not a social person. Go listen and absorb. You will often run into people who post here on BP. One group I like, the Anne Arundle REI meetup, run by members here @Gabriel G. and @Matt Schelberg has a lot of people who show up from BP. If you ever see me at a local event be sure and say Hi.

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Charles M.
Minneapolis, MN · Member since 2017 · 22 posts · 13 votes
8y
@Jake K. I am also a newer investor and want to encourage you to keep on the path and really think about your motivation for getting into real estate. I would recommend attending as many local REIA events as you can, talk to new people at the events and acquire as much knowledge as possible.
2 Reply
Alexandra Hughes PailetPro Member
🎉 Director of Events at BiggerPockets · Denver, CO · Member since 2016 · 430 posts · 438 votes
8y
Hey @Jake K. - Welcome to BP! (and Go O's!)
Keep up the great work of staying active on the site and letting the knowledge soak in :)
Best of luck to you!
1 Reply
Account Closed
Investor · Palos Verdes Peninsula, CA · Member since 2017 · 115 posts · 46 votes
8y
Hi @Jake K. and welcome to BP, it has everything you need from free online educational videos to connecting to other investors, you can't go wrong on this site! You came to the right place. You can do this. Why not start small - buy some rural vacant land for $500, sell for $1500 and keep growing your acquisition balance to where you are comfortable enough to make some other decisions? And while you are doing that you can sell a few of the nicer properties with owner financing and sit back and collect $199/mo per property for doing nothing. Totally not crazy. A ton of us are doing it. Great way to get rolling in real estate and since you are paying cash for everything you don't have to worry about credit - AND - you will sleep well at night because everything is paid for. Hope this helps!
4 Reply
Jake K.
OP
Baltimore, MD · Member since 2017 · 199 posts · 56 votes
8y
Originally posted by @Charles M.:

@Jake K. I am also a newer investor and want to encourage you to keep on the path and really think about your motivation for getting into real estate. I would recommend attending as many local REIA events as you can, talk to new people at the events and acquire as much knowledge as possible.
ty Charles! I will keep my reasons for getting into RE in mind as my motivation..I was looking at REIA's and was hesitant about going because i'm not the most social person, but it does sound like an amazing source especially for new ppl in this industry..ty for your advice!
1 Reply
Jake K.
OP
Baltimore, MD · Member since 2017 · 199 posts · 56 votes
8y
Originally posted by @Alexandra Hughes Pailet:

Hey @Jake K. - Welcome to BP! (and Go O's!)
Keep up the great work of staying active on the site and letting the knowledge soak in :)
Best of luck to you!
Thank you! (yeah the O's could use some luck:) )
1 Reply
Daniella Scott
Covington, GA · Member since 2017 · 4 posts · 3 votes
8y
Jake K. I'm also new at this. There's so much information like you said and sometimes I still feel lost. I wanted to say stay motivated. If everyone before us made it, so can we. With Hard work and diligence you will be able to do it too.
0 Reply
Dmitriy Fomichenko
Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
8y
@Jake K.
Welcome to the BP family! Glad you joined the best real estate investing website! Here are some 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
Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/
Wishing you the best!
1 Reply
Account Closed
Investor · Baltimore, MD · Member since 2014 · 1k+ posts · 688 votes
8y
Hey jake, i encourage you to fix your credit and save money before proceeding. Perhaps get a job working in investment re in one form or another
4 Reply
Jake K.
OP
Baltimore, MD · Member since 2017 · 199 posts · 56 votes
8y
Originally posted by @Account Closed:

Hi @Jake K. and welcome to BP, it has everything you need from free online educational videos to connecting to other investors, you can't go wrong on this site! You came to the right place. You can do this. Why not start small - buy some rural vacant land for $500, sell for $1500 and keep growing your acquisition balance to where you are comfortable enough to make some other decisions? And while you are doing that you can sell a few of the nicer properties with owner financing and sit back and collect $199/mo per property for doing nothing. Totally not crazy. A ton of us are doing it. Great way to get rolling in real estate and since you are paying cash for everything you don't have to worry about credit - AND - you will sleep well at night because everything is paid for. Hope this helps!
First of all, thank you Anthony for your encouragement! The idea to acquire vacant land for a low price is interesting, I will look into that. I did read about the concept of owner financing, but it seems like a difficult thing to do..I would think most sellers would not even consider something like that..How would you find people who would want to do that? Thanks so much for your help!
0 Reply
Jake K.
OP
Baltimore, MD · Member since 2017 · 199 posts · 56 votes
8y
Originally posted by @Daniella Scott:

