All Forum Posts by: George Maka

@Jacob Powell Welcome to the community!

First, Bigger Pockets is a great resource and a great place to build your network for future business deals. To answer your questions;

1. Finding someone to front the capital and split the profits is very realistic and happens all the time. However, for someone to front the capital, you have to do the leg work and bring the deal to the table and it would probably be a 50% split.

2. My suggestions would not be focused on finding buyers right away, but would be focused more towards finding the deals and putting it under contract. If you find a real deal, the money will come. Let's fast-forward and say you have a real deal under contract, some options to find the buyers is through Bigger Pockets Market Place, Craigslist, bandit signs or through your local REIA.

As I always say, travel as far as you can see, and when you get there, you'll see a little further.

George

@Joaquin Meraz I agree with @Luis Montanez 

Your business is built on motivated sellers and finding deals. Your business "branding" will be built as you build your actual business. Investors will partner with the person that can close, rather than the person that has a fancy website and cool business card. We, including myself, get bogged down with the details of "setting-up" the business, and make it more complicated then it really needs to be. At it's simplest form, all we need is a seller, and a buyer and the rest is just details.

My suggestion would be to be honest, network, have a positive attitude and keep pushing yourself to help people with their situations. 

George

Hi @Maverick Voigt! On the latest Bigger Pocket Podcast, Michael Quarles was interviewed. He is the owner of YellowLetters.com and has extensive knowledge in marketing. Reach out to him, I am sure he would be able to help you or guide you in the right direction.

George

@Brad Yamamoto Welcome back! I'm located in Irvine, CA with a focus in wholesaling as well. My advice would be to be consistent with your marketing. It may feel that it is not working, but just stay consistent and it will snowball down the line. 

Also, network with as many people as you can and let them know what you do. More deals are done through networking than any other method, so be friendly. And finally, set your goals and learn something new everyday. A great way to learn is to listen to wide array of podcast that are available to us. If you need anything or ever in the OC area, reach out to me and let me know.

Travel as far as you can see, and when you get there, you'll see a little further.

George

@Antonio Tyler Welcome to the community! It looks like you are in the military, so make sure to take advantage of the VA loans available to you if it makes sense to do so. Also, browse the forums and make sure to download a few different podcast to help you pick up the real estate lingo quicker. If you have any questions, please feel free to reach out.

George 

@Monica Zakaria What are your goals? Do you want to achieve cash or cash flow? You have the basic concepts somewhat right, but just need a little more understanding on your numbers.

My suggestion would be to look into wholesaling. For the actual wholesale transaction, you do not need much cash or credit. 

With any investment strategy that you choose, your goal is to find motivated sellers. In your example, you stated someone has a home valued or asking for $85k, but you were able to get it for $45k. This would most likely be a motivated seller, as the average person selling on the MLS may not go this low. If you are able to find someone to sell a $85k property for $45k, some options could be to partner with an experienced investor and have them flip it, while splitting the profits or wholesaling the contract.

As an investor, your goal is to find sellers that NEED to sell. If you can find a real deal, the money will not be hard to find. Finding those sellers is going to take some work and persistence, but it will be worth it when it comes along. If it was that easy, everyone would be doing it. 

Read around the forums, watch Youtube videos and listen to podcast and you'll expedite your learning much quicker.

Best of luck,

George

@Winston Spence You can always try the less expensive route and just call people. Scour the internet for FSBO and absentee owners and if you can locate their phone numbers, just give them a call and ask them. You can also drive around and find distressed properties, walk up and knock on their door. I believe very few investors actually do the door-knocking, so you'll stand up from the rest by doing this.

George

@Jennifer Fernéz what's your plans after rehabbing it? Do you want to flip it or keep it? Assuming that there's a fair amount of margin, and that this is going to be a big project, I would get the property under contract and then reach out to other experienced investors that will fund and rehab the project in exchange for 50/50 split. That way you get the funds and get the experience of rehabbing from someone with experience.

George

@Michael Alston How much are you buying the mobile home for? Is there a monthly lot fee for the property, if so, how much? The $21K that mobile homes are going for now, is that brand new or used? 

I don't invest in mobile homes, but $10K in repairs sounds like a lot for a mobile home that you are going to sell for $21k. Add on top of that the actual purchase of the home and monthly lot fees, and your profits disappear.

Maybe i'm missing or interpreting these numbers incorrectly, but this is how I see it.

George

@Blaine Stolpestad welcome to the BP community! You'll find more than enough information through these forums and blogs. 

I am located in Irvine, so right down the freeway from you. There's a few REIA meetings that go on every month, in Irvine and Newport. There's also a BP meeting that happened about a month ago for the first time and I believe they will hold another one sometime in the near future.

If you're interested in attending one, shoot me a message and I can provide you the details. It would be cool to meet other investors from BP.

Thanks,

George