I am in need of evidence
RE Investor · Baltimore, MD · Member since 2015 · 24 posts · 1 vote
I am in need of evidence
Most Popular Reply
Real Estate Agent · Fairfax, VA · Member since 2012 · 5 posts · 10 votes
10yWith all due respect . . .
You spent three months "learning all there is to know about the subject. Paticuler about fix and flip." And yet, even after learning all there is to know about fix-and-flips, you didn't learn anything about how to finance the deal. Really? If the rest of your knowledge is on a par with your knowledge about financing, you're going to run into some problems when you actually find a deal.
Next, Steven Wiggs was being very polite about checking your spelling. Here's just one of your sentences: "Thay here about no incom, and my cradit schor that is nothing right now." I would seriously question whether you'd be able to fill out a contract. No, I wouldn't question that. I'm confident that--as motivated and intelligent as you may be--you don't have a sufficient command of English to fill out a contract.
Next, you have no job. No credit. No money. And no experience. No wonder no one's taking you seriously. I agree with Seth Sherman: Get a job. Establish credit. Save some money.
Tip: You think you have a deal? OK. Put it under contract and try wholesaling it. If it's really a good deal, you won't have any problem wholesaling it. No, you won't make $30,000 or so on the deal. You might make $3,000-$6,000. But do a few of those. Find out what rehabbers are looking for. Do that for a year or two. Then you might be ready to get into rehabbing.
29 Replies
Mentor with a local investor for the first few deals. It's going to cost maybe half of the profits but if the house makes sense it may be the only way for you to get your feet wet.
Typically, newbies who find "great deals" tend to learn quickly that they aren't as good as they first thought.
- Real Estate Investor · atlanta, GA · Member since 2013 · 456 posts · 237 votes10y
Great advice or try a different route....continue to shadow and learn....how do you know it's a great deal? Whatever you have studied is great and I'm sure it's helpful but you're likely to LOSE on your first deal and can you afford that. If you believe in the deal, another tact would be to network with other Israelis investors with cash to back you with. A bunch of the got burned buying in US cities...it isn't easy to be a landlord here. Just a thought.....luck!
Yea you're definitely going to have to partner up with someone or just wholesale the deal to someone else. With no income, no credit and can't put 20% down it's kind of understandable they're backing off.
I'd definitely take Leigh's advice and find a mentor to get you feet wet.
- Antioch, TN · Member since 2015 · 6 posts · 0 votes10y
Hi Molly,
Most hard money lenders will need to see that you have a contract and that you are contributing with the deal.
- RE Investor · Baltimore, MD · Member since 2015 · 24 posts · 1 vote10y
Thanks for the advice everyone!
Would you guys go to a mentor? Or just make it work by just finding a way to pay the 20% (like family members)?
If you really believed in yourself's abilities and the property's potentials?
@Stephanie Thomas @Chris K. @Andy Luick @Leigh C
- Real estate investor · Detroit, MI · Member since 2015 · 18 posts · 1 vote10yThere are hard money lenders that will provide 90% of purchase and 100% of rehab cost. Give Trinity Financial Services Group 313-309-7060
- 10yAdam BartomeoBusiness MemberReal Estate Broker · Cape Coral, FL · Member since 2015 · 2k+ posts · 1k+ votes
CSI BP style.
Get a seasoned partner or have someone consign the loan.
Bartomeo Property Management4.7143 Reviews - Rental Property Investor · Baltimore, MD · Member since 2014 · 247 posts · 321 votes10y
We mentor newbies all the time in the Baltimore area, which is very tricky. I'd say between 90%-95% of the time, newbies factor in only about half the costs of doing a real rehab, most don't even know what holding costs are.
The school of hard knocks will teach you what mentors can help you learn....i'm not sure which is more expensive but I'd rather see you make less money on your first few deals than mess up and lose your family/friend's money.
Crawl...then Walk....then learn to run.
- Colorado Springs, CO · Member since 2015 · 7 posts · 2 votes10y
Welcome!
First off, you have definitely come to the right place for real estate investment advice!!
Now, here is my take on what could be happening just from reading your post:
If you are making any type of E-Mail/Written communication with these people, you should do yourself a favor and run everything through Microsoft Word and use spellcheck. While you may be a perfectly competent person, one cannot discount the fact that your spelling is off. On a first glance, it reeks of those Nigerian scam letters and that IS NOT a good thing, especially when you are trying to break into the real estate game with a bunch of hardened players assuming everybody is trying to game them. I have read articles where people have changed their names for the simple fact that they were not getting any job offers. Turns out, this guy dropped the "e" from Jose and he was all of a sudden getting all sorts of offers. I am not saying this is absolutely the case, but it cannot be a discounted fact. Tighten up your shot group with the spelling/grammar and you may see a vast increase in the amount of responses you receive. Sometimes, image is worth more than what you actually know. You can't help if you have an accent but, you can help make your written/E-Mail communications flawless with a simple extra step of running it through a word processing program such as Microsoft Word.