Jake K. I'm also new at this. There's so much information like you said and sometimes I still feel lost. I wanted to say stay motivated. If everyone before us made it, so can we. With Hard work and diligence you will be able to do it too.
Thank you for the encouragement Daniella!
0 Reply
Jake K.
OP
Baltimore, MD · Member since 2017 · 199 posts · 56 votes
8y
Originally posted by @Dmitriy Fomichenko:

@Jake K.
Welcome to the BP family! Glad you joined the best real estate investing website! Here are some 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
Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/
Wishing you the best!
Thank you Dmitriy! I agree, BP is an absolute gem. I have been watching the BP podcasts and reading the posts. The keyword idea is a good one, ty
0 Reply
Jake K.
OP
Baltimore, MD · Member since 2017 · 199 posts · 56 votes
8y
Originally posted by @Account Closed:

Hey jake, i encourage you to fix your credit and save money before proceeding. Perhaps get a job working in investment re in one form or another
Ty Seth, definitely agree about fixing my credit and saving
0 Reply
Ned CareyPro Member
Moderator
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
8y
@Jake K. Welcome to BP. Don't be afraid about going to REIAs because you are not a social person. Go listen and absorb. You will often run into people who post here on BP. One group I like, the Anne Arundle REI meetup, run by members here @Gabriel G. and @Matt Schelberg has a lot of people who show up from BP. If you ever see me at a local event be sure and say Hi.
4 Reply
Calvin Douglass
Rental Property Investor · Baltimore, MD · Member since 2017 · 19 posts · 11 votes
8y
Welcome Jake. I'm also a noobie from Baltimore, but my new member introduction was blocked (yeah, I'm working on it). I'd highly recommend checking out the bigger pockets podcasts. There are many great shows on there, but my favorites so far are #197 and #222. Check them out, take notes, and figure out a way to put the advice of experienced members into action. Create a checklist of actionable items. Create a timeline. Aggressively work to check off your list within your timeline, and before you know it you'll be on your way! Best of luck, bud.
2 Reply
Jake K.
OP
Baltimore, MD · Member since 2017 · 199 posts · 56 votes
8y
Originally posted by @Ned Carey:

@Jake K. Welcome to BP. Don't be afraid about going to REIAs because you are not a social person. Go listen and absorb. You will often run into people who post here on BP. One group I like, the Anne Arundle REI meetup, run by members here @Gabriel G. and @Matt Schelberg has a lot of people who show up from BP. If you ever see me at a local event be sure and say Hi.
ty for the advice Ned! Thanks for the tip about the REI, I believe I will check it out, thanks
1 Reply
Jake K.
OP
Baltimore, MD · Member since 2017 · 199 posts · 56 votes
8y
Originally posted by @Calvin Douglass:

Welcome Jake. I'm also a noobie from Baltimore, but my new member introduction was blocked (yeah, I'm working on it). I'd highly recommend checking out the bigger pockets podcasts. There are many great shows on there, but my favorites so far are #197 and #222. Check them out, take notes, and figure out a way to put the advice of experienced members into action. Create a checklist of actionable items. Create a timeline. Aggressively work to check off your list within your timeline, and before you know it you'll be on your way! Best of luck, bud.
Hi Calvin, ty for these great tips! I agree, organization is key to doing it right. Appreciate it!
0 Reply
Gail Greenberg
Specialist · Melrose Park, PA · Member since 2013 · 167 posts · 217 votes
8y
Yes @Jake K., I agree - go and listen at the REIA. And, you might be surprised how much more social you feel when you're in a room full of people who share your passion.
1 Reply
Jake K.
OP
Baltimore, MD · Member since 2017 · 199 posts · 56 votes
8y
Originally posted by @Gail Greenberg:

Yes @Jake K., I agree - go and listen at the REIA. And, you might be surprised how much more social you feel when you're in a room full of people who share your passion.
ty Gail, :) sounds good!
0 Reply
Nicole B.
Real Estate Agent · Baltimore, MD · Member since 2016 · 142 posts · 75 votes
8y
You might consider owner financing. There are owners out there who would love to get rid of their property and allow you to pay it off over time. Maybe look for "for sale by owner". Then, you could rent it out or live in it and fix it up, while working on your credit.
Also, on wholesaling... I posted this on another thread, but definitely make friends with investors. Investors are willing to train newbies how to wholesale properly because there aren't enough strong wholesalers out there.
0 Reply
Jake K.
OP
Baltimore, MD · Member since 2017 · 199 posts · 56 votes
8y
Originally posted by @Nicole B.:

