Just quit my job and started to drive for dollars

Wholesaling
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Just quit my job and started to drive for dollars

Pedro Jimenez
Investor · Dallas, TX · Member since 2017 · 18 posts · 8 votes

anybody has advice for me?  I just started my real estate business full time.  I have 2 months worth of bills in the bank, so I have to make something happen withing that time frame.   I'm driving for dollars, and want to know if anybody knows of an app to log all my findings.  also can anybody recommend a good lead organizer?  and how about an auto responder?

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Austin Fruechting
Investor · Kansas City, MO · Member since 2017 · 791 posts · 1k+ votes
9y

Hopefully it gives you the fire to make sure you succeed... two months isn't much to learn everything, start, and get deals to closing.

4Reply
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  • Doug Woodville
    El Cerrito, CA · Member since 2015 · 257 posts · 129 votes
    9y

    Hey @Pedro Jimenez, you sure did take the plunge. I'd recommend using the search function built into this website for all of your questions. You should be able to get good info on each of those questions.

    As far as the advice goes, I would have saved up enough reserves for at least 3 times what you stated. It sounds like you're brand new into the world of real estate with the questions you're asking so with doing research, mailing homes and trying to find a deal 2 months will burn up real fast. Having said that- it can be done. There's plenty of people who I've read about who get deals from their first month or two of mailing. Just be prepared to constantly be mailing, getting potential leads and attending any REI meetups you can.

    Good luck. 

    1Reply
  • Julian Diaz
    Investor · Bonifay, FL · Member since 2017 · 24 posts · 8 votes
    9y
    If you've jumped in like that and don't know the ropes I suggest you find a partner that you can learn from. Initially all you bring to the table is enthusiasm and time. Make those work by doing the leg work and door knocking for them. It'll feel like your just another employee at first but you'll have a place to learn and won't flounder on your own. Best of luck!
    3Reply
  • John Ingram
    Butler, PA · Member since 2016 · 17 posts · 5 votes
    9y

    Welcome to the Real Estate investing! I'd recommend you take a look at "The truth about wholesaling" sticky. Very informative.

    As a wholesaler your numbers need to be SPOT ON! Your reputation will be on the line and a wholesaler with a shoddy reputation won't get very far.

    I'm a firm believer of some money is better than no money so I haven't quite quit my job yet. Like @Doug Woodville said it's very possible but it's time to get to work. My advice? Get a hold of a contractor that will not mind coming out to give free estimates of repair work.

    Do you know how to run comps? Do you know how to find ARV? Do you have a buyers list? Do you know where your local REIA is located? Have you gone to a meeting there? Really good questions that as a wholesaler you probably should know the answer to. Keep reaching out and posting on BP. Use them search figure.

    We will help as much as the community can.

    @Pedro Jimenez

    3Reply
  • Pedro Jimenez
    OP
    Investor · Dallas, TX · Member since 2017 · 18 posts · 8 votes
    9y

    thanks to all of you for the advice.  I'm new to bigger pockets as well.  Don't know hot to use bigger pockets much, but will keep in touch to let y'all know of my adventures

    0Reply
  • Jon Ree
    Investor · Philadelphia, PA · Member since 2017 · 73 posts · 58 votes
    9y
    Boom, just like that. Best wishes Pedro. Scared money never wins.
    3Reply
  • Filiberto CortesPro Member
    Chehalis, WA · Member since 2017 · 36 posts · 8 votes
    9y

    you shouldn't  quit your job you will be burn in no time if you keep your job you would have money coming in and do real state part time that will keep you longer in the game

    1Reply
  • Austin Fruechting
    Investor · Kansas City, MO · Member since 2017 · 791 posts · 1k+ votes
    9y

    Hopefully it gives you the fire to make sure you succeed... two months isn't much to learn everything, start, and get deals to closing.

    4Reply
  • Rene Montelongo
    Houston, TX · Member since 2016 · 79 posts · 29 votes
    9y
    Just like that Pedro Jimenez , you're the man. Tag up with an experienced wholesaler for split fee. Keeps you motivated, shortens learning curve and keeps you accountable. If you're doing that on your own. Like previous BP podcasts mention, don't worry about details, just get a deal. You rock! Get it done!
    2Reply
  • Tiago Alencar
    New to Real Estate · Saratoga Springs, UT · Member since 2017 · 61 posts · 29 votes
    9y
    Hey Pedro Jimenez I hope you do well. I just listened to a BP podcast that talks about getting a job in the RE industry. Like getting your license or something.
    1Reply
  • Victor Gutierrez
    Rental Property Investor · Pawtucket, RI · Member since 2017 · 47 posts · 37 votes
    9y
    Wow!! Good luck. Everything can be done but you gota hustle because you just jumped in a pool with not water in it. Get another job meanwhile because if you get a deal tomorrow can take months until you see any profits.
    1Reply
  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
    9y

    Burning your ships upon landing. Yikes. I hope you have a small number of bills.

