Real Estate Wholesaling Questions & Answers

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Oscar Angeles
  • Wholesaler
  • Arvin, CA
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New To Real Estate investing Bakersfield Market

Oscar Angeles
  • Wholesaler
  • Arvin, CA
Posted Jun 14 2022, 00:36

I'm a fairly new investor and have recently picked up wholesaling. I am 18 and I just graduated High school this summer and I am very eager to dive into real estate  and build some funds to buy my first rental property.  Any tips? or advice?  I am looking for a mentor to take me under their wing and guide me. Thank You 

Bakersfield, California

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Andrew Garcia
  • Lender
  • Silver Spring, MD
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Andrew Garcia
  • Lender
  • Silver Spring, MD
Replied Jun 14 2022, 05:04

Hi @Oscar Angeles, welcome to the community!

BP has a lot of great resources for wholesaling. You should check it out.

In the future, as long as you have 20% down and the income of the property exceeds the monthly mortgage payment, you can get a DSCR loan. It does not require any income or job verification.

Otherwise, you will need at least 2 years of self-employment income. 

Hope this helps! Let me know if I can be of any assistance.

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Jo-Ann Lapin
  • Loan Officer
  • Tustin, CA
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Jo-Ann Lapin
  • Loan Officer
  • Tustin, CA
Replied Jun 14 2022, 07:49
Quote from @Andrew Garcia:

Hi @Oscar Angeles, welcome to the community!

BP has a lot of great resources for wholesaling. You should check it out.

In the future, as long as you have 20% down and the income of the property exceeds the monthly mortgage payment, you can get a DSCR loan. It does not require any income or job verification.

Otherwise, you will need at least 2 years of self-employment income. 

Hope this helps! Let me know if I can be of any assistance.

Welcome . I would look up Sanjeev advani locally in Bakersfield . I hope this helps .

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Bryant Brislin
  • Wholesaler
  • Irvine, CA
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373
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Bryant Brislin
  • Wholesaler
  • Irvine, CA
Replied Jun 14 2022, 08:01

@Oscar Angeles I'm in Orange County and do some work in Bakersfield.  Happy to talk some time if you want to DM me.

Real Estate Agent

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Replied Jun 14 2022, 08:31

If you are able to live at home for a while, do it, and save as much as you can. When you are ready to move out (assuming you haven't already), look for a multi family that needs some cosmetic work that you can house hack. Use your time to put some sweat equity into the units and force some appreciation. 

Try to find a day job that is related to the industry. Or maybe get on a construction crew so you can learn some skills that will help you rehab your own properties while also saving the funds you will need for the down payment, materials, etc

Start now, and by the time your classmates graduate from college, you could be 10+ years ahead of them in terms of net wealth. 

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Dan Sheeks
  • Rental Property Investor
  • Denver, CO
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Dan Sheeks
  • Rental Property Investor
  • Denver, CO
Replied Jun 14 2022, 09:20

Hey @Oscar Angeles!

Congrats on your ambition!

Bigger Pockets recently published a book that's perfect for you! It's called First to a Million. You should check it out! If you have questions about the book, let me know. I am the author. :-) Also, check out this forum post.

In addition, DM me if you are interested in an online community of young, like-minded individuals.

Best of luck to you!

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Oscar Angeles
  • Wholesaler
  • Arvin, CA
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Oscar Angeles
  • Wholesaler
  • Arvin, CA
Replied Jun 14 2022, 16:11

Thank you very much for your time and I will certainly  check out that book. And will definitely DM you.  

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Manny Vasquez
  • Real Estate Agent
  • Orange County
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Manny Vasquez
  • Real Estate Agent
  • Orange County
Replied Jun 23 2022, 07:06

Welcome to BP @Oscar Angeles! I'd love to help out...I spend time between Orange County and Bakersfield. I have a 4-plex and an STR that I manage, both in Bakersfield. We can meet up any one of these days! Let me know!