definitely a newbi myself so we will be following this post.
Hey @Billy Ip ,
That all sounds great, but WHAT are you doing to get there? Are you marketing, website, ad words, direct mail, are you telling everyone that you come into contact with that you buy real estate? How are you going to find those deals that you say that you want??
Thanks for the reply @Rick Pozos , I do have few friends that work with networth in town. As well as I will be contacting few realtor in town that are recommended with referral and what not. Lastly would be here if I decided to purchase out of state. Mainly looking at Indianapolis area as well as Midwest.
When you go to the wholesale companies, they tend to take too much meat off the bone for the rehabbers. They will tell you that you are going to make 40k+. But they dont tell you that realtors will charge 10k for the 150k house, closing costs, holding costs on the buy and the sell. The contractors that they tell you will do the job for 30k will end up charging you 40k or 50k because they know you are new.
You can not rely on wholesalers, especially the one mentioned. Learn how to find the deals on your own. THAT is how you will consistently make money in real estate.
One thing I will say is that it is great that you have your criteria so well defined! In the San Antonio market, you are looking for properties with the following improvement type on them "Multi-Family 2-4 Units." and that is not a massive list.
If you isolated the year built or area of town you could make the list even smaller. From there you could target the list with direct mail, you could skip trace the list and call the owners directly or you could drive around looking for the ones with the most visible distress to go talk the owners directly.
Or you could partner with someone willing to do all this leg-work to help you find what you are looking for.
Best of luck in investing!
@Marcus Bledsoe thanks for the feed back. I will definitely look into it. I do have a mentor that live in San Antonio that I can trust. Me and his daughter have been very good friends for over 10 years. Plus at the moment I am trying to connect with like minded people. Mainly I want rental for wealth in the long run. And do a flip on the side. I have a gc that’s currently building my second location ( business ). He is very helpful and work a lot of the number for me with his people. Also he is my buddy dad. So I do have couple people on my team already. Mainly I am looking for deals. The way i am thinking if I am gonna do rentals regardless. Thought I might start on my first flip next year. Even if I cant sell it for a profit, I can a always refi it and rent it out. As long as the number make sense to me even if I can’t sell it.
That's great Billy. Glad you have a mentor and that you plan to buy a deal where you have multiple exit strategies. Let's keep in touch and be sure to let me know if I can help.