All Forum Posts by: John Fossetti

Welcome to BP Ryan, BP definitely has some of the best content out there! If you have any questions please feel free to ask, most of us try our best to get you the best information out there!

Welcome Tyler, BP is a phenomenal place to learn, a lot of great people here willing to help out.

The best way to get educated and just do it! You should attend local Real Estate Investments Clubs such as REIA's and also search Meetup.com for particular meetups of like minded people.

Welcome to BP, If you have any questions please feel free to ask. I am in Massachusetts but only an Enter Button away!

It is always best to come up with a Business Plan and Marketing Plan, you know the old adage, If you fail to plan you plan to fail!

Good Luck!

Hello Pat, I am a former loan originator, started in 2002, I know a lot has changed so I will disclaim to seek a Loan specialist. LOL..

Now that I have disclaimed that, most people who are self employed need to have 2 years of Tax returns (sometimes 3) and most likely a year to date P&L. They will average your Net Income over the past 2 or 3 years and that would be how they determine your ratios (Debt to Income).

Depending on your strategy, you may want to purchase your properties in an LLC, or another entity. They will most likely want you to sign personally and have your entity as a single member (which I don't recommend) until your entity has 2 years of steady income.

The best bet is to build a relationship with a local credit union or bank, sometimes they have a portfolio division and are willing to invest in you.

Like I said, I haven't been in the business for a while and I currently deal with private investors now so I may be a little out of the loop but I hope this helps!

Like Dean Letfus, get better at negotiating. I always want to get into the property. Once I see the property condition and what needs to be done, that is when I start to negotiate.

Remember, the person to quote the price first loses.

Most sellers think there property is in great shape when in fact it isn't. Even if the property is in good shape and if it can be used as a rental, you could pick it up on a lease option and wholesale it to a landlord.

Definitely keep getting educated on all of the different aspects of RE Investing. If your phone is ringing that is a great thing!

I would say continue to market and market often. Don't just give up as I usually get calls on my 4-6 mailings. be consistent and you have to work at getting the good deal. People aren't just going to call you and say I want to sell my house at 50% of the value.

Set up an appointment, get out there and tell them why their house is worth what you are willing to pay.

A lot of investors don't cold call or door knock anymore, if you do it, you will be one up on everyone else. Get out there and tell people you want to buy there house.

Stay positive and consistent in your marketing.

Hello Zach Bechard, welcome to BP, there are many people that such as myself that are willing to help you along your RE Journey!

Wholesaling is always a great way to start as it is normally the first stage of any real estate transaction. You need to get a marketing plan and follow it. I tell new people starting out to try and get to wholesaling 2-3 properties a month, once you feel comfortable start to buy and flip 1 property a month and continue to wholesale 1-2 properties a month.

Wholesaling is a lot of work, marketing and negotiating. Good Luck with your endeavors!

Some great advice and tips from the above replies! I believe in being diversified and having multiple tools in your RE Toolbelt.

Wholesaling is the first part of any real estate transaction. I believe that is why most GURU's say start off wholesaling. If you plan on Buying and Holding or Buying and Renovating you still need to do the first steps any wholesaler does.

When a Renovator has too much going on, they can always wholesale a deal too.

The most important thing to do is to market and don't stop marketing. Market yourself and market to find deals.

Welcome to BP Kevin Galley, I second what Brandon said, Danny Johnson is a great guy! I know of a guy who wholesales in Queens, send me a message and I can get you in contact with him!

We find for sale by owners through craigslist and farming for deals. Usually their asking prices are beyond reality but they're still worth calling because you may be able to get a motivated seller out of it.

We mail out postcards to the for sale by owners, we generally age the list for a few weeks so that they when they get the mailing they could be frustrated it hasn't sold and maybe they will be more flexible.