All Forum Posts by: Account Closed

Good story, Phyllis!
I think alot of us were hooked after listening to Carleton Sheets. I remember I bought his program way back in the 80's, and did some investing but not alot. I lost the cassette tapes and paperwork somewhere along the way, then, about 4 years ago, I saw the program od CD's in a garage sale for $5, and bought it again! I still like listening to some of the sections.

Welcome Cliff to BiggerPockets!
I would say that you should make sure you know the market, so that you are fully aware of the market prices on a retail basis. You will want to focus on paying far less than the retail on these investments, whether they be condos, single family or multi family properties. Buying right is the best way to insure a good investment.

If you buy a condo, make sure you get to see the association meeting meinutes and budget, so you can know what;s been going on - Do they have decent reserves in case of emergency repairs, like to the roof or siding? How many of the condos are rentals and how many owner occupied? Is the association management good? Are there any foreclosed units? When a condo is foreclosed many times the remaining owners bear the brunt of the loss and pay higher expenses.

I would suggest reading alot of the posts on this site, and start putting together a plan based on the type of investing strategies you feel the most comfortable with. When youi feel educated enough, then take the plunge and start making offers on deals. You will "learn the biz" by doing. Good luck, Mike

Jason, Welcome to BigggerPockets!

I cna't speak for Arizona, but i do know that Houston has a good economy that seems to have done better than most in this market. Judging from the posts I have read here and elsewhere, Texas is good place to be for real estate investing.

As for your REI potential, You should probably decide where you want to be, and go and get established in your new job. Start saving money, as much as you can, for down payment funding. Meanwhile, you can educate yourself more and start doing some wholesaling and bird dogging. Join an REI club and get to know other investors and build your buyers list. Formulate your team: attorney, agents, title company, contractors, handymen, home inspectors. Identify a marketing budget and start a consistent marketing plan (direct mail, bandit signs, flyers, eds, etc.) so you can generate leads of motivated sellers.

When you start making money then start paying down that credit card - you'll need it for rehab costs later! Good luck, Mike

Welcome Renee,
There is a forum on Gurus and mentors on this site. You might want to really check out the reviews and ask more questions before you invest your money. As Tim said, you can get alot of knowledge free, and books are cheap too. Good luck, Mike

Hey CB, welcome to BiggerPockets! There are alot of resources here for you, from peoplw all over the country. What kind of investing do you do currently? Good luck, Mike

Welcome Dominic! Probably the first thing you would need to do is to familiarize yourself with the market, so you will know the values and therefore what a good deal is in your market. You could go around with an agent and look inside a lot of houses that would be investment potential. Get to where you know the approximate value of a house on a retail basis. Start formulating the kind of house you think would be the best to sell quickly. Then decide whether you want to buy a house that needs repair, rehab it and resell, or make low offers on pretty houses for a quick turnaround. Good luck, Mike

Welcome to BiggerPockets Eric,
You are in the right place to gain and share knowledge! Good luck in your pursuits! Mike

I would just mark them off your list and move on. There may be some kind of law like a do not call list law, where they could fine you if you contacted them again.

Patrick,
In addition to the resources on this site, you can also search in the foreclosure forum. Some have said the best way to get these leads is by placing bandit (We Buy Houses) signs all around, and hopefully motivated sellers will call you, some of whom would be preforeclosure leads. Unfortunately, many preforeclosure sellers are in denial for the first 3-6 months, and then they start getting serious about selling their house. Good luck, Mike

Hey DJ,
Welcome to BiggerPockets! I think it's a great idea to buy while you are in college rather than rent or be in a dorm. You are ahead of your time, and also lucky that your parents will help with this. Bird dogging is a viable way to get started. As you get more knowledgable you will probably want to try to buy for yourself than just get bird dog fees. So if you get more and more educated this will come in time.

I attached a simple sheet for you, just disregard the fax number. You can put together your own list based on what an investor might tell you he wants to have in a property. If you find a legitimate buyer (from an REI club or by calling for rent signs) you can ask what his parameters are. Tell him you are new and want to bird dog for him an ask what he would pay for the fee. Then, focus your marketing on those parameters, and feed the deals to your buyer. Repeat that over and over and you will build your buyers list and potential income. Good luck , Mike