I am new to REI, looking to meet with someone for a discussion on the realities of what it takes to get started in this business. I would love to find someone interested in working through my first deal and possibly consider being a mentor but I also don't want to waste your time by not having much to offer at this time. I have been on BP for some time and may be in a state over "over analyzing". Currently in the Northlake / Justin area and looking in the area north of Ft. Worth, Denton, Lewisville, etc.
What kind of strategy are you considering?
What strategies are you considering? What is your primary objective?
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Honestly, great question. With limited funds and relatively no experience, I'm not sure how to proceed. Bandit signs, Craigslist, letters, not sure. Definitely think I probably need to start with Wholesaling and build up a bankroll and get some experience before I move on to flipping or Buy, Reno and Rent. These are just a few of the many questions that I have.
First you need to decide what path you want to follow and why. Then get educated in the choosen subject.
Wholesaling is a job and so is flipping. Do you have a job already and do you really want to have a second one?
Buy, Reno, Refinance (you forgot that one!), Rent, Repeat (AKA BRRRR) is a great strategy and less time consuming if implemented correctly.
Limited funds means different things to different people but realistically speaking you need $20-25K to buy your first rental. If you don't have that, how long will it take you to save up this sum?
It may make sense to get a better paying job in your field of expertise to save that initial capital faster instead of going into wholesaling in which you are not an expert.
Another option may be your IRA (cash it out) or 401K (borrow up to $50K from it). Home equity loan or line of credit is also helpful.
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