…Hello Investors! this site truly is the Bible of Real Estate Investing. My name is Chris and I’m looking for financial freedom, turning to RE investing. I’ve done a lot of research and read many books on Investing including: Armondo Montalongo’s program. Tuesday I’m meeting with a RE agent to discuss my business plan, goals and future. Steve Wright from Remax, I’m a little nervous, but excited at the same time. Is there anything you recommend me taking with me?
I’m aware that this is going to take a lot of hard work and sacrafices for the next 3-5 years and am well prepared.
Also are their any Investors willing to mentor me in the right direction? Propertymanager i know you live in Ohio, whereabouts maybe you can help? I’m in Northern Columbus.
I’ll keep everyone posted on how Tuesday went and also my progress throughout the year!
build a fortune from the ground up with people who want to grow it bigger-Purdyinvestments
I’m going to give you a bit of advice and this is probably going to sound weird. Cancel your meeting! Or at least change the subject of the meeting. A RE agent can/will help you find properties that you are interested in. You can clue him/her into what you’re looking for such as multi-units <$150,000 or something like that but he doesn’t need to see your business plan or know about your future goals or objectives.
Also, you better be real careful starting off your RE investing career based on a television character’s program. A few points. 1) That guy is based in San Antonio, which is one of the fastest growing markets in the country, and 2) That business model was effective over the last few years because of the ease and availability of credit for potential buyers. So what I’m trying to say is that he really had those two things working in his favor as he built that company.
Just a few points to keep in mind as you move along.
Jbaldwin and I don’t agree on alot, but I agree with him 100% that I don’t feel very comfortable with getting your education from an “investor” on one of those TV flipping shows!
Having said that, have you determined what you want to do and how you intend to do it. Why don’t you post your basic plan and we can take a look at it. If you’ve got a good plan, I certainly don’t think that meeting with a realtor will hurt anything - just don’t buy anything until you’re sure that you REALLY understand this business and your local market.
Wow… lots of bonding here i didn’t know everyone was that close and thanks for your input. Your right about the Realtor Jbaldwin i’ll make sure I’m careful with what he says on tuesday. It’s free and will only take up an hour or two of my time. Also about Armando i agree he was in the right place at the right time, but what i was getting at with his program is he flips 25-30 houses a month and he break down the system step by step. It’s very informative and he shows you how to flip all across the country in any market.
Also i had a dream last night… i moved back to California to invest. Here’s what i remember. It was a beautiful day like always in Southern Cali and I was walking down the street enjoying the day and saw a house that was an ugly smurf blue and needed some exterior work. So i walked up to the door and saw a man through the screen door and asked him if this house was for sale or if he was interested in selling?.. and i remember him turning his head looking at me saying with this southern accent “no”. Then i heard another voice from someone i couldn’t see say “yes”. It was the perfect house to buy, rehab and flip… then i woke up. I told my girlfriend about it and she said that i love houses more than i love her!! Ha ha ha
forgot about “systems” and TV gurus. if you want to do flips (which it sounds like you do), you need to really, really , really understand your market and actual what things are SELLING FOR. if you can’t pull up in front a house and tell me (or some else) what its worth and why, then you are not ready.
talking to a realtor is his office is a waste of time. Tell the guy you want to go LOOK at property! :shocked
I’m by no means a flipping expert (but I have done two in the past 18 months—one closed just last week),but you have to the key to RE (IMHO) is know your market. If you buy at the wrong price, you won’t make money regardless of what “system” you use.
Cancel your appointment. A real estate person does not typically posses the skills to evaluate a business plan, your wherewithall or give you the advice on where to start.
I can say that… because I have a real estate license. I left real estate brokerage and went back to financing because I could no longer tolerate working with a bunch of people that thought they knew what they were doing.
Let me put it this way…when you go to buy a house…a realtor can show you a million, but who do you go to get evaluated for your ability to purchase it. A lender. Who issues your approval letter? A lender! When you need the appraisal who orders and receives it? A lender! A realtor never even sees a copy. Realtors are best left to locating a property for purchase and then hopefully you are working with a lender that is more concered with making sure you are getting a good deal than making a paycheck. (BTW…never met a realtor…other than myself when I was one… that cared mored about the client than the paycheck.)
Tracy Helphingstine
Metro City Mortgage Commercial
If I’m not mistaken I think this figure has been challenged a lot - sounds too unbelievable from this guy…Somebody else here mentioned in a posting that one or more of the houses he’s supposedly flipped on Flip This Dump actually didn’t sell…Armondo is trying to sell 10 houses at a time to investors now…
I’ve only flipped half a dozen houses or so in the last few years (I’m also a buy and hold guy) but what is this “special system” that he has, besides putting lipstick on a pig?..Every house you come across is going to be different - no such thing as the one size fits all…You’ll hear people here advise how real estate is local - what works in San Antonio won’t work in Ohio, what works in Calif. doesn’t work in Houston…So I don’t know what he’s going to tell you outside of getting hard money loans (which are harder to come by now for the average investor), hire out the work (and don’t believe all the scenarios they showed on TV where he gets the prices discounted 30-50% right on the spot because he asked the contractor for it), then rake in the profits…
I’d be curious to know exactly what this “special system” is that folks here don’t already know about from their own experiences…
I’ll agree to a certain point about the tv flippers. However, I will argue that you can still learn quite a bit from watching some of these guys and how they interact with people; observing their character; and how they handle certain situations. I believe that you can learn something from anything. It’s all in what that person takes from the situation. A realistic person is not going to watch those shows and believe that they can do the same in their market, right down to a T. An unrealistic person will get into RE Investing after watching these shows and believe that riches are 4 weeks away from their initial purchase price. It all depends on the audience.
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Cancel your appointment. A real estate person does not typically posses the skills to evaluate a business plan, your wherewithall or give you the advice on where to start.
I think this falls back to " those that can … do and those who cant … teach"