New Investor/New Member in Atlanta, GA

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New Investor/New Member in Atlanta, GA

Burdette K Tatum Jr
Accountant · Kennesaw, GA · Member since 2019 · 9 posts · 3 votes

Good Morning BP Gang,

I am a new real estate investor and PB member (this is actually my first post). I am looking to start with Wholesaling, but, ultimately I want to buy and hold. I figure WS would be a good first step since it all starts with finding great deals. I have been soaking up as much information as I can by listening to podcast, youtube, reading books (etc...). I am an accountant by trade and started cold calling yesterday (yikes)...guess that’s something I need to get use to, huh?

Looking forward to connecting with many of you on this real estate journey.

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Dmitriy Fomichenko
Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
6y

@Burdette K Tatum Jr

Welcome to the BP family! Great that you joined the site! Here are some recommendations for you:

Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users
Set up keyword alerts to be notified of the topics that interest you:http://www.biggerpockets.com/alerts
Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
Check out BP Podcasts: https://www.biggerpockets.com/podcast

If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

Wishing you the best!

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  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    6y
    Originally posted by @Burdette K Tatum Jr:

    Good Morning BP Gang,

    I am a new real estate investor and PB member (this is actually my first post). I am looking to start with Wholesaling, but, ultimately I want to buy and hold. I figure WS would be a good first step since it all starts with finding great deals. I have been soaking up as much information as I can by listening to podcast, youtube, reading books (etc...). I am an accountant by trade and started cold calling yesterday (yikes)...guess that’s something I need to get use to, huh?

    Looking forward to connecting with many of you on this real estate journey.

     Welcome aboard. I suggest considering a quick gear ****....Ya see, wholesaling as it's taught is a myth. You need a license to Broker real estate. That's all wholesaling is as it's taught in these programs, it's brokering real estate except instead of being up front & telling the distressed seller that you'll sell their property for X amount & take X amount as your commission / fee you are taught to lie to the seller & pretend you are going to buy the property while you secretly attempt to "assign" your contract.

    It doesn't work. Nobody has any respect for wholesalers. The only people making money wholesaling are the guys selling you all of that education.

    To be successful connecting buyers and sellers you need to have

    • An in depth knowledge of the market.
    • Marketing skills.
    • Sales skills.
    • Negotiation skills.
    • Accurately estimate rehab costs.
    • Understand how to much time it would cost to run a renovation on the properties you are presenting.

    My advice get a real estate license. Way cheaper, no legal issues, more respect and there is a decent chunk of cheap or free training out there from the mega brokerages. Soak it all in while you're trying to get off the ground. It's not an easy job, 90% fail rate but it's better than the 99.9% "wholesaler" fail rate.

    1Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    6y

    @Burdette K Tatum Jr

    Welcome to the BP family! Great that you joined the site! Here are some recommendations for you:

    Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users
    Set up keyword alerts to be notified of the topics that interest you:http://www.biggerpockets.com/alerts
    Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
    Check out BP Podcasts: https://www.biggerpockets.com/podcast

    If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

    Wishing you the best!

    1Reply
  • Burdette K Tatum Jr
    OP
    Accountant · Kennesaw, GA · Member since 2019 · 9 posts · 3 votes
    6y

    @James Wise thanks and I appreciate the heads up.

    1Reply
  • Burdette K Tatum Jr
    OP
    Accountant · Kennesaw, GA · Member since 2019 · 9 posts · 3 votes
    6y

    @Dmitriy Fomichenko thanks for the links. I have been listening to as many podcast as I can and have purchased several of the PB books. I will continue to learn as much as I can. I have also become a member of my local REIA. I'm hopeful I can find a mentor to show me the ropes. I am definitely willing to put in the sweat equity to help grow his or her business while I learn...

    Thanks again!

    0Reply
  • Rose WhitePro Member
    Real Estate Agent · Woodstock, GA · Member since 2019 · 72 posts · 43 votes
    6y

    Hi Burdette!

    you live actually quite close to me.
    I am based out of Acworth and i actually got my real estate license recently and joined a brokerage to start in Jan/2020! 
    I am planning on doing the same thing you are and i joined with a brokerage who is well knowledged about wholesales, investment properties, property management.. etc - so that i can buy a house hopefully next year as well. 

    Where are you planning to buy though? - are you looking for somewhere close to you or further out? 
    If you are interested, we can discuss via message :) 

    good luck with this journey! i am excited to buy my investment property soon! 

    0Reply
  • Burdette K Tatum Jr
    OP
    Accountant · Kennesaw, GA · Member since 2019 · 9 posts · 3 votes
    6y

    Hi Rose - you are literally around the corner from me. Let's definitely connect. I have recently joined the GAREIA here in Atlanta so I am sure we will cross paths at some of the events. I am looking in the area, but also want to venture out. With that said, it's all about getting that first deal. 

    0Reply
  • Brenden MitchumBusiness Member
    Rental Property Investor · Atlanta, GA · Member since 2019 · 1k+ posts · 872 votes
    6y

    Hey @Burdette K Tatum Jr! First off, welcome to the BP community!

    Wholesaling is marketed as the "easiest" and "cheapest" way to get into REI. However, neither of these is true. I think most investors here would agree that it is one of the hardest ways to get started. That being said, if you can successfully wholesale, you will have no problem actually building a buy&hold portfolio.

