All Forum Posts by: Lucy Rowens
Lucy Rowens has started 8 posts and replied 34 times.
Post: Newbie wants to know, "Which Comes First?"
- Renter
- Grant, AL
- Posts 34
- Votes 2
Originally posted by Steve L.:
Remember, I'm a newbie and I don't understand your reply. Use which search feature and search on what? I don't have money to invest to buy a property and wanted to just be able to put the property under contract for a buyer but I'm no gambler. What if I cannot find a buyer for the property under contract?
My opinion is if you find a legitimately great deal a buyer will always show up.
Post: Newbie wants to know, "Which Comes First?"
- Renter
- Grant, AL
- Posts 34
- Votes 2
Getting the CASH BUYERS or FINDING AND PUTTING A PROPERTY UNDER CONTRACT? I'm looking into wholesaling to get my very first deal with. I was told by one that it was NOT easy yet heard it was easy to make my first $5k or more in 30 days. Now I want YOU, the EXPERIENCED WHOLESALER's opinion/advice, where do I go from here? Thanks in advance
Post: Is there any hope for success for a 64 yr old with mental challenges?
- Renter
- Grant, AL
- Posts 34
- Votes 2
Thank you James and others who responded to my first post, for the warm welcome. You may be right about my overestimating/underestimating costs, I was following another investor's course and going by Zillow's estimate too. But I also heard that wholesaling is easy and a way to quick cash, not that it was difficult but I will take your advice and head over to the wholesaling forum for more knowledge. I certainly do NOT want to be a "wannabe investor", I'm serious about making this work and wish to partner with those who like you have been successful. I'm not looking to make millions, but won't turn it down neither, I just want to supplement my current check so I'm comfortable. What's your specialty? Is it easier than wholesaling? If so, would you be able to mentor me in it? Once again, thanks in advance.
Originally posted by James Vermillion:
Second, I highly doubt you have found "lots of SFH where the asking price is in the low $30s and the ARV upper $100k with minimum repairs or renovations." How are you estimating ARV? How are you estimating repair costs? The most common new investor mistake is to overestimate ARV and underestimate repair costs...I would predict you have done both.
Third, if you are wrong about the spreads on those properties you are going to have a very rough start as a wholesaler, because you will quickly become "another wannabe wholesaler" and buyers will not take you seriously, so before you go approaching buyers please make sure you are confident in the numbers you are about to present them.
There is a lot of information on BP about wholesaling, so hit the wholesaling forums:
https://www.biggerpockets.com/forums/93-wholesaling
and start learning as much as you can about marketing, estimating repairs, estimating ARV, etc. Remember, wholesaling is very difficult, it is not easy money and is going to require a lot of learning and effort on your part. Good luck!
Post: Is there any hope for success for a 64 yr old with mental challenges?
- Renter
- Grant, AL
- Posts 34
- Votes 2
I'm anxious to do my first deal but don't know where to start. Wholesaling seems the easiest and quickest way to make my 1st deal of at least $10k+. I have no cash buyers but have found lots of SFH where the asking price is in the low $30s and the ARV upper $100k with minimum repairs or renovations.