Day 1 of a New Beginning
Hello all!
This is my very first blog post ever in life. I am pubicly declaring my commitment to:
1) Learning how to become financially independent by learning how to wholesale real estate in order to...
2) Gain capital so that I can flip some homes in order to...
3) Gain capital so that I may be able to obtain some incoming producing properties to take care of me (now take a breath Michelle)...
I came from nothing (as many of us have) and just want to share my progress and hope that I can get the help I need in order to help myself help others as well. I want to reach my full potential. I read something on the internet about making a public declaration, so this is what I am doing! I'd like to read this post a year from now and see where I am at. I am so glad to be a part of this community so that ultimately I may be able to help my own community. Will be back at a theatre near you soon... I mean like tomorrow.. :) Have a great day!
Comments (18)
Hi David, Thank you for your feedback.
Michelle G., over 15 years ago
OK I got it. If I were you I would get my RE license again. You'll need the info on property comps that only a REALTOR has access to. Most people and agents require a lender pre qual letter or proof of funds before submitting an offer to the seller. So you're going to need a credit score of 750 or higher to play. If you don't have that you need to find an investor. If you not a RE agent not many serious investor will play with an individual with no track record. If I were you, after you get your license I would work it part time. Learn everything you can about short sales, attend all the free classes the board offers. Real Estate is a great opportunity but it's not for the uneducated agent. You should plan on at least 5 years doing the grunt work, just to gain the experience. What general talents do you have? What do you really like to do?
david, over 15 years ago
Thanks David, My understanding of wholesaling is obtaining a house under market value, putting it under contract with the owner (with special wording on the contract) if you estimate that the price of the home after repairs would be worth selling to an investor, and if so, then you attempt to sell the home to an investor ASAP but putting your "fee" on it. As an example: 1) You find a home under market value in which the owner is willing to sell ASAP for cash for let's say 20K 2) You estimate what it would cost to fix it up & what it could sell for after it's been fixed up (so let's say 30K to fix & 100K to sell after it's fixed) 3) You put the home under a contract with the home owner with special wording alongside your name (not 100% sure about this, but I believe it's something like "and/or assign...") 4) You find a buyer ASAP who is willing to buy the house as an investment opportunity (this is where you put yout fee on the house - let's say 5k (so we don't get greedy in this example :) ) selling it for 25K 5) The investor has checked out the house and has made his/her own determination on how much the home will cost & is interested (perhaps he/she believes it will cost 20K to fix & can sell it for 110K - whatever he/she's vision is), but the bottom line is that the invester has agreed to purchase for 25K. 6) You close on the deal assigning the home to the buyer/investor. Does this sound familiar? Michelle
Michelle G., over 15 years ago
Great attitude MG. I'm a Realtor in S CA. What do you mean by wholesale? We may have a different name for it on the left coast
david, over 15 years ago
Ivan - thank you very much for the support! It is greatly appreciated. I see you are doing RE Investment in SC. 3 deals in the works? I am sooooooooooooooooooooooooooooooooo TI-RED of the whole 40hr thing... I can't believe it took me this dorn long to figure that out! You're smart! I will definitely reach out to you for advise. I'm trying to organize my notes and build my buyers list... oh yeah! Cheers! Michelle
Michelle G., over 15 years ago
Michelle, Welcome to the world of RE investing. I just graduated with a degree in mechanical engineering and I vowed 2 years ago not to allow myself to fall victim to the 40hr/wk vortex. Keep focused...make modest, attainable goals...and be persistent. Don't be afraid to ask questions (like I was when I first started). Take advantage of BiggerPockets and the tremendous wealth of knowledge, insight, and already solved problems that you can find here. I wish you the best, and happy investing! Let me know if I can assist you with any commercial RE questions or partner with you in a deal. Ivan
Ivan Jenkins, over 15 years ago
Bill!!! Thank you soo much!!! I really appreciate the support I am receiving on BP!!! I mean it's incredible! I'll definitely take you up on your offer. I have been told that I should read BP (since a lot of questions have been answered in various threads) and to ask questions as well. I've been doing just that, every second I get I am reading my stacks of papers of forum convo's I printed out. I'll definitely get back at you. Thank you for your message & support! Michelle
Michelle G., over 15 years ago
Hi, good luck, you have selected a good beginning. I'm here to assist, it's my paying it back so to speak, so if you have a question, fire it to me. Again, Good Luck, Bill
Bill Gulley, over 15 years ago
Nadirsh - How did your meeting go??? I'm eager to hear about it!!!! I spent the weekend reading your post on how to begin & answers to your post. I also had to do research on the sub2 topic you mentioned. I began to get a better understanding of how sub2 works afterwards. Could you tell me if you are specifically focusing on sub2 type deals? If yes, why? I had done a lot of research and had to narrow down which path I hope to take to begin with. I'm trying to organize myself as to what has to be done first (which is why your posting is so valuable - I'm a beginner trying to absorb all that I can). Currently, my goal is to find deals I can wholesale, but I feel like to need to put things into perspective so that I may move forward... I am about to post/ask questions on building a team. For the rest of this year I just want to piece things together. Thank you once again for taking the time out to share information.
