All Forum Posts by: Stephen Barton

Yes you should. You need to get it started now before your competition does. I highly recommend @Danny Johnsonthe creator of leadpropeller.com who has created websites specifically geared towards real estate investors. This is our 3rd site to date and the information that we get for when a lead comes in is amazing. I get all types of links and the right questions answered which helps me make an informed decision on how much I can pay for a property. Of course, I still have to utilize my MLS access from being a licensed agent for comps.

I highly recommend at least talking to the guys at leadpropeller if for no other reason than to purchase your domain name. That way when you are really ready to pull the trigger and get started you will already have the name you want to use. Honestly, I feel like it doesn't matter what name you choose. These guys are so good that I could have used www.underwaterbasketweaving.com and they would have gotten me ranked in my niche. Just make sure you plan on having a budget of around 4-6 months

@Dina Morgan

I was a little off about how long it would take us to start getting onto page one, but with a lot of patience I am starting to see some great results. Good luck!

Way to go man! @Ryan Dosseythat has to make you feel like a weight has been lifted. 

Welcome @Jeremy Andersonsounds like you are already getting started. Sometimes just getting started is the hardest part and it sounds like you already have. I am sure you know there are so many great tools on this site as well as amazing information. You know what the best part of this site is? The People! Almost every single person is so approachable here on BiggerPockets. You just have to ask! 

I am so serious about this. I found someone who I wanted to start doing what they were doing and sure enough we are now working very closely together. Seeing someone who is new really gives those who have been in the business for a little while some recharging of our batteries. Feel free to reach out to me or anyone on this site regardless if they are in your area or not. 

If I was a buy and hold person I would be talking to as many wholesalers as possible to see how they are getting their deals, and then I would be taking that information and use it to find my own deals. No one talks about this, but why buy from a wholesaler when you can do this just as easily. Sure, it will take time but why pay a middle man if you have the time to do it on your own. If you do not have the time, then working with a wholesaler will be very important! I wish you well in your journey:)

-Stephen

Hi @Jonathan Perezyou have a great question there! I am sure @Brandon Turnerhas a book or something to help you answer that question. Ha! Honestly, I would look at it the same way that you would look at any other deal. 70% of the After Repair Value including estimating your repair costs hence the ARV term. So, if I found a house that would sell for $100,000 and it only needed paint and maybe a couple of rooms of carpet I would say:

$100,000 ARV * .70= $70,000

$70,000  then take out your estimated repair costs

-$5,000-$7,000 in repairs 

Equals $63,000-$65,000 Maximum Allowable Offer or MAO.

If you can hit this type of formula and you can get an accepted offer using this formula then you should be good to go. My wife and I purchased our first home as an unintentional house hack. We paid more than the 70% ARV as we had not started investing yet. The ARV on our personal home is around $130,000 and we bought it for $105,000. It is going to need a new roof, and maybe an updated kitchen so we will not do that well on this. So, we may make a little money on it nothing to write home about but some money.

It is all about what you are comfortable with. I suggest looking at one of the deal analyzers above in the Resources tab to help you analyze any deal. You might want to look at the rental calculator to see if the home you are thinking about buying would make a good rental or not? I hope I have encouraged you if anything!

Hi there @David KreimerI see many ways for just about anyone to get started investing. I know there are some people who just have a few dollars to lend. Others have very little money to invest and they just want to get started. I chose to get started as a wholesaler and went from a $10,000 a year income (or lack thereof-ha!) to 4-5 times that even before the year is out. I am for sure not trying to brag, but I am simply stating that real estate investing can be very stressful at times. Other times it can be so exhilarating. Those moments when you have found a deal and then you find the buyer and you actually make money because of it- is simply amazing. 

I hear it is much like Poker, as I know nothing about Poker the real players I hear are not looking at each hand they win or loose on, but what did they accomplish during the whole season or year. You need to determine what you are comfortable with risking. Your time? Your money? Your physical efforts working on a house? Just about anyone with the right direction and the right motivation can find a place in real estate. Just align yourself with someone who you look up to and ask for help. An open mouth gets fed- sort of thing. The worst they can say is no. Good luck to you! 

Hi there @James Harris. Sounds like you are on the right track! Yes, we actually use a P.O. Box for our direct mail as we do not want to use our personal home as a return address. We also do use google voice (which is free by the way!) but I want to encourage you to always answer your calls! 

