Reaching out to a local Real Estate Investor

Real Estate Deal Analysis & Advice
10yFollow

Reaching out to a local Real Estate Investor

Lakeisha Smith
Rochester, NY · Member since 2016 · 10 posts · 3 votes

Good morning members,

Yesterday was a whirlwind of a day-from canceling a education membership to learn more about REI that was WAY too much to figuring out what next as this is a path I'm not giving up on. So I decided to reach within my network and fugue out who was into REI. A name hit my spirit and I reached out to her. I explained my experience of the past week with the Real Estate workshop, how I almost fell for the okie doke, and now pursuing on my own. I asked for any advice on starting out and even asked to be mentored. Low and behold, she got my message and within minutes she called me back more than willing to help! She made her first investment at 23 and is in her 30's now. We have our first meeting on August 6, 2016!

This may not seem like much to many of you that are already into REI and it may have you wondering why I posted this. Well it's a HUGE step for me as I didn't allow one bad experience to deter me from my ultimate goal of REI. I share this so that others can know to reach out to people, don't be afraid, when one door closes go to the next!

2Reply
24 views

Most Popular Reply

Bhekizwe M.
Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
10y

setbacks are a setup for a comeback.thanks for sharing

1Reply
See this reply in the discussion

8 Replies

Jump to latestLatest
  • Santos Collantes
    Investor · Houston, TX · Member since 2015 · 97 posts · 25 votes
    10y

    Great to hear. Personally for me the networking is the hardest part afar from all the other thousand things that need to be done. I hope the best for you in your real estate investing!

    Santos

    0Reply
  • Lakeisha Smith
    OP
    Rochester, NY · Member since 2016 · 10 posts · 3 votes
    10y

    @SantosCollantes 

    Thanks. Keep pushing you'll learn it. Just keep going to networking events and tell everyone that you can what you do. Soon networking will become second nature.

    0Reply
  • Lakresha Mitchell
    Clinton, MD · Member since 2016 · 1 post · 0 votes
    10y

    I'm excited to be looking down this path. I need to build my network 

    I don't know how to get the financial backing. 

    I know how to find the houses and acess the value 

    0Reply
  • Bhekizwe M.
    Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
    10y

    setbacks are a setup for a comeback.thanks for sharing

    1Reply
  • Lakeisha Smith
    OP
    Rochester, NY · Member since 2016 · 10 posts · 3 votes
    10y

    @Lakresha Michell,

    In my thinking your network starts with people whom you know now. Allow that to build it up more. You are in a good position I think knowing what you already know. I know a little of that but not quite enough and eager to learn more. The financial backing piece, I do recall in the workshop the facilitator talking about transactional funding. There are companies out there that do this in order for you to purchase. Do a search on this forum about funding and I'm sure you'll find something helpful. Also Google transactional funding. I don't know much as I'm just starting this process to but I definitely don't mind sharing what I am already aware of. Good luck!

    Lakeisha

    0Reply
  • Lakeisha Smith
    OP
    Rochester, NY · Member since 2016 · 10 posts · 3 votes
    10y

    @Bhekizwe M.

    You are right about that! Looking forward to the journey!

    Lakeisha

    0Reply
  • Duane Ortega
    Transactional Funder · Neptune, NJ · Member since 2011 · 187 posts · 86 votes
    10y

    @Lakresha Mitchell

    @Lakeisha Smith

    As for financing to wholesale a property, Lakeisha is correct that you can use transactional funding as one of the methods to accomplish this.

    In a nutshell, the terms for this transactional funding industry are A=seller, B=wholesaler/you, C=end buyer. The AB portion is what you buy the property for (let's say $200K). The BC portion is what you sell the property for (let's say $275K). FMV = $300K. Therefore, C has instant equity of $25K and is motivated to buy. You get AB and BC under contract, contact the closing agent and arrange for them to close sequentially on the same day. Then apply for transactional funding. Then you close. The transactional funding funds the AB portion ($200K) with nothing out of your pocket at closing. Then the BC portion closes minutes/hours later on the same day and pays transactional funding principal+fees+any closing costs. You pocket the difference as your wholesale "fee." Transactional funding is used when you cannot assign a contract such as for REOs, HUDs, or you may not want the C buyer to know how much you are making.

    PM me if you have any questions.  I can point you to some case studies and how it works as well if you're interested.

    0Reply
  • Lakeisha Smith
    OP
    Rochester, NY · Member since 2016 · 10 posts · 3 votes
    10y

    @Duane Ortega,

    Thanks for this info. I would like further information as well. This site has been very helpful thus far.

    Lakeisha

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free