First crack at BiggerPockets! Been lurking for a bit and decided to come out of the shadows!
I haven't been in the business since 2008. Former mortgage lender and investor. Took a hit and went back into the work force.
Ready to come back! Looking for a mentor. I spent some money on a seminar...went over pretty much most of the stuff I already knew.
I am a licensed real estate salesperson. Strong work ethic, some pretty decent skills, some good relationships and a HUGE WHY!
Looking for someone willing to take me under their wing to get me up and running. Really looking to flip and build some equity and then put a string of cash-flow properties together.
Any advice is greatly appreciated.
My advice to new investors is to start wholesaling properties. This is the quickest and best way to get started with the least cost.
First pick a neighborhood that you are either in or close to. Driver around all the streets and look for vacant houses. There should be some. Then look in the county assessors website to find the owners. it should give their name and mailing address. Send them a letter telling them you found their house to be apparently vacant. But if it is obviously abandoned, say so in the letter. Tell them you will pay them cash for a quick close.
Many times the owners don’t update their mailing address with the county so you may get the letters returned. I use beenverified.com to get the most updated info. It costs me $49.95 a month but it is well worth it because it also gives me email addresses and phone numbers.
If you are going to buy the property, fix it up and then either sell it or rent it then you are through.
But if you want to wholesale the property to another investor, then contact a local RE Agent to give you a list of all the houses in that neighborhood that have sold in the last 5 years with all cash. This typically is investors. Then again go to the assessors website and find their name and mailing address. And again use beenverified.com to get the best and latest contact info.
Once you get a response from the seller of the vacant house, negotiate a deal to buy it for all cash. Then immediately contact all the cash buyers you just found that buy properties in that neighborhood and tell them about the house and would they be interested in buying it.
Once you have done all that with that neighborhood, go to the next one and 'rinse and repeat.'
I hope this helps.
Thank you Steve!
@Tim Ferguson Welcome to BP. Feel free to reach out to me and connect. I would be open and willing to answering any questions you may have about SFL residential investing in Tampa Bay and the surrounding areas.
@Tim Ferguson Use the MeetUp app to find local REIA's and attend the meetings. Find someone at the meeting who is doing the same type of investing you are interested in and offer to help them for free with whatever they may need for their business (marketing, organizing, painting their flip, etc) in exchanged for their mentorship. This should put you on the right path. I wish you luck in all you do!
Welcome to BP, @Account Closed . Are you still a MLO? Can you be again? It's what you know and there are some investors who like to do wraps and you might be a fit.
I don't understand your quesiton @Brian Pleshek .
An MLO is a mortgage loan originator. It's a licensed professional who can negotiate terms for a residential mortgage loan. A mortgage wrap is where a seller will keep the existing (seller's) loan in place and essentially become the bank to the buyer at a higher rate of return.
I'm not an expert in those things, but that is the jist of it.
There are some investors who will buy a house subject to the existing lien. Then they will resell the property to another buyer at a higher rate, make payments on the existing bank lien and pocket the difference. There is a podcast on BP that talks about this a bit. Quite interesting.
Since you used to be in the lending industry, I was wondering if you were still licensed to originate a loan and hence could get into the business by selling this service to other investors as a side business to your own investing.
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