Walking for Dollars - using my day job to learn the area

Walking for Dollars - using my day job to learn the area

Redding, CA · Member since 2018 · 3 posts · 0 votes

I just got a job as a door to door sales person. I am very excited about my new job and feel that I will love it, grow in it, and be successful in it; I can see myself in it for the long term, working my way up in the company. However I still have an interest in real estate that I can't shake. As I'm walking through all these residential neighborhoods I'm getting a feel for the city I work in and I'm seeing a lot of vacant properties and hearing a lot of "oh I'll be moving soon.". Obviously it would be inappropriate and against company policy to knock the doors and start talking about if their interested in doing a real estate deal with me, but what I do think I can ethically do is simply learn and observe potential opportunities and be able to physically scope out properties while simultaneously holding the best interest of my boss in mind. What should I be looking for when walking through all these neighborhoods, as a newbie? I've never executed any real estate deals or gotten anywhere in it, but I see an opportunity here. If I want to buy, rehab, then rent out these vacant beat up residential properties I see, while having the newbie low-paying entry level position in the company I work for, what can I do to take action? What do I need to know? How do i make use of walking-for-dollars?

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  • Developer · Charlottesville, VA · Member since 2018 · 4k+ posts · 4k+ votes
    7y

    @Account Closed you can start by making a note of vacant and rundown properties and lookup the owners and contact them to see if they would be interested in selling.

    You also need to educate yourself on the business and your market. You really need to immerse yourself and learn all you can. Attend REI groups and meetups and network with other experienced investors.

    Start with finding cash buyers.You will learn a ton from them and as you build a relationship they can potentially become a private lender or even partner with you on some deals down the road.

    Best way to find cash buyers is networking at local REI meetups, masterminds, Facebook groups, Realtors, title companies, closing attorneys, property management companies, auctions, Craigslist, and bandit signs.

    You can search real estate transactions in your tax database. Look for entities and individuals that have bought multiple properties. You may need to search by the address of the buyer as they may change their name or the name of the entity on each purchase. You can also buy lists from companies like list source and there are some REI software companies that have a cash buyer search feature.

  • Chicago · Member since 2018 · 7 posts · 5 votes
    7y

    I haven't executed any deals and I am a newbie myself but I have done a nice amount of potential deals driving for dollars. I was going through neighborhoods for wholesale purposes but I believe it is also possible to take charge of a deal and use other peoples money as you have more knowledge. I originally used google docs on my phone to take down addresses that had unkept grass, bad/ old windows, just an ugly or rundown appearance and anything with notices on the doors or windows. I then looked up their information through the public county search to get more details on property history, size and I also looked on zillow to see neighborhood comps to find a price what would make the property a good deal for me if they potentially were looking to sale. I got two showings out of the time I spent. Though it was not a deal( I never followed up), my numbers were basically right on the head for what they potential sellers should have expected.

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