All Forum Posts by: Fradel Schaechter

@Patrick Pham welcome to BP! As a fellow newbie I suggest doing three things to help you move forward:

1- listen to the podcasts- they help you learn information you wouldn't even think of searching for

2- attend Real estate meetings: you never know which contact will help you get your first deal.

3- stay active in the forums asking and responding so you can learn and be more visible to others.

Good luck and don't give up! 

@Lamar Lamont For someone that has a low paying job, your mom managed to accumulate a LOT of cash! Kudos to her and good luck in you investing journey!

To be a really informed investor, check out the podcasts here and be active on the forum is what I suggest.

@Samuel Babs assuming you have a great deal here, you likely just need to stick it out and not give up! there is a saying "it is usually the last key on the ring that opens the door" so keep at it!

Alternatively, you can choose to give up this deal and work on the track record as @Rich Weese suggests.

Good luck!

@Bill F.- never thought of that- always just asking new questions. I'll be keeping this in mind :)

@Jon Horton The only advice I can think of is not to let the cash you have to invest blind you into doing a deal that wouldn't be good enough if you had to raise other people's money for it.

Good luck! :)

@Account Closed- good question...

I would recommend discussing this with someone knowledgeable in the area you are most interested in: whether it is IRA, notes, or something else. Being able to have a conversation that takes all your details into account will get you a whole lot smarter and in a better position to decide. Asking the question in a forum will get you many responses and it can make deciding difficult. Choose the one thing you think would be best and talk to an expert in that area.

Good luck!

@Jeffrey Odu it is all about the numbers. You need to calculate how fast you can pay off the hard money lender, and if the property will still cashflow when you have those high hard money interest rates.

Also, not sure if the hard money lender will agree to give the money: he is at risk when you already have a loan on the property...

Have you considered finding a partner if this is a great deal?

@Rommel Pascual- there are some threads here about tenants that trash your property, they aren't pretty. Be sure to go in with both eyes open. It is possible that the 'no comment' response is because of no experience for the property management company, but at the same time is it a red flag you want to rule out before taking these tenants on.

Lots of good suggestions mentioned here- checking out their car, their current apartment, etc.

Good luck!

@Nathaniel McKimson- welcome to the site! good for you for being proactive and getting into real estate at this stage of the game.

@Caleb Heimsoth and @Mike Taravella- I agree: Paying off student debt first, and at the same time networking and connecting with investors in your area is a great idea. Try not to come on too heavy on an investor, if they are successful they are busy and want to help those that are willing to work hard and put in the time. Good luck!

(on a side note, you know the @mention worked when you see the text turn blue. Also, start typing the first few letters [@abc] and the name will come up in a drop down menu)

@Jalen Carethers- I think that is like asking 'is real estate going out of style?'

I believe that as long as there are investors looking for deals, wholesalers are necessary. It is true you need to do this well to get deals, but if you work hard and smart I believe you can succeed.

Try connecting with other wholesalers near you so you can learn what they do to succeed.

Good luck! :)

@Tevin Swain- Welcome to BP and good for you for being OK with getting out of your comfort zone! If it is hard, that means your stretching and growing to be the ever more successful version of you.

I would say attend the local events and make a goal of walking up to a certain number of people and introducing yourself. It is probably easier for us shy people to go the event, stay in our seat, and wonder why we've made no new contacts. Overcome your shyness and introduce yourself!

Also, BP is a great place for shy people: I for one find it much easier to talk to someone after messaging them first. You can write a post under the event your going to and others might try to look you up there.

Good luck! Be sure to stay active here so you can learn and also get visibility from investors near you.