Hello Everyone, I have been reading the forums for a while now and I finally convinced myself that today is the day that I start in property investing. I am 22 years old, currently in the Telecommunications field. But after doing this for 3 years I am burned out and I think it is time for a career change. I have always wanted to make a career out of property investing, but I always thought you needed money to make money. Well flipping properties definitely changed my mind. I have listed some things to do and have done below, if you think I need to do something that I missed please help me out, thanks!
List to get started:
- Ordered dedicated phone line
- Purchased fax machine with voicemail
- Filed for S- Corp (Legaspi Property Solutions, Inc.)
- I will be calling local ads (We Buy Houses) to see if I can contact them in regards of future deals.
- Attend local real estate investing club to meet investors or rehabbers and obtain deals
- Advertise in News Paper (I BUY HOUSES)
Do you guys think it is a good idea for me to call other ads to see if they might be interested in buying some of my deals? If so, How should I approach them? I know some of the ads are from dealers like myself, how should I handle this situation?
I am still confused on doing comps. I know a realtor friend but I have not really approached him about this. Should I ask him for comps in the area that I am interested? How do I get realtors to help me obtain with deals? Or how could I compensate them in their time?
Is there another way for me to get comps other then getting them from a realtor? I have access to the property tax appraisals online but the assessed value they have listed is way below the actual retail price.
when I find a property that is listed with a realtor, how does the realtor get paid?
When I have a property under contract do I send my contract with the earnest money to the title company or do I wait until I could find a buyer to assign my contract to and then give all of the documents to the title company?
My plan is to assign my contracts to investors until I could purchase and rehab them myself. What else do you guys think I should do to get started? Thanks!
I am still re-reading William Bronchick’s Flipping Properties Volume 1. I hae learned alot from this course but I could not say that I know exactly how everything works. I will be re-reading the course again to get a better understanding.