Best of luck.
-Steven Wiggs
Source:
- Investor · Baltimore, MD · Member since 2014 · 1k+ posts · 688 votes10y
you know the solution, you just want to try and go around it.
1. get a job (now you have income)
2. get some credit cards (now you have credit)
3. save some money (now you have assets)
4. apply for hard money loan.
crawl before you walk, walk before you run, run before you fly.
- Real Estate Agent · Fairfax, VA · Member since 2012 · 5 posts · 10 votes10y
With all due respect . . .
You spent three months "learning all there is to know about the subject. Paticuler about fix and flip." And yet, even after learning all there is to know about fix-and-flips, you didn't learn anything about how to finance the deal. Really? If the rest of your knowledge is on a par with your knowledge about financing, you're going to run into some problems when you actually find a deal.
Next, Steven Wiggs was being very polite about checking your spelling. Here's just one of your sentences: "Thay here about no incom, and my cradit schor that is nothing right now." I would seriously question whether you'd be able to fill out a contract. No, I wouldn't question that. I'm confident that--as motivated and intelligent as you may be--you don't have a sufficient command of English to fill out a contract.
Next, you have no job. No credit. No money. And no experience. No wonder no one's taking you seriously. I agree with Seth Sherman: Get a job. Establish credit. Save some money.
Tip: You think you have a deal? OK. Put it under contract and try wholesaling it. If it's really a good deal, you won't have any problem wholesaling it. No, you won't make $30,000 or so on the deal. You might make $3,000-$6,000. But do a few of those. Find out what rehabbers are looking for. Do that for a year or two. Then you might be ready to get into rehabbing.
- Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes10y
You are new in the country , you have no credit , job , money , or experience . Not to mention any contacts , knowledge the area , etc . Of course no one is going to lend you money . Sorry to be blunt . Look to family and friends
- RE Investor · Baltimore, MD · Member since 2015 · 24 posts · 1 vote10y
Originally posted by @Donald Tepper:
With all due respect . . .
You spent three months "learning all there is to know about the subject. Paticuler about fix and flip." And yet, even after learning all there is to know about fix-and-flips, you didn't learn anything about how to finance the deal. Really? If the rest of your knowledge is on a par with your knowledge about financing, you're going to run into some problems when you actually find a deal.
Next, Steven Wiggs was being very polite about checking your spelling. Here's just one of your sentences: "Thay here about no incom, and my cradit schor that is nothing right now." I would seriously question whether you'd be able to fill out a contract. No, I wouldn't question that. I'm confident that--as motivated and intelligent as you may be--you don't have a sufficient command of English to fill out a contract.
Next, you have no job. No credit. No money. And no experience. No wonder no one's taking you seriously. I agree with Seth Sherman: Get a job. Establish credit. Save some money.
Tip: You think you have a deal? OK. Put it under contract and try wholesaling it. If it's really a good deal, you won't have any problem wholesaling it. No, you won't make $30,000 or so on the deal. You might make $3,000-$6,000. But do a few of those. Find out what rehabbers are looking for. Do that for a year or two. Then you might be ready to get into rehabbing.
With all due respect,
I learned all I could while still living in Israel; witch made it hard to really understand how to finance a deal. Something you can only learn from living in the US.
Second,
I did not think that you all would judge me so much by my spelling. If I knew a head of time, I would have taking a few more moments to check it.
Of course I check it before I send an email or text.
Actually, English is my first language. However I have this thing called dyslexia, have you heard of it?
It still did not stop me from becoming third in my class, and to graduate with honors.
It is a shame that you took the time to write me that long post, but still did not come up with a few kind words. I thought the whole idea of bigger pockets was to bring people up, not down.
I have no problem with bluntness'; however condescending is something that I can't stand. Especially when it comes from older men who think that they are batter then others.
Do you think I can handle a contract now?
Thanks for the advice.
@Molly Krief- Dont take it personally.-In the RE business you cant.
People are trying to help, and I am certain @Donald Tepper really did not mean to insult.
If you are going to be rehabbing and flipping properties you are going to be meeting a lot more insulting and condescending characters- believe me.
Take the advice at face value and move on.
Put yourself in the money lenders shoes - They are in the business of making as much money as possible with as little risk as possible. You have no experience (so far) , new in the country, no references, no credit. I would guess that most flippers lose money on their first flip. You represent an unacceptable a risk for them - Why should they lend to you when they can lend to someone else with a successful history of deals.?
I think a potential way forward for you would be a joint venture with someone local who has the experience and lines of credit with the lenders, and can mentor you into the process. Even if you have to give up a fair share of your expected profits. Remember 20% something is better than 100% of nothing. BP is a great place to reach out to someone like that. I have heard of many newbies who are prepared to work for nothing just to get the experience and connections.