    Podcast Guest on Show #243
    Skyline Properties
    View Page
    1Reply
  • Jaquetta T Ragland
    Real Estate Agent · Winston Salem, NC · Member since 2014 · 486 posts · 303 votes
    9y

    I would say get up early (like 5am) so you can continue to educate yourself on wholesaling. Then Send out mailers, knock on doors and attend all the local and nearby REIAs to help build your list. Also in the meantime you could apply for  Pizza delivery jobs since you have to drive anyway so why not write down home addresses you see when you're out

    3Reply
  • Pedro Jimenez
    OP
    Investor · Dallas, TX · Member since 2017 · 18 posts · 8 votes
    9y

    I appreciate all the comments.  Im currently sending 50 letter per day from driving for dollars, and making 20 calls to FSBOs.  1 appt so far tomorrow.  The reason I quit my job is because i have been trying to get started for the past 5 years and I have not followed through because I was making good money at my job.  Now I have nothing to rely on so I'm forced to work to not go back and work for somebody.  its overwhelming at times, but challenges make me feel alive?

    1Reply
  • Pedro Jimenez
    OP
    Investor · Dallas, TX · Member since 2017 · 18 posts · 8 votes
    9y

    are pre-foreclosure lists still rendering a good return?

    any suggestions on a good lead manager app?

    anybody in the Dallas Area wanting to partner up with me to hold each other accountable?

    0Reply
  • Duane Kidman
    Professional · Mansfield, TX · Member since 2013 · 77 posts · 44 votes
    9y
    I just listened to BP podcast with Lance Wakefield. He did the same thing, quit his job and jumped into RE with the do or die attitude. He is now netting $400k per month after 18 months of hard work. The only difference is he already had some RE experience in construction and flipping. I suggest you find an experienced mentor/partner. Good luck!
    1Reply
  • Daren H.
    Real Estate Investor · Desoto, TX · Member since 2013 · 560 posts · 528 votes
    9y

    Damn, you must have hated your job, lol! Seriously, I wish you the best. Find a mentor you can add value too or simply do the sh*t they don't want to do. Either way, you will learn valuable lessons and possibly earn money. Honestly, I would say find another job that you like a little while you build your real estate game. Its not an either or thing IMO. You can do both. 

    0Reply
  • Pedro Jimenez
    OP
    Investor · Dallas, TX · Member since 2017 · 18 posts · 8 votes
    9y

    Any Real Estate Investors or Flippers in the Dallas area that need a hand?  I'm looking for someone to mentor me in exchange for my time and work.

    0Reply
  • Bob Razler
    Rental Property Investor · Boca Raton, FL · Member since 2017 · 329 posts · 237 votes
    9y

    Congrats @Pedro Jimenez ! 

    Learn and network all you can.  Find a great mentor and partner with an investor to learn the ropes.

    Bob

    1Reply
  • Pedro Jimenez
    OP
    Investor · Dallas, TX · Member since 2017 · 18 posts · 8 votes
    9y

    Thanks for all those that wished me well.  Got my first Deal under contract.  My Brother will be my hard money lender.  Anybody has a sample contract I would use between a hard money lender and me as the borrower?  Also anybody has a good scope of work template?  I will be doing the rehab myself instead of wholesaling it. And does anybody know reliable GCs or good Sub contractors here in the Dallas area?

    2Reply
  • Peter Mac
    Rental Property Investor · Irvine, CA · Member since 2017 · 29 posts · 22 votes
    9y

    Pedro - keep up the good work. However, I think if the rehab is easy and will not take much time, then you can definitely do it yourself. If it requires a major rehab, given your situation, I would wholesale it out so that you have some cash to go by so that you can look for your next deal. The only way that you can successfully wholesale it is that you have a *great* deal. Not just any deal, but a *great* deal. If it is a great deal, and then once you start finding cash buyers by posting on Craigslist, or posting on cash buyers group in the Dallas area, then your phone will ring off the hook. Once you start posting your deals and you market it well then you should get calls if it's a great deal. If no one calls you, it may not be a great deal.

    Also, if your brother will be your hard money lender, will you need to put in some money? Maybe you'll need a promissory note, and for the scope of work template - try the bigger pockets file place at: https://www.biggerpockets.com/files

    As for GCs or good sub contractors, look on Angie's list. . . or call up another investor and see if they'd give you a referral.

    1Reply
  • Mark Allen
    Real Estate Investor/Broker · Irving, TX · Member since 2015 · 520 posts · 263 votes
    9y
    April fools?
    1Reply
  • Tiago Alencar
    New to Real Estate · Saratoga Springs, UT · Member since 2017 · 61 posts · 29 votes
    9y
    Originally posted by @Pedro Jimenez:

    Thanks for all those that wished me well.  Got my first Deal under contract.  My Brother will be my hard money lender.  Anybody has a sample contract I would use between a hard money lender and me as the borrower?  Also anybody has a good scope of work template?  I will be doing the rehab myself instead of wholesaling it. And does anybody know reliable GCs or good Sub contractors here in the Dallas area?

     I'm not sure but you should upload a picture to your profile! 😉

    0Reply
  • Aaron Douglass
    Winter Haven, FL · Member since 2017 · 11 posts · 6 votes
    9y

    Good luck on your new adventure! 

    1Reply
  • Account Closed
    Raleigh, NC · Member since 2017 · 80 posts · 25 votes
    9y

    So, I want an update..Hows it going?  I hope to one day take the plunge!

    0Reply
  • Winie Camille
    Member since 2019 · 4 posts · 1 vote
    7y

    @Pedro Jimenez Any updates on your journey?

    0Reply
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