Okay, yes I am a noob.
I have experience buying a home at an auction, which went fairly well for me. I plan on selling this place during the summer of 2015 and will need a replacement home to do a live in flip with.
My credit score is around 760.
I have a considerable amount of construction experience.
Currently I earn around $75K a year.
I live in Riverside County, CA
I also have a real estate salespersons license.
So on to the question, I can go the easy, although from what I have read, the more risky rout and buy a home or contract from a wholesaler. Risky because being a noob I don't know who to trust as far as a wholesaler goes.
I can go and try my hand at direct mailing to supply myself with a possible project. The problem I have here is that I am out of town half of the week and would not be able to babysit a telephone. I could however hire out an answering service to handle all of the incoming calls and get back to the callers within a day or so.
My job represents the biggest hurdle.
Plan A, in order to double check or fact check a wholesalers facts I would need access to the MLS to do comps. In order to do comps I would need to be employed by a real estate Brooker........,,,,or maybe I can gain access without being attached....any info on this? I remember one podcast mentioning MLS access through a site outside of the MLS which carried the same and current info as the MLS.
Plan B, I would need to get back to callers in a reasonable amount of time before the leads go stale.
If I go with Plan B I might be able to go with traditional financing. I also posted a question about buying from a wholesaler and using traditional financing, which also looks possible, so Plan A might work.
I am looking for a good strategy given the information I have supplied. Thanks in advance./DC
Regarding the point about comps .. you are correct to not trust the comps provided by a wholeseller. But you don't have to have your own MLS access. Think further down the line .. you will sell this at some point, right? and you will probably want to use an agent to do that. You could approach a broker with this in mind and ask if they can run comps for you on potential properties with the idea of ultimately being the listing agent. They should also be able to provide some guidance on which areas will be the best for the future resale. You don't want to go crazy with this - they won't be happy to provide comps on dozens of houses. But if you do the work up front to only ask them to help on ones that you are truly interested in you should be able to make that work. And don't be afraid to ask how willing are they to work with you for quite a while before you have a property ready to sell. Some will be more willing than others.
@Don Crandell Why don't you do both. Work a small mail campaign and get your feet wet. Setup a google voice number and you can answer the calls while you're working. You can always send them to voice mail and call them back during lunch.
If you don't want to field a lot of calls then postcards is a better way to go. Less callers and more motivated to sell.
You can then sell your leads to the wholesalers that you're buying homes from. You might be able to trade or better yet make enough money wholesaling that it covers your down payment for an investment home.
If you don't have time to take calls then I don't know where you're going to find the time to rehab a home/flip a home.
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