Please help, New to REI

[Chris Azer]

Hi guys I'm 25 and I'm new to this whole real estate investing business. It all started when I read rich dad poor dad and began to get excited about real estate and the wealth it brings. I eventually found my way to a mentorship program. Turns out I some how decided at that time it would be a good idea to pay 60,000 dollars Canadian for this training. (I think I got suckered ) 9 months later and I still haven't closed on a deal. I've had many under contract but either the deal fell apart by due diligence or couldn't find a buyer or financing or what have you. I have learned a lot. I know all about residential , comps , arv , WARZONEs. My mentor has started teaching me about multifamily 5 units or more and i really prefer this type of real estate. Here is my question. Considering the fact that I don't have any money since I've spent all my savings on this course. Will I have luck wholesaling multifamily apartments? Because I really know how to evaluate , negotiate and put under contract. My strategy at the moment is to tie up these deals and hope to wholesale one to my mentors buyers network to make some cash to invest for a down payment on my own multi. I appreciate any and all advice!

[Account Closed]

My advice to new investors is to start wholesaling properties. First pick a neighborhood that you are either in or close to. Driver around all the streets and look for vacant houses. There should be some. Then look in the county assessors website to find the owners. it should give their name and mailing address. Send them a letter telling them you found their house to be apparently vacant. But if it is obviously abandoned, say so in the letter. Tell them you will pay them cash for a quick close.

When you do all that, then contact a local RE Agent to give you a list of all the houses in that neighborhood that have sold in the last 5 years with all cash. This typically is investors. Then again go to the assessors website and find their name and mailing address.

Once you get a response from the seller of the vacant house, negotiate a deal to buy it for all cash. Then immediately contact all the cash buyers you just found that buy properties in that neighborhood and tell them about the house and would they be interested in buying it.

Once you have done all that with that neighborhood, go to the next one and 'rinse and repeat.'

I hope this helps. 

Steve Anderson