Michelle G., over 15 years ago
Hey Michelle, your very welcome. I actually ended up heading to my first REIA meeting yesterday, I'm gonna write up about it there. Maybe I should start a blog too!! :)
Nadirsh P, over 15 years ago
Nadirsh P - Thank you very much for your post. I just read your first steps post notes and basically I have to say WOW! It was quite informative. I actually have to print that out and read through it again...THOROUGHLY :) I'll also search for and look into the subject to as you indicated. Thank you soo much! Socorro - Thanks! So you know where I'm coming from :)
Michelle G., over 15 years ago
Congratulations to Michelle!..I can relate...It sounded like I was reading about me...lol! I can't wait to hear all about your your journey.....
Socorro Garcia, over 15 years ago
Hey Michelle, Welcome to the fold, and I'm not kidding! I actually put up a post in the starting out forum... dont know if you've managed to get that far. http://www.biggerpockets.com/forums/12/topics/41264-experts-what-are-my-first-steps- Have a look at some of the comments, maybe they'll help you out a little as they have me. Today is my first REI meeting and Im getting out of there with some referrals regarding RE Attorneys and title companies cause I'm looking to do subj2 (bless u nick..!!! ... if u havent got that one u really need to run a quick search for 'subject-to' or just 'sub2' or something like that!) I plan on continuing to post in that topic so hopefully once im through the setup process and actually get ppl calling me with deals, that can help some newbies get up and running too!
Nadirsh P, over 15 years ago
I guess I should should start off by saying that I began reading up on real estate a few years ago & actually took a real estate sales person course and passed the exam in NY, however I never worked with a broker, so I never got to actually see my little license on the wall :) AND it's been two years so... it's EXPI-RED! Yes, I let it expire... At first I felt like I wasted money for nothing because I didn't even pursue a real estate career, but then I realized that I can't cry over spilled milk (meaning I still feel like I waisted the $, BUT it's a done deal... keep it moving already...). Any how, this past September I started stressing out because things started to hit me... What the heck am I really doing with my life??? Am I going to keep reporting to work and keep working hard to make someone else's dreams come true??? Or do I want to put out the hard work to make MY dreams come true??? Of course, the latter, therefore I started an aggressive reading campaign by pulling all and any information I could from the internet. I figured, let me start off with the free stuff and read, read, read & research, research, research! I read about various ways to make money from real estate, but became fixated on wholesaling. It caught my eye because I'm broke & feel like from all of the reading I have done, there is very little money (if any) I would need to attempt to begin my career in this area (and I understand that I might have to sacrifice some funds for marketing, etc), but for the most part, I feel like I could actually brake in this way. So I decided to give myself the rest of this year to bring myself u p to speed with the basics about wholesaling. And found this website that I will be calling home!!! Will be back with more about what the heck I'm doing here :)
Michelle G., over 15 years ago
Congrats and good luck moving forward! We'll be looking forward to hearing about your upcoming successes.
Joshua Dorkin, over 15 years ago
Thank you both very much for your posts. I will continue to post my progress as it is this community that I will lean on to support me and push me through it (while I push myself). Then I can thank all of YOU for my success!
Michelle G., over 15 years ago
Congrats! Every successful person I know went through the same thing you're going through. A day they decide that enough is enough and they're not going to stop until they succeed. Keep us updated. I think you will quickly find out there are a lot of people on here that will be willing to help along the way.
Nick J., over 15 years ago
Good luck! I can't wait to reade all about your success.
James Ward, over 15 years ago