What would you do for your first adventure in real estate

6 Replies

Hi y'all

I'm trying to figure out a path to starting out. I just got my Oregon Brokers license! Unfortunately, I have a W-2 job that takes up about 45 hours a week, and the brokerage I spoke to, said they want someone more full time to train. But I am not letting that keep me down. I believe, I should keep my w-2 job so I can get a first time buyers loan on a house, but I only make about $40K a year, my credit is 750 and I only have a car payment that I can pay off in 2 months. Sorry for rambling on! My question is, should I try to learn and do some wholesaling to get more capital? Or should I buy a pretty bad house for what I can afford and Live and Flip? Or try the BRRR strategy? I am a hard worker and willing to put in the time and effort, I just don't know a lot of people to help me think this through. Anyways, I appreciate any insight on this subject. Also, if anyone knows of a REI in the Columbia Gorge please keep me posted.

Thank you   

Ryan Wood

The Dalles, Or

@Ryan Wood Since you already have a license you may as well use it. Can you fit in an hour of calling FSBOs and expired listings when you get home from work each night and a few hours on the weekends?

If so I would approach them really chill from a 'just trying to help out' standpoint. Call them up and simply say this:

For FSBOs: "Hi! This is Ryan with XYZ Realty. I noticed you have a house for sale in a neighborhood I work in, and was wondering if you would like me to drop off some free market info to help you get top dollar for your home?"

For Expireds: "Hi! This is Ryan with XYZ Realty. I noticed that you recently had a house for sale in a neighborhood I work in, and I was wondering if you would like me to drop off some free market info to help if you decide to list it again?"

Print off a simple CMA and take it over to them, introduce yourself in person, give them your card and let them know that they can call you anytime with any questions. No strings.

Follow up to see how things are going and if you can help with anything or if they have any questions. Follow up every day for the first week, then every 3 days for the next 2 weeks, then once a week or whenever you have something new to share (just listed or just sold in the area) until they either list with you, someone else, or tell you they've changed their mind about selling. If the latter, put them into a drop follow up every 2 or 3 months. Chances are good they will try to sell again within a year.

@Ryan Wood Another approach with FSBOs is to offer to sit an open house for them. Tell them that they only have to pay a selling side commission if you bring a buyer. Don't forget to collect contact info from all the visitors, they are potential buyers and listings. You can do 2 open houses every weekend and it only takes a couple of hours.

Thank you Doug!!! Even tho I have my license I don't believe I can get access to the MLS, I believe I have to be signed on with a brokerage here in The Gorge. I'm willing to make as many calls as it takes too! I'm still really green at the broker side of things too. But want to learn as much as possible!

Brad I totally understand! I really need to keep my w-2 job for my loan options. Are you saying that I need to be hitting it full time on wholesaling or just being a broker? I was hoping to do my Broker stuff on the weekends eventually. But I am finding it is probably true that it's a full time thing. I do have Fridays thru sundays off tho so maybe there's a chance?

It is NOT full time or forget about it. Their are lots of options to get secondary income from a brokers license. Good job on getting it. 

@Ryan Wood has one strategy, also consider referral's to other agents for 25% commission and then also learn from them. 

Investment wise, what you should do it what your Finance tell you you should do. Look over your finances, and talk your CPA and Lender. What can you afford. Can you house hack? Do you want to live in a live-in-flip? We can't tell you what you can afford and deal with. Only you can. Come up with a plan, learn from experience, talk to you CPA, Lawyer, and Lender. And do something. If one avenue of REI stands out to you now, start their. Most find it easier to learn about what interest them and drives them.

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