All Forum Posts by: T Chu

So, I just got off the phone with a friend of a friend. He is a consultant for investors, and invests himself in business ventures. I know he has contacts with real estate investors, but the first thing he said after I asked him for some contacts was, "Didn't you know, the market stinks."

Well, ok, I did know that the sub-prime mortgage mess has caused the bubble to burst, but there still seems that people are buying and selling real estate.

What have you seen in terms of your investing? Besides lending hassles for conventional buyers, are you seeing less investing in general?

He pretty much said I was stupid and "naive" to want to jump into real estate investing at such a tumultuous time. I see it as great deals to be had! (By the way, he never did give me any names :roll: ).

Give me your take.

From the time I originally posted this, I've learned alot! I've networked with a few people, talked to others, and in general just let it soak in. I have changed my attitude much, and thank you for giving me a kick in the pants!

You weren't coming off harsh, and I appreciate your honesty. Knowledge is power, and I guess I felt like before, I wanted to see a deal done, and know the ropes before jumping in the water. (Which is what I did when I first became an agent). But...I've found a few deals, and really don't want to let them pass, so.....here we go!

Thanks for the anecdote, thats the kind of encouraging story I was hoping to hear. :wink:

Eric, great ideas. Thank you!

Now tell me about your first deal...howd it go? Did you go into it as a wholesaler, or something else?

Alright, wholesaling looks like something right up my alley for right now.

Just some number crunching left. So...

How often have you guys put a property under contract, and because you werent able to find a buyer you pulled out of the contract? You lose your deposit...so how much was your deposit?

Obviously Im going to get myself a list of buyers, and hopefully will avoid the whole thing, since Im sure Ill only make great offers on properties I know my investors will drool over :roll: but I do want to take this into consideration.

Also, tell me about your first deal. Whether it was a success or not. Esp if your first deal involved a REO (not saying Im going to pursue that avenue yet, but Im sure it makes for a great first story).

Thanks!

Thanks Mike and dpv,

I will try to make at least one REI mtg, which does seem worth it. Seeing as Im quitting my day job today, Ill have alot more time to find the people I need to make this a success!

Thanks again!

I want to learn the ropes of wholesaling before plunging in to doing it myself. is it even feasible to try to link up with a seasoned wholesaler to learn? In other words, would a wholesaler even want to bring on an apprentice?

I guess my hang ups are finding the investors. Seeing as I have two little ones here at home, I cant just go to REIA mtgs and network, or even drive around putting up bandit signs to entice investors.

What do ya'll think? Am I just chasing my tail here?

Part-time I tutor upper-level math. Mostly just a SAHM with an itch....I have my real estate license, but not doing a darn thing with it. Might get my brokers license, just to have leverage, but not sure yet.

Thanks Wheatie, that is exactly what I needed to know. I appreciate your help so much!

Youre right, there are no real comps, since this is the only 2and1 in this neighborhood; those are for 3and2. It is such a big range, because the 500K are the ones sitting on 1.5 to 2 acres, undeveloped, pretty much just the house and acreage (like my parents house). The house that sold last month for $599k was a totally rehab, 3and2, brick privacy wall around the 2 acres, horse corrals and storage, and I think a pool (I couldnt see much over the privacy wall). What do you make of that?

Well, your estimates were my own, about $100K in repairs and additions, after they sold it to me for $300K, and with money out. So, if prices dropped another 10% (which I totally agree with you, is very possible within the next year) it would be meager, but enough that they would be clear of the shack, and I would get my feet wet in rehabbing. :roll:

Oh I wish I could divide it, and sell to a builder...you bet, it would sell for ALOT, but the zoning dis-allows it =/

Yes, I agree we havent hit the end of the downward spiral in CA, and esp in this area, it is all over the place. *sigh* Well, at least Im feeling better just telling my parents to cut and sell to who'll take it =/