Hello BiggerPockets friends!
My name is Alex, I’m a newbie investor. Recently I quit my job (I know it’s not the best idea I’ve ever had, or was it!?) and I started shadowing a local investor. I have zero deals under my belt. I grow my depth of knowledge by listening to BiggerPockets podcasts, Reading books on real estate and going to BP meet ups.
So with all that being said, I applied some of the techniques that I learned and now I have an issue.
I reached out to some of my old landlords In order to see if they have any multi family properties in my market that they are interested in offloading. Of course they all said NO!
Yesterday, I get a phone call from the landlord that was recommended to me by one of the landlords that I reached out to previously. He goes on to tell me that he has 17 multi family properties, in my market! that he’s potentiality interested in selling. None of these properties are on the market, and most of theme are paid off.
I’m not sure what the best approaches. Please advise! What’s the best way to accumulate these properties? Should I wholesale them, get a hard money loan? private money? There’s so many options for a newbie! Again please advise!
Thank you for reading this! I would truly appreciate some sound advice...
If you can do buy and hold, I recommend that. That passive income is going dampen a lot of stress not knowing where the next pay check will come. (I too quit my job before I dove into REI, and it was the BEST thing I ever did... scary.. but the best).
What ever you decide to do, get a website going, start growing your buyers list, and get ready to be prepared for any and all leads coming in, targeted or unexpected
@Alex Yaglin Sounds more like an opportunity than an issue :) I would agree with Jerryll on this one. Good luck to you. Cheers!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you