All Forum Posts by: Charles Salumn

thank you sabrina...i've been stressing myself out...its so hard to fit real estate into my work schedual as i am working 2 jobs to build capital....im just trying to find time to get it all in and start the right way.... god knows in this market there is room to make good money but in new york it doesnt seem that easy..... i have a passion for real estate but i dont know if i should quit one of my jobs to start this and risk having less income to invest....

anyone?

so sorry.... i get a million things running through my brain and never no where tostart... the question is .....if you were in my predicament would u suck it up and start wholesaling even tho it really isn't what you wanted to do or would you go ahead and buy rentals farther away.? and being that this will be my first property would it be bad for me to invest this far.....it would be a 2 hour drive or so each way and if i had to make the trip a couple times a month it realy wouldn't be a big deal

quick question guys....just getting into rei......i have a little money saved up but not quite enough to invest in rentals in my area NYC i was looking to buy my first rental property upstate or a little farther away where property is alot less.... and hire a property manager...my original plan was to get into wholesaling first and building up a big some of money and then invest it into a house over here however wholesalling really doesn't intrest me and i dont want to be a middle man. It just seems like way to much hassle without any long term cash flow

if i get potential buyers calling me to know about what
I do and how i will find them cash flowing properties what do i tell them? should i just ask them for the criteria they are looking for and tell them i will be in contact... i know this is a real general question and seems dumb but i want to start searching for buyers however do not know what to tell them if they call me

i was thinking of running through a small gauntlet with them to see where they are as far as investing....i.e

how long have you been investing?
how many homes do you posses?
what is the price range you are looking for?
where exactly are you looking to invest?....
would they be able to pay cash or require a loan

thanks guys.... alot of great info...

.i actually have some credit and financing in the snese that my father owns the house we are living in now...he recently refinanced the house to do god knows what....probably pay bills.... but he said as long as i have all my ducks in order and a deal sound right he will be my financial backing (by taking out a loan)...

please keep in mind that he is 50 ....lost all his retirement from his company going under and has been behind the 8ball forever providing for his family... needless to say he would pour the last dollars he had into me investing it......i have to succeed for me...for my family and for everyone thats says it cant be done......i curently have a decent amount of money saved....around 10k or so but that buys me nothing here!!!!..i guess wholesaling here i come

i see....do you have any experience with wholesaling in new york???...it just seems in this down market no one is buying but rather renting......this leads me to believe when i am building my buyer list i should focus more on cash buyers (investors) rather then first time home buyers

thank you for verifying that for me and ut is what i will do.....

i dont mean to hijack my own thread but i just want to throw something out there......

my passion in real estate is to own and rent out properties however i do not have money to use for a down payment and i just started building my credit around one year ago. I doubt i will qualify for a loan so i decided that wholesaling is the way to go (even tho i know i wont enjoy it as much) ... would you recommend i still go ahead and try to wholesale or find a way to start buying rentals??

so i should go hard and find as many buyers as possible build a big list and then start marketing for sellers?......

how would i go about presenting this out clause to the seller?.

.isn't it a selling point for him to let you try and get rid of his property in the alotted time and if i dont come through he keeps the earnest money?