You might consider owner financing. There are owners out there who would love to get rid of their property and allow you to pay it off over time. Maybe look for "for sale by owner". Then, you could rent it out or live in it and fix it up, while working on your credit.
Also, on wholesaling... I posted this on another thread, but definitely make friends with investors. Investors are willing to train newbies how to wholesale properly because there aren't enough strong wholesalers out there.
Ty Nicole for your informative post! Owner financing seems like a good idea, seems like alot of people are suggesting that..About the idea of getting friendly with investors to learn wholesaling seems like a great idea! ..are you sayng alot of investors would be willing to take that on?
0 Reply
Nicole B.
Real Estate Agent · Baltimore, MD · Member since 2016 · 142 posts · 75 votes
8y
Originally posted by @Jake K.:

Originally posted by @Nicole B.:
You might consider owner financing. There are owners out there who would love to get rid of their property and allow you to pay it off over time. Maybe look for "for sale by owner". Then, you could rent it out or live in it and fix it up, while working on your credit.
Also, on wholesaling... I posted this on another thread, but definitely make friends with investors. Investors are willing to train newbies how to wholesale properly because there aren't enough strong wholesalers out there.
Ty Nicole for your informative post! Owner financing seems like a good idea, seems like alot of people are suggesting that..About the idea of getting friendly with investors to learn wholesaling seems like a great idea! ..are you sayng alot of investors would be willing to take that on?
Certainly the ones who have not had good experiences with wholesalers in the past. They would be willing because it's a win-win situation. Of course, keep in mind that they will only put time into someone they believe is up for the task, is eager to learn, and has the right personality.
0 Reply
Jake K.
OP
Baltimore, MD · Member since 2017 · 199 posts · 56 votes
8y
Originally posted by @Nicole B.:

Originally posted by @Jake K.:
Originally posted by @Nicole B.:

You might consider owner financing. There are owners out there who would love to get rid of their property and allow you to pay it off over time. Maybe look for "for sale by owner". Then, you could rent it out or live in it and fix it up, while working on your credit.
Also, on wholesaling... I posted this on another thread, but definitely make friends with investors. Investors are willing to train newbies how to wholesale properly because there aren't enough strong wholesalers out there.
Ty Nicole for your informative post! Owner financing seems like a good idea, seems like alot of people are suggesting that..About the idea of getting friendly with investors to learn wholesaling seems like a great idea! ..are you sayng alot of investors would be willing to take that on?
Certainly the ones who have not had good experiences with wholesalers in the past. They would be willing because it's a win-win situation. Of course, keep in mind that they will only put time into someone they believe is up for the task, is eager to learn, and has the right personality.
That makes sense..I am definitely willing and eager to learn, so I hope I can find someone to show me thr ropes..ty!
0 Reply
Account Closed
Investor · Palos Verdes Peninsula, CA · Member since 2017 · 115 posts · 46 votes
8y
@Jake K. You are welcome! Well, we buy and sell wholesale, cash. We look for owners who want to sell their land below mkt and we get there first and make a profit buy selling it well priced and quickly.
0 Reply
Jake K.
OP
Baltimore, MD · Member since 2017 · 199 posts · 56 votes
8y
Originally posted by @Account Closed:

@Jake K. You are welcome! Well, we buy and sell wholesale, cash. We look for owners who want to sell their land below mkt and we get there first and make a profit buy selling it well priced and quickly.
How do you market for the properties? Where do you find the buyers for them? (wholesale deals) ty
0 Reply
Account Closed
Investor · Palos Verdes Peninsula, CA · Member since 2017 · 115 posts · 46 votes
8y
@Jake K.
step 1 - area, size, purchase price in your range (all that research). Spend a full day on this.
The rest of this can be done on a Sunday afternoon:
step 2 - pull a list of exact sellers you want to mail to. For example, 3/2, zip code xxxxx, subdivision, lot size x, assessed value between x-y, no mortgage or less than x %, etc. You download a report in an easy spreadsheet with owner name, address, and all property detail.
step 3 - scrub your list to remove duplicate owners, government agencies, anything out of ordinary
step 4 - "mail merge" list into your ready to go offer letter to purchase. (make a sincere, realistic offer and included your closing agenda)
step 5 - use a cheap, industry specific printer (we spend less than the price of a stamp to get the whole thing printed and mailed)
step 6 - wait for signed offers to come back and pick the best ones to purchase! Or put them under contract and pass the deal to your ready to go flipper and charge them $10k per deal like we do.
You should be buying at way less than "market value" so everybody wins! Hope this helps.
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