All Forum Posts by: Bonita Woodbury

Quote from @Carlos Valencia:

Hey Bonita like many people said 60K is a good chunk to start investing. I would also recommend FHA for the least down payment possible unless you can do VA that loan offers zero down. Depending on the market your targeting you have a good head start. If you love sales try looking for a high paying sales job theres many out there as commission job has no ceiling on how much you can make. If you dont like wholesaling I would look at what other careers in Real Estate have high paying income or any other industry. The key is to find a sales job with high commission payout to help get you there faster.

@Albert Bui @Matthew Kwan

Thanks for your advice Carlos! My goal with investing is to stay out of the corporate world, but I’ve considered going back a little more lately. I was a mortgage underwriter before I started pursuing investing full-time, but I do have sales experience, and all of this cold calling makes me feel like I’d be prepared to take on any sales job with no problem lol 

Quote from @Jay Hinrichs:

From my perspective and what I see in the wholesale realm  those that do pretty good at it have a fairly large cash burn rate for marketing.

So you risk your capital and it does not bear fruit can you afford to do that. ?

Also were i see wholesalers do most of their work is in low value very rough properties. So if the market your working does not have a lot of those.

it can be tough.

as oppossed to what others suggest  houses hack a nice 1 to 4 unit live there and you will succeed with out risking your cash and having to start all over. 

 Hi Jay, thanks for your input! I am working in markets where there are plenty of distressed properties, but they’re over saturated with other wholesalers, which is the challenge. I really love the idea of house hacking like some others suggested, but this is pretty much the one strategy my husband against. He doesn’t like the idea of living with our tenants. With 2 kids it makes it a little more challenging to find a property that fits our needs as well. 

Quote from @Chris Carter Jr.:

Hi Bonita, 

There is no cookie-cutter remedy. All routes will be time demanding. See excessive time costs as an opportunity to improve upon the inefficiencies you're experiencing. If you put the effort forward you'll reap the benefits.

Thanks for the advice Chris! I agree. Even since posting this I’ve learned a lot about my process and how to work more efficiently. 

Quote from @Marie Tan:

Quote from @Bonita Woodbury:

I'm a new investor and am using wholesaling as a strategy to build capital so that I can eventually scale to buy and holds. I felt very confident about this plan until actually working deals. Wholesaling is very time consuming, and the return on my investment of time and effort is not always guaranteed or worth it in my opinion. What other strategies would you recommend when getting started in investing with minimal capital outside of wholesaling  (by minimal I mean about $60K of my own money). OR - should I stay the course with wholesaling, keep trading my time for dollars for a while, and learn as much as I can before making riskier investments? 

 I'm a virtual wholesaler. I started with around $1k to set up my team, from dialer to list. I made around $20k with my first deal. Now making 2-3 deals a month because from that investment I made a yr ago. You don't need to invest that much to get started, it's just a matter of having the right people to help you

Hi Marie! Would love to be at a point where I’m closing 2-3 deals a month. Do you mind if I DM you to ask you a few questions about your initial setup? 

Quote from @Todd Heitner:

Quote from @Bonita Woodbury:

I'm a new investor and am using wholesaling as a strategy to build capital so that I can eventually scale to buy and holds. I felt very confident about this plan until actually working deals. Wholesaling is very time consuming, and the return on my investment of time and effort is not always guaranteed or worth it in my opinion. What other strategies would you recommend when getting started in investing with minimal capital outside of wholesaling  (by minimal I mean about $60K of my own money). OR - should I stay the course with wholesaling, keep trading my time for dollars for a while, and learn as much as I can before making riskier investments? 

 @Bonita Woodbury, what would you say is your biggest challenge with wholesaling? 

Hi Todd! Sourcing deals has been a challenge because it seems all of the markets I'm looking in are oversaturated. It seemed no matter who I called, if I got someone, they'd already heard from a thousand other people trying to buy their house. 

My county has a tedious process for acquiring probates, but I've been going through that process to get leads and have a much higher response rate, it's just more time consuming because it requires me to physically sit at the court house, go through records, and write them down lol.

The other thing I've found challenging is being a one-woman show - acquisitions, dispositions, accounting, admin - but I realize this can be a pain point for a lot of new investors. 

I'm currently educating myself on commercial wholesaling, but that's a whole different ballgame.

Hi everyone! 

I am thinking about purchasing a plot of land .85 acres for a little less than $14K. There is a currently a trailer on it that needs to be removed. The county will actually remove and dispose of the trailer for free. I want to invest in land and think this is a pretty good price for the area and size, but I'm trying to decide on the best use of the land after I remove the trailer. It has a septic tank that will need maintenance. My initial idea was to rent the land as a trailer plot, but I'm not sure how/where to find a tenant. I'm open to any feedback or ideas. I'm still new to investing, and am looking to others with more experience to avoid making costly mistakes as much as possible. 

Thanks for your advice everyone! Reading your comments, advice, and suggestions has really given me a new perspective on my options for investing outside of wholesaling. 

I'm a new investor and am using wholesaling as a strategy to build capital so that I can eventually scale to buy and holds. I felt very confident about this plan until actually working deals. Wholesaling is very time consuming, and the return on my investment of time and effort is not always guaranteed or worth it in my opinion. What other strategies would you recommend when getting started in investing with minimal capital outside of wholesaling  (by minimal I mean about $60K of my own money). OR - should I stay the course with wholesaling, keep trading my time for dollars for a while, and learn as much as I can before making riskier investments? 

Hi everyone! So glad to be a part of this community and for all of the information I've obtained here so far. I'm new to investing and currently implementing wholesaling as a strategy to build capital before scaling into buy and holds. I educated myself to death and finally started taking action, and I have a deal under contract! Based on everything I learned over the past year I felt it was a pretty good deal, but I'm having trouble finding a buyer. I've had a lot of interest, probably based on the location, but once I send the full details and pics over to investors....crickets. 

I finally had one buyer come by and view the property and he completely lowballed me on the offer. At first I thought maybe I had grossly underestimated the cost of repairs, but after review, I don't think I could have been that far off. I estimated repairs anywhere between $50K - $60K, total rehab, with a 30% ROI. Based on their offer, they seem to be estimating the cost at somewhere like $120K...for a 1,900 sq ft manufactured home.

As I'm new to this and really value the opportunity to build relationships, I'm not sure how to approach this buyer for feedback. Is it appropriate to ask for a breakdown of his numbers and how he got to his offer? What other questions would you ask? Am I placing too much stock in this one person's opinion? 

I appreciate any insight you all have :-)