Kansas City · Member since 2019 · 17 posts · 4 votes
Hello,
I am new to the real estate investment world and would like to meet people willing to let me pick there brains. I have an AAS in Business and do not wish to continue working a 9-5. I look forward to hearing and hopefully working with you guys.
I would disagree with @Aaron K.'s opinion about wholesaling. While I'm just getting started, I personally know wholesalers who are doing quite well. You do, of course, have to market. Marketing costs money or takes a lot of time and creativity. So as the saying goes, there ain't no free lunch.
But that's not what you asked, is it? I hate when posts like this become the forum for an argument that's only tangentially related to the question.
So, for advice about getting started, there are a lot of resources out there.
You can pay for an education. There are all sorts of programs and mentors out there. When you find some, ask around on here for what people think about those programs. You'll get some people who say paying for this education isn't worth it, but then again, that's not the question. Keep focused on getting opinions from people who have actually taken the course.
You can read, watch, listen to all sorts of information out there. Podcasts, YouTube videos, books, and blogs will offer a lot of information.
Personally, I paid for an education. It wasn't too expensive, but I got a LOT of information to get me started. I don't think it gave me everything I needed. So I filled in a lot with my own researching via the aforementioned podcasts, books, etc.
I recommend listening to the podcasts at https://www.wholesalinginc.com.... I did not take their program, nor do I plan to. But, I've been listening to all of their podcasts (I have a lot of time in the car to kill) and they have some great ideas. One of their core concepts in "Progress, not Perfection". I would have to agree with that. Learn enough so you know what to do to get started and to be comfortable with what you're doing. Their podcasts have helped me in that area. I haven't learned the whole picture, but they've filled some things in nicely. Once you're ready, take action, and don't worry about making mistakes.
Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
7y
Wholesaling is very difficult and will probably yield less than minimum wage when all is said and done unless you have a marketing budget. If you want to treat it as a learning experience great, but if you think it will make you millions you may be in for a nasty surprise.
I would disagree with @Aaron K.'s opinion about wholesaling. While I'm just getting started, I personally know wholesalers who are doing quite well. You do, of course, have to market. Marketing costs money or takes a lot of time and creativity. So as the saying goes, there ain't no free lunch.
But that's not what you asked, is it? I hate when posts like this become the forum for an argument that's only tangentially related to the question.
So, for advice about getting started, there are a lot of resources out there.
You can pay for an education. There are all sorts of programs and mentors out there. When you find some, ask around on here for what people think about those programs. You'll get some people who say paying for this education isn't worth it, but then again, that's not the question. Keep focused on getting opinions from people who have actually taken the course.
You can read, watch, listen to all sorts of information out there. Podcasts, YouTube videos, books, and blogs will offer a lot of information.
Personally, I paid for an education. It wasn't too expensive, but I got a LOT of information to get me started. I don't think it gave me everything I needed. So I filled in a lot with my own researching via the aforementioned podcasts, books, etc.
I recommend listening to the podcasts at https://www.wholesalinginc.com.... I did not take their program, nor do I plan to. But, I've been listening to all of their podcasts (I have a lot of time in the car to kill) and they have some great ideas. One of their core concepts in "Progress, not Perfection". I would have to agree with that. Learn enough so you know what to do to get started and to be comfortable with what you're doing. Their podcasts have helped me in that area. I haven't learned the whole picture, but they've filled some things in nicely. Once you're ready, take action, and don't worry about making mistakes.
Kansas City · Member since 2019 · 17 posts · 4 votes
7y
@Aaron K. You may be right. However, I do not wish to get rich quick off wholesale. I would like to start here because as I mentioned, I do not have much capital. I work a 9-5 that only allows me to live paycheck to paycheck.
Do be prepared to spend some money. how much depends on you, but you're certainly going to need something. I'd say budget at least a few hundred per month. I've budgeted 500, and I'm going to be going over some due to DMM.
Whatever you do, never stop learning and never stop making progress.
Kansas City · Member since 2019 · 17 posts · 4 votes
7y
@Barry Pekin Oh ok got you. I'm new to the lingo as well. I have a friend who is doing wholesale in GA and his financial freedom is what drew me. Literally, yesterday. I do have an AAS in Business and now in the Bachelor's program with a focus in marketing.
