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BlogsAaron's Investment BlogThe first Months

Posted over 14 years ago

The first Months

Ok, So as of this moment I am an "Intern" for an relatively new investor/Flipper, Just learning the ropes, and getting the peices together to do my first deal, all the while watching my friend do his first Wholesale and JV deals, and flip his first houses.

Everyone has to get throught thier first deal, and from what I can tell, the first one is the most difficult. And that is why I wanted to keep a log of my activities, accomplishments and setbacks. Not my first success, but some of the lessons along the way, as I make them, the things leading up to my first deal.

I have read several books and it was not until a friend of mine took a few weekend courses and mentoring program that actually got to watch as someone was launching an investment company. For the past 6 months I have been watching my friend start a successful RE investing company, while helping with tasks and learning what needs to be done to get started.

My friend is a 25 year contractor, and has done lots of rehabs on the construction side. This year he invested in a training and mentoring program to learn how to invest in the properties and make profit on the rehab and flip. Now That he is moving along, the first few months, before his first deal, was a hectic time. Getting all the peices together.

I faced a steep learning curve over the last months, learning about the construction process, prices, timelines, dealing with sub contractors, dealing with the city on permit issues, and the unknowns that always seem to come up rehabbing a home. Finding and  secruing funding, building relationships with realitors willing to do the necessary work, hireing the right workers and contractors, all this was very new to me.

Now I research potential properties for him, and scoure sources for potential properties. I have actually presented some good opportunities and offers were made on them. Soon I will have a netowk of investors ready to take action and make money with my "Power team". I currently have connections with RE agents and contractors in a few areas of California. 

Hope to keep posted about 2-4 times a month with my progress towards my first deal, and the progress of my friends flipping business.

 

 

Comments (2)

  1. Nice work. Keep it up. Wholesaling is definitely easier than rehabbing and flipping. You can do deals easily without all the leg-work. I somewhat agree with Jeffrey in that you should step up and start doing deals yourself. However, you don't need to steer clear of your mentor. You 2 can work together on deals. For example, if you find a lead but can't find a buyer for it, you can send it out to your mentor's buyers list. If he can bring in the buyer, split the profits 50-50. This also works the other way if he has a lead that he can't find a buyer for. Overall, this way you will both make a lot more money.

    Account Closed, over 14 years ago


  2. Good for you for starting. Dont get too caught up with the "power team." This is all guru BS. I have some guys I trust and work with. I never asked them to be on my "power team" nor would they take me seriously if I used a phrase like that. If there is a good deal, step up and take it. Why let this guy get your deal?

    Jeffrey K., over 14 years ago