All Forum Posts by: Rob Rice

Hey Teresa.

To be honest, I'm concerned simply because you don't know how to get 30K through real estate investing in the first place. Then you are thinking about how to borrow money so you can start investing. I don't know if you have done it or not, but I would suggest getting to a REIA meeting asap. (You are in Florida...Its about 10,000 or them there...LOL!) Talk to a Wholesaler, Talk to a Buy and Hold Investor, Talk to a Fix and Flip Investor, Talk to a Hard Money Lender, make a friend there who you feel you can trust that has done deals. Pic a strategy that is comfortable with your personality and get education about it. Do exactly what your doing now. Ask questions. I applaud you for having good credit. Keep it that way, and don't borrow money until you have a plan of what to do with it. After you get some education, and can put together a business plan showing your ROI for the money that you want to borrow, then, and only then should you consider creating debt to do a deal. To be honest, after you get educated you will learn that your credit, and borrowing money isn't needed to make money in real estate...

Good luck Teresa...

Here is your answer.

Yes!!!!!!  Pick one..

LOL..

Seriously..

Bird dogging is great if you are new to the business.  Don't worry about the difference in profit if you don't know the business.  Bird dog so you can learn, and make money at the same time.  Being a profitable wholesaler takes knowledge of Marketing, Negotiating, and Selling.  You get good by doing the business and taking on the good and the bad situations that come to you.  The benefit of bird dogging is that you don't have to invest a bunch of money for marketing and you are just using your free time to find deals and taking some cash for your effort. 

My advice is to do whatever your budget will allow for.

Remember..... The most important thing is to pick something...Stay focused...and Get Started......

Good luck..

Congrats Dania,

To answer your question you have to know what you intend on doing with the leads.

If you are trying to wholesale a deals or looking for some fix and flips, or buy and holds, here is what to do.

Go to Listsource

Absentee owners, pick a zip code close to your residence.  Go for 40% or more equity, or owned for 10+ years, Single family, exclude corps.  If you don't have a thousand, expand to other zip codes touching yours until you get there. 

If you are looking for lease options to take over existing finance, or pass on existing financing to a tenant buyer here is what to do.

You want nice homes.  You can go to Listsource and get a list of homes near your zip code that are median price range for your area.  Recently bought within 5 years or less.  Go for a 1000 and expand zip codes until you reach that.  You could also get some expired listings in the area from Agents. 

The important thing is to do the mailings NOW!!!!!!!!!!!!!!!!!!!!!!!!

If you intend on doing them don't wait...

Mail the stuff ASAP!!!!!!!!

You just have to get started..

It's not very detailed, but it will get you started...

Good Luck. 

Hey Sean,

I believe the answer would be based on your planned exit strategy.  Are you going to buy and hold?  Are you wholesaling?  or Are you doing a Fix and Flip?

To be honest that shouldn't stop you from buying if its a good deal.  Take your inspection person with you when you view the home.  I say if the numbers work for your strategy, go for it.  Making a good decision based on due diligence is better than being worried about what is written down on the paper. 

Good luck.

Hey Jim, Welcome to BP.

To answer your immediate question.  The best way to get familiar with any market, if you are in the same city is to get together with other investors that are doing what you want to do.  Look for rentals in the area that you want to jump into, and call the landlords.  Find out what they have to say.  Find a reia group close and get the real boots on the ground info from the people that can give you the information you need.  Sure you can get advice from other experienced landlords on BP, but the best information might come from your own backyard.  Best of luck.

Check out this

https://www.milwaukeereia.com/

I would tell myself to find a course that feels good....buy it....put forth a real effort  until i get my first deal......and realize that action makes you rich...not the knowledge you have..

Hey Shante.....

If you really are a newbie. I would suggest working on a buyers list for the areas closest to you. Best way to do this is get on the MLS....find all the cash buyers in the last 90 days within 5 miles of 10 or 15 of the properties on the list. Contact them by phone, or email, postcard, or however. Find out what they bought recently, and at what LTV. Find a deal similar deal on your list, and pitch it..

To be honest...No matter how many deals you come up with...They are worthless to a real wholesaler if you don't know what people are buying and for how much...Build your buyers list....IT WILL ALWAYS SERVE YOU WELL.

A famous person once said......

If you can have any advantage for a business you are starting, whether it be a large budget, great staff, a good accountant, the best service...or whatever....what would you want???

The answer is a crowd of people looking for your product or service..

Holla...and Good luck. 

Great Post...

Also don't forget the most important thing...

Real Estate Investors....Act....Now...

Don't Wait...