Every other investor in my market does this type of thing or they outsource this to someone who is not a real estate expert (generally a VA) and sellers are getting frustrated. I can tell you what separates those who I see are successful and those who are just doing a deal here and there- all falls into whether they actually answer the phone calls or not.

Think about it like this...When you have a problem with your printer do you like it when you need some help with an issue and all you can do is just leave a message? I cannot stand that when it happens. Sure, out of necessity you may elect using something automated but I see what successful real estate investors do- they actually answer the incoming calls.

I also feel that this is something a new investor really needs to get a handle on so they know what works and what does not for their market. If you do not know how to do a job then how could you effectively show someone else how to do that job-you couldn't! At least for a while you should use your money and spend it in the right places. You want to develop a personal relationship with sellers. I get more deals from referrals now then I could have ever imagined. Why? Because people want to work with someone who is honest, trustworthy, and does what they say they will do. An answering service will not be able to really learn your market. Only you will hear from sellers what is working or what is not. 

I hear stuff like: "Yeah we got this yellow letter in the mail the other day, and it looked like it was handwritten by an 8 year old-plus we could tell it was typed". People are not stupid, and they know when something looks cheap. If they do not have confidence in your presentation (beginning to end) and the way you field those phone calls, then they will go somewhere else. I hope this will help you. I just experienced things the hard way and want to help you learn a better way than what I started out doing.

My wife and I started Solid Rock Houses a year and a half ago. We literally started from nothing and we are starting to do some deals. We have worked really hard to get to the point where we are not only finding the deals but we are learning to find our own buyers- yay! 

My question goes out to anyone who has ever been on a mass email list and to those who still choose to send out the same email to everyone. It is my personal opinion that real cash buyers do not like to get a mass email sent to them. They are very unique people- just like the rest of us. They may even want to talk about what big events may be going on in their lives. 

Real estate has been, for me, a very personal experience that I get to share with others. I mean, that is what makes real estate so amazing. Being able to talk about business for one minute and then jump over to talking about something personal going on in someone's life that I am talking to the other minute. We are very simple creatures (in my opinion) because we all want someone to listen to us. Which is why I am writing on a forum! Lol! 

I do see the need for a big wholesale company to send out their ten or fifteen deals to their buyer's list via mass email or using "bcc". Is this really the way we should handle this? I really think this is not very personal, and this really gets a lot criticism among some of my peers. So, do we use a mass email out of necessity or do we take the extra time to send out a personal email.

Vote #1 - For "No" Mass Email Campaigns and spend more time developing relationships

Vote #2 -For "Yes" let's make real estate more about the numbers and less about the personal relationships:)

I vote #1 for not sending mass email campaigns and to keep things more personal. What will you vote for?

Welcome to BP @Marx DesulmeI am available to talk anytime. I just got started less than 2 years ago and I am now starting to do my own deals. I have been blessed to be apart of more than 25 real estate transactions just in the last year alone. I say this because I started out with no money, and no experience. My secret (yeah right)- was that I just started getting on the phone and having face-to-face meetings with successful investors who were willing to work with me. 

It will take a special person who is willing to work with you and "mentor" you but only the good ones will not charge you a thing to do this. If someone asks you for money then- run!!! What is the catch you ask? You will bring them deals and they will make money-with you. The good colleagues will do this because they truly love to help others be successful. 

Just go up to the "Network" tab at the top of this site, enter your zip code, and then search for someone who you would want to be like or someone you find interesting. This is what I did and my life will never be the same- in a very good way! Good luck! You can do this!

Welcome  to BP @Greg Feblesyou have come to the right place. I was exactly where you were just about 2 years ago. I am proud to say I am within a few thousand dollars of being debt free and I got my start doing wholesaling. The key in my opinion is to do things ethically, morally, and especially-legally!

Feel free to message me anytime and I would love to talk to you about some strategies to help get you started for almost no money. These are the same techniques that I used to get myself into real estate and if I can do-anyone can!

Hi there @Christopher Norwood. Welcome to the BP "family"! Having the duties of a real estate agent is not easy. I bet you are wearing multiple hats throughout each day am I right? Sounds like you have a good start in real estate up to this point. You have no idea how amazing this site is for those of us who are on here regularly. This site has opened doors for me I could never have opened myself. 

If you ever need anything at all do not hesitate to reach out to any one of us. Even if we are not in your area! I feel like those who are really successful- actually love to help others. Kinda of strange isn't it? You will see once you start to network and talk to others. 

Welcome to the site and I wish you a long and happy life investing!