All Forum Posts by: Jason Simpson

Kyle,

It's VERY easy to get involved in your local REIA. It's a matter of showing up and networking. I can't speak for your area, but I've been on the board of the Oklahoma City REIA for about 6 years or more...the meetings consist of a mix between Outside Speakers, Round Tables (various topics with local experts), Lender Fairs, Panel Discussions, and the like. We've got a WIDE variety of people that are active in our REIA from complete newbies, to people that specialize in Rehabs, Section 8, Flipping, Commercial, Development, etc. The best thing about it is the networking. I'd encourage you to find a good REIA near you, and go to a meeting....not for the sake of the meeting, but for the sake of meeting people. You can talk to a number of people in different niches of the business and get a feel for what "fits" you.

Hope that helps!!

Tony,

To fix something like that...I would take out my pen, write a check, and sign it. Somehow, I've found that the act of writing a check magically fixes things much better than I can! :wink:

Glad you like the site :D

To answer your piggyback...

Yes, targeting an area outside the city can still be equally as profitable! A deal is a deal is a deal. Sometimes it's just easier to get it sold when there's a population to buy it.

Although you still live 20 miles outside the city, I'm guessing that there are a probably investors involved in the local association that don't necessarily all live in Houston, but also in surrounding areas! Having been on the board of the Oklahoma City REIA for about 7 years, I'm well aware that we've got numerous people that drive sometimes even 2 hours away to attend the meetings. It's about the networking...and sometimes it helps to get the "if that guy can do this, then I sure as heck can!" factor! :wink:

Kyle,

What is your goal?

I mean...do you want to have a job in Real Estate, do you want to own a Real Estate Business, do you want to be an agent..or do you really know yet?

If you're not sure, then I recommend getting involved with your local REIA as there are typically investors of all types in attendance, and you can get a good feel for what "clicks" with you. Real estate is full of niches, and once you find what suits you, and what you enjoy, then you can focus on that and succeed because you like what you're doing.

Hope that helps!

Hey Daniel,

There is PLENTY out there right now that people would love to sell on owner financing. While researching is great, be sure to get out there and TAKE ACTION! Most "investors" seem to be "professional research" in my opinion. I don't know whether you've done any deals or not, but now is a great time to get started.

If you find a deal, then the money will follow.

If you find a deal, then the money will follow.

If you find a deal, then the money will follow.

(That isn't a typo...it's just very important to understand!) I've found that to be true regardless of the situation...sure, it might not end up being the same exit strategy that you intend it to be, but time after time I've seen investors that don't have the cash down, but have the sheer desire, determination, and make the effort...and it doesn't have to be traditional! Think outside the box bro!

When you look at a property, ask yourself the question "How can I get into this property at the right price and terms, with nothing out of my pocket?"...the subconscious is a very powerful thing!

Right after my bankruptcy, I was able to get a deal at about 50% of market value, with the owner willing to take it on a promissory note WITHOUT A MORTGAGE...and then after I had obtained a line of credit on that "free & clear home", he took HALF of what I owed him for the full payoff...ponder that for a minute!

Sorry this post was so long, I just want you to focus on what you CAN do as opposed to stuff that you've got no control over!

Dee,

The first thing I would check would be the county assessors site to see where the tax bill goes to if you haven't already done so, and then contact them at that address if it's different then the house you found. It could be a rental that's vacant....or owned by someone out of state...you never know.

Paul Esajian's course on Rehabbing is great, and Pete Youngs also has some great training on Rehabbing as well! If I would recommend both of their materials to someone interested in focusing on Rehabbing! Great Stuff!

Chris,

While I definitely agree with Ken, ESPECIALLY in regards to taking action, I'll have to say that I'm VERY partial to farming! I highly recommend finding a "target" area within about 10 miles of where you live..so you're not driving all the way across town. Farm the area, and I wouldn't stop until I get a list of at LEAST 200 properties. I also recommend using a digital recorder...it makes a lot easier to keep track as opposed to writing down each property.

Second, another way to "backdoor" your wholesaling strategy by finding investors in your local REIA's that are ACTIVELY BUYING. Find out what areas they buy in, and what their target properties are...then you can focus your efforts on those and if the numbers you negotiate work, you should have it sold pretty quickly!

Hope that helps,

Kenneth,

Cross out the 7 days and write in 30 days, or just tell your buyers broker that you want more time to determine repair costs. In my contracts, I use my own "standard purchase and offer contract" and the language in it basically states that the offer is contingent on inspection and approval by buyer in writing on or before x date...and I typically write "closing". That's an easy way "out" for me if I need it, and gives me plenty of time to inspect the property.

Jamie,

I definitely agree with joining a local group! It's amazing how seeing others succeed helps you too realize that you can do it too. That was the best investment I made when I got started, and I wouldn't be anywhere near where I am if I hadn't done that.

Keep reading and learning. It took me 6 months of reading, learning, hanging around people, etc... before I got my first house under contract. I got it under contract for $20,000 CASH to close in 30 days, and my wife 'bout crapped her pants when I came home with the contract as we sure didn't have any 20K!! Thirty days later, (with about 8 hours of work) I had found a buyer for my contract and made $5K...it absolutely blew my mind!! Plus, I did everything wrong to begin with...I paid too much, showed it the wrong way, etc... so even screwing it up, I did real well!!

That's pretty much why I recommend people to get started by wholesaling/flipping...least risk, least cash out of pocket, and the easiest way I've seen for someone with little knowledge to make some cash fairly quickly. I've also found that once you do your first deal as quickly as you can, the belief builds very quickly thereafter!!

Congrats on finding the forums, and on finding a local group! Whether it takes you a month, a year, or 5 years to pull the trigger, you're already leaps and bounds ahead of those sitting in the lazy boy watching tv and hoping that someone else has their future taken care of!! You'll get there!!