How can i decide if a deal is worth it

Question

Hello BP,

My name is George, I am a part time college student finishing my degree in business administration. However I would really like to be a real estate investor full time right after college and I figured the best way for that to happen is to become a wholesaler. So far I have taken Mark Whitten's training course and it was extremely resourceful, however when you begin to apply the techniques you realize its not as easy as it seems especially without an actual mentor. I currently have had one house so far under contract but it was a complete dump and no one wanted it. i am having a pretty difficult time finding goods deals, which sucks because i already have a great list of buyers that are eager to work with me. i have put up bandit signs and have received some calls but I guess this is where i am stuck. can anyone be of any help on what i should do next?

Paul Mendel · Answer

is the house in Albany too? Send me details if so

George Laboy · Answer

Well i put the house under contract for 7,000 but like i said it is in shambles. It is also in a really rough neighborhood. So i kind of gave up on that deal now i want to move on to the next one which is a lady that wants to sell her home to me but has 2 mortgages how should i go about this? Im in the Albany, NY area is that helps any... thank you

James Wise · Answer

@George Laboy

welcome to the site. I would look into getting an RE license to work as an agent. Great way to earn some money in the RE industry.

Chaz Reid · Answer

You might be asking too much for the property. What are the numbers so we can further help you out @George Laboy

Mark Brogan · Answer

welcome to BP @George Laboy

in your spare time go out and ride your farm area and learn the market,learn how to market to the sellers that need to sell by doing direct mail marketing,go talk with realtos,lawyers,a good cpa,then go to your local REI meetups in your area good luck