All Forum Posts by: Malcolm Tears II

There are a few low cost ways you can get started in wholesaling:

1.) Driving for dollars

2.) Buy a list and look up the owners addresses.  Once you have their addresses go to each house and put a letter on the door letting them know you want to buy their house.  While in the neighborhood, you can also knock on the neighbors doors and ask them if they know the owner and if they do ask if they will give you the owners contact information.

3.) Call FSBO's on Craig's List.

4.) Call properties listed for rent and ask if the owners are interested in selling or if they have any additional properties for sale.

BE CREATIVE.  If you don't have money it will take you longer to get a deal but once you get a deal you can invest in a direct mail campaign (while continuing the strategy that worked in the first place)

Hi Wesley,

I haven't looked into house hacking much. I was thinking that I could possibly do a lease option and then rent the rooms out. Is that a house hacking option?

As far a getting a traditional loan on a property I'm not sure how viable of an option that is since I don't make much money and have a good amount of student loan debt. 

I am currently working on the income issue as we speak though.

I have three interviews for jobs that will increase my income on Tuesday (if I land one of them). Wish me luck!

@Nedcarey Thanks for commenting. It was something that definitely taught me about doing your own due dilligence.

Hello all!

  My name is Malcolm Tears II.  I've been a member on bigger pockets for quite a while but I never took action until recently.  I just upgraded to PRO and am excited to learn more about investing through this platform.

My first real estate was a SFR purchase in which I bought a property in a what my realtor told me was a "hot" market on an adjustable rate loan in 2006. I bought the property for $540,000 and the realtor told me that in a few months it would be worth $580,000 and I could flip it for a profit - after all, that was what he was doing and he was driving a Mercedes and living in a semi-custom built home. I envied him and bought the story.

Needless to say the house never appreciated.  As you all know the market tanked around that time and I ended up losing the house.  I had no clue what I was doing and didn't consult anyone before making the purchase.  Today that hose is worth around $500,000. That just goes to show that you can't always rely on appreciation.  You must buy right first and foremost.

Now a lot older and wiser I intend to get back into real estate investing.  I don't have much money, in fact I have quite a bit of student loan debt so I don't know how the hell I'm going to be able to acquire one property much less my goal of 75 doors.  I do know one thing though, where there is a will there is a way and I've listened to stories from people in worse situations that I am in that have made it big.

I just finished watching Brandon's webinar on how to buy a property for no and low money down.  I think the lease option strategy and the wholesale option are going to be the two avenue's that I start with, possibly flips.  If anyone has any advice on any of those strategies I would love to hear it.  Also, if you live around Hamilton, New Jersey and would like to meet I am definitely up for it.

Thanks for taking the time to read my introduction. Please be sure to connect.