Any one In Bucks County Pa or Surrounding Areas?

Question

I am getting ready to take the plunge into real estate investing and for me I think I wpuld enjoy the rehabbing. Is there anyone I can maybe shadow for a deal in the Bucks Montgomery area maybe further. Greatly apprecaite it.

Chris

Account Closed · Answer

Chris,

1. Take an inventory of your present skills. Raw labor if someone needs a place cleaned out to specialized skills (electrician, book keeper, lawyer, engineer so good with the math, computer skills for a web site, marketing skills, great on the phone).

2. You have time. If someone needs you to find deals and they can give you something specific to look for you can start hunting.

3. Fear is a big issue but it might be more in your head than anything else.

Do you own a home yet? If not, why not? Would a good first step be a simple deal where you find a house for yourself?

If you already own a home then you have some experience that leaves you further ahead compared to someone who has only ever rented.

4. Are you within driving distance of a REI club that has regular meetings? You can meet people there.

I stated by reading 1 book and then taking a two day seminar. I followed up a day later and did a nothing down deal. Luck or was I just too dumb to know any better than follow the instructions? Likely a bit of both.

I was not doing a complex deal. Hence the risks were relatively well known in that the deal was largely a vanilla deal other than I was not using my cash. It was a long time ago but it was in a high priced market and when a good loan was almost 11% interest.

Each person can move at their own rate. It will be slower when you start than it will be later. You are worth something to someone one. You just need to know what you can offer and then find someone who needs what you have. Similar in some ways to finding a deal. You have to pass on a lot of possible deals when you realize they are not a deal for you.

One thing you can do that will build confidence and reduce the risks is to view and document 100 homes. Just go to open houses and spend time really checking the place out. Collect the info, check on line, ask the agents what they know. Avoid getting committed to anything when the agents try to move you forward. Tell them you are just looking. Be honest.

After you a have looked at 100 homes for say in one area (your town or some other town where you want to invest) you will really know what is on the market, where the value is, when a deal looks like a real deal, etc. You will have some confidence and you will be able to look at FSBOs and other properties. You will now when a seller is motivated because you will recognize a low price.

Build confidence through action.

Christian Roberts · Answer

The paycheck to paycheck is getting old. I ran my own company for awhile so i know what it takes to run a buisness. I never have owned my own property Ive only rented.  I feel I am ready to see things as a buisness opprotunity and see things as numbers. I have a strong money manager lined up that helped with the buisness. Only problems i forsee is I am young I am only 21 so people will not take my as serious as an older person.  Same might be true with Contractors but I have a great time management skills. I am very internet savvy, and I know what needs to be done and can work under pressure very well.  Only problem I have is money, my capitol is lack there of. All I need is an HML who will give me a loan for my credit and i can do this first house I know it.

best wishes

chris

Christian Roberts · Answer

Your completely correct, I do not know what I can bring to the table? Does this mean I have to just go for it on my own try to assemble my team and see where i end up. I just am afraid of the fact that my first deal will sink me even further back from where I started!

I've read a ton, I have learned alot and I am just thrilled to get going!
My bible right now seems to be out of all the books i Read Flipping houses for dummies. It seems to be spot on with great spread sheets and checklists.

Chris

Account Closed · Answer

Chris,

Turn it around.

Why would someone want to train you? They would be creating their own competition.

If they were getting something out of the deal they might be fine with you learning as you go. What can you offer to make the deal win-win?