Hello!
I just wanted to introduce myself to the community. Seems like a really nice group here. I’m active in some personal gadgets forums so I believe in the power of forums.
I recently took a seminar on the REI market and am excited to get my feet wet. I have acquired some tools and training to get started. Currently i’m interested in helping others find properties to help build expertise in this process and know what I’m looking for when I get to the point that I will be ready to do some work investing on my own.
Also, i’m interested in working with investors to buy and sell homes. I hope I can build a reputation in these forums to make some connections with others. I’m working with some other individuals in the Metro DC area so we have a competitive market to offer our services.
I’ll try to find discussions to read on my own but if anyone has any suggestions, please let me know and pass them along.
Well so far I need some capital to build my business. I’m in the process of getting my LLC and have some introductory asset protection. However, for lack of better term, I don’t have any “Pocket Money” to start the process. Any suggestions on how to become a referrer of properties to investors? Is there a market for this?
If you could have someone (not myself) show you how to get your REI business off the ground and flying high, with little to no-monies out of your pocket…would you be interested?
Find some investors in your area (do you have a Real Estate Investor Association in your area?) and see what they’re looking for. Most people have a niche or type of property they like investing in. See what they’re requirements are. Then search for properties to fit their needs.
Thanks for this suggestion. I’ll look in my area. I’m in McLean, Va so i’m thinking some good money is here that needs to be spent.
I understand,
If you could have someone (not myself) show you how to get your REI business off the ground and flying high, with little to no-monies out of your pocket…would you be interested?
At the seminar they showed us how to find Hard Money Lenders, investors so I know the money is out there. The people i’m working with will also work to find investors. I’m just wondering if there is a way to make some small short term amounts to pay for things like documents from the county, gas money to visit properties, etc. Start up money.
Otherwise, i’m willing to work/partner for any investor on their dollar. And a hard worker I am.
From my perspective as an investor how has done 400 transactions over the past 20 years, I find it a bit unrealistic that your expectations of working with other investors for profit when you are bringing no incentives, nothing to the table, for those investors to work with you. You claim that you have no knowledge, no money, and I’m assuming no other resouces…what is the incentive for an experienced investor to work with you?
You might want to consider starting with a concept that you can learn and do on your own to generate income and develop investors to fund on small deals. I know it is not too glorious to think of doing, let’s say, a mobile home deal in the rural areas, but it is something you can learn and get funded by a small investor to get a success under your belt and have a profit to go buy some groceries!
My average cheap mobile home deal nets over $5k in profit and can be done quickly without worries of a mortgage company changing their underwriting in mid stream. The average investor could invest in a higher yielding note from their IRA plan if the deal is structured correctly and the investor has an understanding of a good and bad turn out and what to do in the event of a default.
This can easily be accomplished and learned from a $20 book which is sold on this website. You then make money, become experienced, and will sustain in this business long enough to do bigger deals on houses and apartment buildings.
I hope you take this posting as a constructive alternative and as encouragement.
Why concern yourself with LLC’s and asset protection at this time if you don’t have the assets yet that need protecting? Save your money and start working on getting that first deal done.
I’d recommend reading lots of books, and not just investor books - I read a great book the other day called, “Never Eat Alone”, which is all about the power of networking.
You are making a wise choice by being here, as well, I don’t think you can underestimate the importance of networking with like-minded individuals!
Just like the other post I did I will tell you the same thing!
Don’t buy ro many books or you will end up with a great looking book collection and a empty checking account.
Honestly, JUMP IN TO THE POOL sure dipping your toe in to test the water is fun. Yet running and doing a cannon ball into the deep end is AWESOME!! And we are all here to help. Even if you can’t swim do the cannonball and if you start drowning we will pull you up. The only way to fail is to not try! If you try and don’t do it that just means you were unsuccessful!
Definitely find an REI group locally and hang out with folks that are like minded.
Keep up your REI Education and start doing!
Best way is through wholesalling which keeps risks very low while you learn all the steps involved in real estate investing from deal finding, analysis and contracts all the way to closing.
Start here and you’ll be in business for the long haul.
Remember, you can also flip pretty houses when you learn the subject to and owner financing aspect. But start with flipping junkers first