- Financial Advisor · Elmira, NY · Member since 2015 · 132 posts · 67 votes10y
Many hard money lenders don't like to loan money to anyone's first deal. If you find one that does lend to folks who don't have experience, you will pretty much be partnering with them, and that will cost you $.
In any initial written communication with anyone, I would tell them right up front that you have dyslexia. Even with spell check, things still slip through the cracks. Also enable grammar check (or use an online one), and for important communication have someone double check your text ("witch made it hard to really" should be "which made it hard to really").
Most folks on BP, however blunt, give pretty decent advice. Your choice whether to take the advice or not. Best of luck!
Originally posted by @Molly Krief:
Actually, English is my first language. However I have this thing called dyslexia, have you heard of it?
I have Dyslexia. It ___IS THE REASON___ I've been able to flip 200+ homes in the last 3 years. Anyone who cares about how well you write is simply being distracted from the purpose of the communication. Find a deal that investors can't walk away from. Till then you aren't going to get anywhere. It's a very very hard journey and you need a bit of luck to find that gem of a deal since established investors are competing against you. I Highly...HIGHLY advise you to find a mentor to work with as they will save you years of time.
I did this without a true mentor. I realize now how simply things really hurt me years ago that i was forced to learn the hard way. Not that this matters much either, but most of my family tree extends to Israel- RE Investor · Baltimore, MD · Member since 2015 · 24 posts · 1 vote10y
Originally posted by @Leigh C:
I have Dyslexia. It ___IS THE REASON___ I've been able to flip 200+ homes in the last 3 years. Anyone who cares about how well you write is simply being distracted from the purpose of the communication.
Thanks for the encouragement!
Finding a mentor is on my top priority right now. I will not let hard situations stop me from achieving my goal.
- Greenwood, IN · Member since 2015 · 38 posts · 12 votes10yMolly Krief one thing you could do is start out wholesaling homes, save the money from that and use it to fix and flip homes. You will also learn a lot about investing while wholesaling too. Just a thought, but it's the only thing I know of to make money fast. Hopefully that helps. Good luck!
- Colorado Springs, CO · Member since 2015 · 7 posts · 2 votes10y
@Molly Krief I am glad you took my advice to heart and have paid special attention to your grammar/spelling. I am not here to degrade or down you, I am here to give you an honest opinion. I apologize if you didn't like what I said, but you really should learn how to take some constructive criticism and run with it. It is not meant to bring you down, it is meant to help you and lift you up and shoot straight into the heart of what could be holding you back. ****, people pay good money for that kind of realistic advice!
Second, in this game (as most games in life), you must have thick skin! If you are offended and worried about somebody online correcting your grammar or poking fun at your dyslexia (which nobody even knew you had), instead you should thank us and continue to always improve your processes.1) Always run every single email through a word processing program to ensure you have grammar/spelling right
2) Grow thicker skin and learn how to take constructive criticism
Thanks,
Steven Wiggs
- RE Investor · Baltimore, MD · Member since 2015 · 24 posts · 1 vote10y
Originally posted by @Steven Wiggs:
@Molly Krief I am glad you took my advice to heart and have paid special attention to your grammar/spelling. I am not here to degrade or down you, I am here to give you an honest opinion. I apologize if you didn't like what I said, but you really should learn how to take some constructive criticism and run with it. It is not meant to bring you down, it is meant to help you and lift you up and shoot straight into the heart of what could be holding you back.
Hi Steven,
I appreciate you taking the time to help. And thanks for the understanding.
I grow up in Israel! Believe I have pretty thick skin. Of chores, I can always improve on it.
I also learned how to defend myself when needed.
I have a tough journey ahead of me, considering all the obstacles I have. However, I will not let that slow me down.
All of whom wrote me a Comment helped me understand more. And I will take all the advice under deep consideration.
- Real Estate Professional · Dayton, OH · Member since 2015 · 423 posts · 187 votes10y
Don't spend a dime.
"Bird dog" for a seasoned pro.
You will learn while you earn.
- Superintendent · Gainesville, GA · Member since 2015 · 107 posts · 35 votes10y
Are you sure you are performing accurate ARV's? You are new to the country/area, maybe what your thinking is a good deal, is not. HML sometimes can help us newbies from getting into a bad deal.
Try wholesaling the deal and you will find out how good or bad it actually is. You have nothing to lose wholesaling this deal then just go find another one, with a little more money in your pocket.
- Real Estate Investor · Arlington, VA · Member since 2012 · 302 posts · 277 votes10y
@Molly Krief
A mentor would be great for you and will greatly shorten your learning curve. Especially for learning the ins and outs in the fastest most efficient way possible. It sounds like a lot of people here chiming in would be a great place to start, so you can start by individually reaching out to them through BP, and see if one of these Baltimore commentators have the time to mentor you through the process. That will be the easiest, quickest method to not getting in trouble in investing Baltimore. Outside of that, the school of experience will help, and the time to invest in that experience, it just depends how much time you want to take to get to your income goals.
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