An Introduction

Bird Dogs, Wholesaling
1

Hello All,

My name is Jim Robinson and I want to take a moment to introduce myself and say thanks to all those who post such great information in the REIClub forums. I’m reading and learning a lot here lately as I contemplate beginning a new career in real estate investment.

Like many, I’ve read lots of REI books over the years and have come close to getting involved in REI many times, but have not done so because of “analysis paralysis.” I am in a perfect position now, however, to start making things happen, so I’ve made a commitment to dispense with the negative mindset that has kept me from moving forward in the past. My plan is to begin by doing some bird dogging to make cash as I establish contacts, and then move on to actual wholesaling within the next two months. I’m going to attend some local REI club meetings over the next few weeks (in Maryland/DC suburbs), and I hope to have some properties by then to present to potential buyers. Within six months I would like to buy my own rehab property. This is an area in which I have a lot of interest because of my background as a carpenter; however, I plan on hiring contractors to do most of the actual rehab work on these projects so I can keep making deals.

My main interest right now is defining the specific steps I need to take over the next few weeks to start making things happen. Here are a few things on my list:

  1. Get business cards made.
  2. Find a real estate attorney to discuss an appropriate business entity and general considerations as I begin.
  3. Put together a contract I can use to make offers for wholesaling deals.
  4. Start networking, anywhere and everywhere.
  5. Look for deals.

So to any of the more experienced investors out there, let me ask you this: if you were a beginner in my position and wanted to get started tomorrow with what you know now, what would your schedule be like for Day 1? Day 2? Do you have anything to add to my list above to really help get the ball rolling?

Best Regards,
Jim Robinson

2

Don’t waste a lot of time on your buisness cards. I did that and no one cares about them except you. You can do that later after you start making deals. After you have learned the basics through reading information on this site and others like it go look at properties. Learn your market, what houses sell for, rent for, etc. Start meeting with your local banks and talk to them about what loans they have for investors. My local bank offers quick closings and much better terms than any hard money lender. They deal with investors often and know what to expect from a new investor. Find a local REI group.

As many will tell you, just go do it! Find a property and make an offer. You will learn more once you are in the game than you will before the game starts. The hard part is making sure you know enough before you start that you don’t get killed in your first deal. Best of luck to you.