    I am also a new investor in the Atlanta area (Johns Creek) and my original plan was to start by wholesaling. However, I quickly discovered that finding deals in this market that are so fantastic you can sell them to another investor and make decent money in the process is incredibly difficult. Now obviously it is still possible but I realized that the best return on my time and effort would be to keep any great deal I find. Like me, you may not have a ton of capital but I firmly believe that if you can find a great deal you'll find a way to finance it. 

    Anyways, just my two cents; hope it helped! Feel free to pm me anytime if you have questions or just want to chat!

    [email protected]404-737-0018
    1Reply
  • Burdette K Tatum Jr
    OP
    Accountant · Kennesaw, GA · Member since 2019 · 9 posts · 3 votes
    6y

    What’s up @Brenden Mitchum and thanks for the comment. I agree. I have been reading as much as I can and even did a little cold calling. Just trying to figure out where to focus my efforts. The goal is buy and hold (throw few flips in there in there), so I am trying to position myself for the long hall and not just the new hot “thing”. The reason why Wholesaling seems attractive to me is because of the “relatively” quick payday. With that said, we know that payday can be several months.

    0Reply
  • Brenden MitchumBusiness Member
    Rental Property Investor · Atlanta, GA · Member since 2019 · 1k+ posts · 872 votes
    6y

    @Burdette K Tatum Jr you are absolutely correct: Wholesaling is definitely one of the fastest methods in real estate to realize money. However, this is only once you have managed to find an incredible deal. This could take much longer in actuality than finding a good deal that you could buy&hold or flip. Also, with that "quick payday" comes much more work, which makes wholesaling a "job" not an "investment." It is definitely a way to gather capital to invest in real estate and also forces you to learn how to find great deals. That is the power of wholesaling, in my opinion.

    [email protected]404-737-0018
    0Reply
  • Bill HamptonBusiness Member
    Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 978 votes
    6y

    @Burdette K Tatum Jr

    Welcome to Bigger Pockets and welcome to the Georgia Real Estate Investors Association. 

    Good luck on your real estate journey. 

    404-482-3170
    Hampton Tax and Financial Services LLC4.7106 Reviews
    WebsiteView Page
    0Reply
  • Dirk Cristle
    Rental Property Investor · Memphis, TN · Member since 2019 · 4 posts · 1 vote
    6y

    @James Wise

    I beg the differ on your assessment of. Wholesalers... It's a completely honest position that allows someone interested in real estate the opportunity to grow further... With the intended open and honest approach to the Wholesale Structure; open with the Seller on every level; working with your buyer to create the atmosphere of fully informed buyer and seller agreements that are closed with all parties walking away from the table happy and everyone involved a WINNER... This is TRUE WHOLESALING...

    LET THE TWO PEOPLE INVOLVED KNOW YOUR TRUE INTENTIONS... After All, ALL THE BUYER WANTS IS THE PROPERTY AT A GOOD DEAL... THE SELLER WANT A CHECK FOR HIS/ HER PROPERTY THAT SITS WELL WITH THEM... MAKE EVERYONE HAPPY AND MOVE ON TO THE NEXT ONE LIKE I've BEEN DOING SINCE 2007... Mr. Dirk Cristle/ C.E.O.

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    6y
    Originally posted by @Dirk Cristle:

    @James Wise

    I beg the differ on your assessment of. Wholesalers... It's a completely honest position that allows someone interested in real estate the opportunity to grow further... With the intended open and honest approach to the Wholesale Structure; open with the Seller on every level; working with your buyer to create the atmosphere of fully informed buyer and seller agreements that are closed with all parties walking away from the table happy and everyone involved a WINNER... This is TRUE WHOLESALING...

    LET THE TWO PEOPLE INVOLVED KNOW YOUR TRUE INTENTIONS... After All, ALL THE BUYER WANTS IS THE PROPERTY AT A GOOD DEAL... THE SELLER WANT A CHECK FOR HIS/ HER PROPERTY THAT SITS WELL WITH THEM... MAKE EVERYONE HAPPY AND MOVE ON TO THE NEXT ONE LIKE I've BEEN DOING SINCE 2007... Mr. Dirk Cristle/ C.E.O.

    Dirk what you described is brokering real estate. Brokering real estate requires a license in the USA. 

    0Reply
  • Brya Freeland
    Rental Property Investor · Alexandria, VA · Member since 2019 · 60 posts · 10 votes
    6y

    Hi @Burdette K Tatum Jr, welcome to the BP community!!!! I am a newbie investor as well joined BP almost a month ago. Like you I have been reading several RE books and listening to the BP podcasts, but have been struck with some analysis paralysis. I live in the Washington DC region which is a tough area to get your feet wet since I am currently focusing on buy and hold properties. I've visited the Atlanta region a few times and I am aware that there is plenty of change happening all throughout the area. Although many people would say invest local starting out and I do agree with that logic, however I do believe making connections in areas of interest can help expand your investment reach. As an out of state investor I would be interested in making those connections with those who have "boots on the ground" in order to get my first investment property under my belt. Let's see if we can help each other navigate this investment journey lol. Feel free to message me if you would like to chat further.

    0Reply
  • Burdette K Tatum Jr
    OP
    Accountant · Kennesaw, GA · Member since 2019 · 9 posts · 3 votes
    6y

    @Brya Freeland

    Yes, let’s definitely connect. I’m sure we can help each other.

    0Reply
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