All Forum Posts by: Jonathan McGee

Welcome @Lauren Phillips there's a ton of information here on BP and on the podcasts that can help you along the way! Sometimes it helps to decide what route of real estate investing you want to get into such as single family homes, multi-family or commercial that way you can focus your time and effort into studying that path! Are you looking to wholesale, invest in a cash flowing property or do fix and flips? Or you can do all three!

Wish you the best in your journey!

You could look into out of state investing in a market where 20k could actually be put to use on a SFH investment. Take Memphis for example, there are distressed properties here that you could find for less than 15k in low C areas that you could turn around and sell for 20-25k just by doing simple touch ups like having someone do landscaping and trim the bushes.

If you don't mind long term investing, you could also put tax liens on properties in out of state counties. The owner has a one year redemption period to pay off your lien plus interest or the property becomes yours. 

You could also search REO, pre-foreclosures and more. Just make sure to do the homework on the investment and make sure it is in an area where you'll get a decent return!

Wish you the best in your success!

Look up “for rent” listings in your area. Look up the property owner via your city’s county assessor and then perform on them at the assessor to see what all they own. If they own 25+ or more properties, they might be a good candidate to market a portfolio of investment properties to. You could also find some turn key companies in your city by searching here on BP. Reach out to them via email and ask if they are interested. Networking with wholesalers in your market may help guide you to the right person. Hope this helps!

Jordan Norr Generally you receive your assignment fee at the agreed date of closing. Once you have the property under contract, you can market the deal to potential buyers at your contract price plus your fee. Once you’ve found a buyer and assign the deal to them via an assignment contract, it can take anywhere from a week to 3 weeks to close the transaction depending on the situation. Your buyer will close at a title company which is who will either wire you your fee or cut you a paper check. Hope that helps!

Jordan Little Pull off-market lists from MLS. These are properties that are no longer listed either from expired contracts or for whatever reason. Generally you can find a way to get in contact with the owner and see if they are still interested in selling and make an offer over the phone. I’ve had more success with finding deals in this manner than I did with currently listed MLS properties.

John Galang Some RE agents specialize in finding investment deals just like wholesalers. Generally, most deals on MLS are close to retail value and if they are a good investment deal, it won’t be on there very long. A “good” wholesaler will do some due diligence such as estimating repairs, perform a quick title search and provide potential investment strategies. They handle negotiating the deal for you to the seller to get a price that will work for you so all you have to do is provide funds at closing. Wish you success! Feel free to PM if you have any questions!

Mike Williams I’d suggest out of state investing an area where you can jump into 3 possibly 4 turn key rentals in a cash flow market like Memphis. As someone stated previously, you could do a cash out refi on one SFH and double your income while collecting rent from your other cash flowing rentals. I’m a local here in Memphis, feel free to reach out if you’re interested in some options. Wish you the best in your success!

Brendon Everswick Different areas for different strategies. For starting out in Memphis, I’d suggest looking into the mid level areas like 38122, east side of 38128, 38134, 38141 and 38119. You can stay under the 100k mark and generally make a safe bet until you “study the streets” in the other areas. The suburbs are popular but you’d want to spend in the right spots. I’ll shoot you a PM!

Rashard Alomari Good idea on offering an upfront incentive for leads with back end bonuses. Several of my people always start out pulling leads from Zillow and Craigslist which I have to correct them on. I always offer knowledge as an incentive but I’m sure cash speaks volumes!

Cara, from my understanding, brokers in most states can’t use “Bird dogs” at all. Wholesalers can pay bird dogs for scouting properties since they are being sold directly to an investor and not being put on the market.