Hey all,
I have been reading this board, a few others and a couple of books, and am gearing up to start a new career in real estate. I have been formulating a concept of how I am going to do this, and want to get people to evaluate how well this sounds.
I have about 40,000 in savings, basic handyman and apartment manager skills, and since my “other” career is freelance software, a really flexible schedule.
I am attending RE pre-licensing in Ohio, and not yet signed up with a broker. I plan on advertising “I buy houses” via local newspaper liner-ads and the internet and any other way I can think up that doesn’t cost too much money. (Also using pre-foreclosure/lis pendis data, divorce filings, sheriff sales, etc as sources of good investments)
When I get calls, those whose situation is a good deal for me and that I can afford, I plan on buying low, rehabbing as cheaply as I can, and then selling them at or just below market value on the MLS as an owner/agent.
Those callers whose situation is better dealt with by selling on the open market, I plan on trying to sign up as an agent and do the normal agent thing and help them out and get a commission in the process.
The profit generated by rehabs and the agent income I want to put towards cheap single-family rental properties that will generate me a good cash flow. I am not afraid of ‘the ghetto,’ I’m only worried about making big mistakes and losing my shirt.
I’m sick of software and cubicle-farming but really like the money it brings in, and I absolutely love working with my hands and with people. I am hoping this will be a good replacement. I am very eager to get started, but just get nervous that I’m missing something…
Is recruiting for a listing agreement via “I Buy houses” ads considered bad form, or illegal, or a cause for trouble?
For those of you using cell phones for these ads, how many minutes per month do you use on average?
I sense my weakness is being able to accurately estimate the costs of repairs quickly. Is there a book or list or something somewhere with good “estimate” numbers for all the various kinds of things needed when doing the rehab?
Also: Anybody in Ohio have used 2005 textbooks used by Hondros College in the RE pre-licensing that they want to sell me? 
Also, I just wanted to say hello to the community and note that I am planning on attending the local investor “newbie” intro and meeting here in Columbus, so maybe I will see some of you wise locals there