My New Plan For Beginning in REI

My wife and I are joining our local San Antonio Real Estate Investment Assoc. this week and they actually have a “meet the venders” meeting next wednesday. Through that website, we have found a reputable local lender for hard money.

We have decided to get prequalified on a hard money loan then buying a house at wholesale. I think this would be the easiest way for me, after all my research, to start with a rehab investment.

I know I eventually want to find my own deals and avoid paying a bird dog, but hopefully I can make a good profit buying wholesale for a few houses.

Any additional advice and thoughts appreciated!

This sounds like a good plan to me. You want to be pre-approved not just pre-qualified. But the life blood of business is money. You can buy anything that you can pay for. You-Tube was bought for $1.6 billion. Google didn’t pay cash, they borrowed $1.6 billion. That means if you would have gone to your local Washington Mutual branch and convinced them to loan you $1.6 billion then you would own you-tube right now. You would have an enormous debt load and enough cash flow to live in a mansion on a Nob Hill in San Francisco.

So since all we want to do is buy ten to twenty $100,000 houses we need to get our financing taken care of up front. By the way, the guys you are meeting at that club are the right people to be dealing with.

Awesome feedback man!! I am excited to meet with them! Gonna sign my wife and I up when I get home from work!! Sounds like you know some folks in the association? That makes me feel even more confident!

Thanks again!

REIAs are an awesome place to start!

My advice? Avoid anyone named Montelongo :biggrin

Sounds like a great plan! We quickly became the “wholesaler” by marketing to motivated sellers. We saved a ton of money, and then became the wholesaler in our area.
Good luck!

Good luck on your new venture!

My advice to you would be to never forget that we are in a declining market.

For your first deal I would start in the lower price ranges. That DOES NOT mean buying homes in combat zones. What Itry to do is purchase houses that are in working class neighborhoods. There’s always a market for this stuff, it usually isn’t hit as hard as the higher end homes, and if you buy it right you can sell it fast.