That's excellent. This business is all about marketing.
One more piece of advice. Don't spread yourself too thin. Pick a small number of marketing strategies and stick to them. I'm doing DMM to mailing lists, and cold-calling leads I get from D4D (driving for dollars) and bird-dogs (people who will look for properties for me). Eventually, I will work on more online stuff such as PPC (pay-per-click) and SEO.
I am new to the real estate investment world and would like to meet people willing to let me pick there brains. I have an AAS in Business and do not wish to continue working a 9-5. I look forward to hearing and hopefully working with you guys.
Wichita, KS · Member since 2017 · 33 posts · 21 votes
7y
Hello Michael,
Welcome to the site. BP has a great host of podcasts, that would really get you far down the road. Also youtube, listen to Chris Goff and Wholesaling Inc, Flipman, and Max Maxwell. If you spend some time with those guys I think you'll get enough info to take Massive Imperfect Action :) I've heard them all say many times, don't wait until you perfect it, just get the basics and go for it and you'll learn as you go...that's what I'm doing. Oh, and don't forget to get the app Deal Machine...it is awesome and really help in driving for dollars.
Rental Property Investor · Sioux Falls, SD · Member since 2019 · 129 posts · 138 votes
7y
@Michael Walker III I think you should learn about real estate and how it all works as much as possible, maybe wholesale a little for capital, and then start renting small multifamily homes (2-4 units), and scale your way up.
Kansas City · Member since 2019 · 17 posts · 4 votes
7y
@Isaac Johnson Hey Isaac, that is the plan. I have been watching videos, reading and listening to podcasts and this seems to be exactly what I am looking for. Wholesale is where I will start. Have you heard of a software called REIPro? What do you think about it?
Rental Property Investor · Jacksonville, NC · Member since 2015 · 43 posts · 21 votes
7y
Hey, Michael, I'm excited for you, I'm also a newbie investor and I found out that the best thing to do is to do your own research and from there you can pick one strategy and invest all your time/energy into it.
You can make money in every strategy Real Estate has to offer, but some strategies might work better than others depending on your knowledge, time availability, capital, etc.
So, is good that you ask this question here, but this is a very open question and with all these knowledgeable people in this site, you can get all kind of good answers that sound sexy and promising and well this can be overwhelmed. Just don't do what a lot of us newbies do and that is nothing. We do nothing because we are so overwhelmed with info and we never make a decision on what strategy we want to use and we use that as an excuse no to take action.
Take care brother and enjoy every minute of this journey.
Specialist · Purcellville, VA · Member since 2015 · 1k+ posts · 841 votes
7y
@Cordia Simon,
I need to focus on this more and get more people, but I essentially approach people I know and explain what I need. If they’re interested, I give them more details about the system and sign them up as a contractor.
Specialist · Carlsbad, CA · Member since 2018 · 1k+ posts · 638 votes
7y
Welcome to BiggerPockets @Michael Walker III Since you're just starting, I'd recommend not to spend much on marketing. You can try door knocking and driving for dollars in your area and once you get a deal, you can wholesale it. Check for laws in your state as wholesaling is illegal in some states. Get a license to be on the safe side. Good luck on your real estate journey!
Chicago, IL · Member since 2018 · 546 posts · 227 votes
7y
Hi Michael, it all comes down to picking a strategy and then going from there. BP has a lot of great resources which are available to you (I've found their podcasts and webinars to be super helpful with learning more about the industry - I actually started because a family member needed assistance with managing one of their rental properties, and one of BP's Books, "Managing Rental Properties" was a tremendous help). It has also helped me in a huge way through the work that I currently do at a prop-tech startup. I say this because it really comes down to what you're trying to get out of it. Can't necessarily claim credit for these questions, but I know I used them as I started researching and reading up on REI.
Is there an area where I already have connections?
If not, can I get connections through local BP meetups or a local REI meeting to see where others are investing or can help make connections?
What are my goals for my investment?
What ROI am I looking for?
How much cash flow do I want?
How much will my expenses be (mortgage, cap-ex., repairs, PM, and so on)?
I hope this information helps! Best of luck to you in your REI endeavors.