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BlogsBeginning Investor's BlogDay 2

Posted over 16 years ago

Day 2

Ok, so yesterday, i found a couple properties in a great area that needs a ton of work, i researched a couple avenues to get that property under contract and i even called some hard money lenders for financing. as of this morning the property is still there. all that i need for this deal to be a go, is a buyer ( investing rule #1, build buyers list first). so today is going to be devoted to building a decent sized buyers list, and marketing the property. i am on suntimes.com checking the classifieds. if i cant find what i want there, i am going to go to the library to find it in the newspaper archives. i am also going to look for more properties that fit my criteria: distressed, need tlc, reo, etc.

Comments (4)

  1. You are right Josh and Nick, the best course of action is to make a plan first. I took a couple hours out and wrote out not only my goals but also a plan to achieve each goal i have. so far it has made me focus more when it comes to making decisions regarding my business. More importantly though, in my opinon, my goals are much more attainable now. Thanks for the advice! Alex, the hard money lender did not come through. what i would need is a down payment to hold the property, and i am told that that is more of a personal lon request than hard money. Either way I don't really want to own the property, I only want to wholesale it to a rehabber/contractor, so a double close is more the route for me. Writing out the business plan helped me to see that. I have changed my criteria a little since writing this blog. Originally i had wanted to obtain property and build wealth by being a landlord, and the area I am focused on has potential to grow residentially. My plan was to aquire properties in a nice area that did not need very much work and could be occupied quickly. Properties in my market with value between $150k to $250k fit my criteria. I do still want to be a landlord, only now I am more focused on understanding my market and obtaining experience or a mentor. Thank you very much for posting and best of luck to you too.

    Jeffery Holmes-Rice, over 16 years ago


  2. Nick, so is rule two to build a buyers list then ;) Great quote also. I'm going to write this down and tack it on the wall or something... Jeffrey - So I take it the hard money lender came through? I understand that your criteria is for properties of < $250k ? Would you mind posting what the terms for this was? Best of luck to you...

    Alex Rector, over 16 years ago


  3. Ditto what Josh said! Before you go any further, have a plan in place so you're not wondering aimlessly. Businesses don't plan to fail, they fail to plan. Btw, Investing rule #1 isn't really build a buyers list, it's having a plan :)

    Nick J., over 16 years ago


  4. Jeffrey - It sounds like you're excited and motivated, but do you have a written plan for your real estate investments? It doesn't sound like you do yet, and I wanted to be urge you to do so! Mapping out your plan of attack will help you to stay organized and will keep you on track. There are plenty of great discussions about plans on the forums if you need any help. Keep learning and exploring . . . it'll come together if you remain determined!

    Joshua D., over 16 years ago