Im new to the site, and just thought it would be nice to introduce myself. If you guys have any advice feel free to chime in! My name is Chris Fiore and I am from Wilkes-Barre/Scranton Area in PA. I am 20 years old, and pretty much have been involved in real estate since for the past 6 years. My family has multiple rental units throughout the area with 6 student houses (6 kids a house) at Lehigh University, 7 Multi-family homes through the WB area and a large 75,000 sqft mixed use building with 43 units that I help manage and learn a lot from. I have recently within the past year acquired my real estate license and have been learning the ropes rather quickly. I am now a full-time real estate agent as well as a part-time college student. I love what I do so far and hope to start expanding my business outward into other branches of real estate. I am highly familiar with rentals, and slightly familiar with flips (have been involved in 2-3 flips). With money being tight(ish) being so young I am torn on how to jumpstart my investing career. Properties in this area are very cheap (I could pick up a flip for under 30K or less and resell for 100K-120K+ depending on location). I do have a couple of potential partners who are willing to team up to tackle a flip and I have all the resources/contacts to get the process moving quickly and correctly.
I would like to start buying rentals of my own, but I feel if I can get a jumpstart with a flip or two to free up some cash, that would be my better route for now. How have you guys has success while starting out?
I am eager to hear your success stories so I could possibly put myself on the right track. Thanks
welcome to the site.
Hi Chris. Welcome to the site!
There is no wrong technique to do it. Some start in SFR and earn cash for multi's and others go right to gaining investors. One thing to keep in mind is that once you do earn enough and sink it into a multi you're broke again from a liquidity point of view. You'll be stuck doing SFR's again to earn enough for your next acquisition. If you're looking to acquire many units than I think you can see how this could be a tedious and time consuming process. If you want to accelerate the process, cultivate investors that specifically want multi-family. Some people hate that and want to go more slowly and not feel so out of control. I'd think about each path and decide which is for you or maybe do both. As noted earlier, there really isn't a wrong way.
Good luck friend!
Welcome to the site Chris.
Originally posted by @Chris Fiore:
Properties in this area are very cheap (I could pick up a flip for under 30K or less and resell for 100K-120K+ depending on location). I do have a couple of potential partners who are willing to team up to tackle a flip and I have all the resources/contacts to get the process moving quickly and correctly.
Welcome. From what you stated above, sounds like you can get a healthy return doing flips. If you are confident you can get these type of deals my question to you is.. Why wouldn't you start flipping?
Welcome to the site. It looks like you are coming from some good heritage in REI. I am sure you will be able to carry on and grow from here.
In the meantime here are 7 tips to help you grow your business using BP:
1. New to BP? http://www.biggerpockets.com/starthere
2. Develop your own business strategy. -- Don’t just be a “jack-of-all-trades"
3. Grow your business by developing your business plan. - Remember there is a difference between goals and a plan. http://www.biggerpockets.com/files
4. Locate and attend several different local REIAs as they’re great opportunities to network and meet wholesalers, lenders, and contractors.
5. Stay away from the “guru” sales-pitch events - they rarely increase your investment knowledge, they merely empty your wallet!
6. Spend 30 minutes a day on Bigger Pockets by connecting with “colleagues,” perusing blogs and videos, and engaging with others on the forums: http://www.biggerpockets.com/meet
7. Set yourself up to receive free alerts to be notified of subjects that interest you: http://www.biggerpockets.com/alerts
@Chris Fiore Welcome, nice to see someone from the area joining BP.
Hey Chris, welcome to the BP. I got my real estate broker license while I was in college as well. Sounds like the right move.
The easiest way to get money for real estate is to have a job that isn't considered self-employment. Then you can apply for a mortgage. That is generally the cheapest way to get money to dump into the real estate market.
If you (or you and your partners) have enough cash to do a couple flips, that's even better. You can consider hard money as well, but that makes things a little bit more risky.
Anyway, let me know if you have other specific questions. Best of luck!
Welcome to the site Chris! I'm new too, we'll get accustomed together. :).
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