:biggrin Hey everyone! Newbie aboard so please handle with care…haha. My question is what would be a better starting point for new wanna be investors? I have been reading about, listening to and watching anything from bird dogging to wholesaling to flipping and, I guess just overloaded with too much info, data overflow I guess :smile. Can anyone recommend a valid starting point for someone? I am a, or should say was a telecom contractor; cabling for phone, data, video etc. for commercial and residential. I’ve had a few surgeries that have taken me away from what I enjoyed and now I’m trying to find a way to utilize my background from being around construction of all types of buildings. I know my way around so to speak when it comes to buildings. I also have a real estate license that has been in escrow ever since I got it. I’ve heard pro’s and con’s on using it as a tool or not. Just looking for some experienced suggestions. Thanks in advance!
I think you have it in the right order. Take a step back and look at it with fresh eyes and you’ll see that. With your background(s), you’re a heck of a lot further along than most!
Thanks for the reply but I still feel that I’m missing something. Anybody else with comments or suggestions?
Start off building a list of GOOD buyers. People that already have cash or funding in place and that do this for a living. Regardless if you birddog or wholesale, without buyers you don’t have anyone to give the info or sell the properties to. HTH!
Thanks again! Just out of curiosity, if you don’t mind me asking, where do you have the most success finding buyers; clubs, advertising, agents, etc.?
I look EVERYWHERE and as many on this board have said, I tell EVERYONE what I do. I actually found my best buyers on CL (Craigslist), but I think that was luck.
Thanks again Moonstruck, I really appreciate your input. Are you a wholesaler, flipper, buyer or a complete package?
Whats your opinion on internet marketing. I listened to the audio by Vena(Real Estate Goddess) out of Cincinnatti on setting up seperate websites for sellers and buyers. With the summit package that she talked about, it would pretty much operate itself with proper marketing, if I understood it correctly? I have a copy of the seminar if interested.
I haven’t done a flip yet, I am working up to that. When I get this house I have been hunting the owner of, I will rehab it and see how much more it’s worth.
As far as marketing goes, you can sell pig urine if you market it correctly. Doesn’t mean anyone should buy it. I have NEVER gotten an answer from anyone’s website that I contacted them on, so I am not a huge fan of them for that reason. I answer my phone, which I have been told is a HUGE reason for people going with me. THAT IS NOT TO SAY THAT WEBSITES DO NOT WORK.
The internet is how I have found my buyers through CL and many other places that you can post your blurbs about buying, selling, etc. I also do flyers, have business cards, etc.
That was kinda my thinking to. What area of the country are you in and how long in the business? (Just tell me if I’m gettin to nosy.) :smile
Nah, it’s fine.
I am a newbie to REI. I finally got my feet wet the beginning of this year under the tutelage of someone I no longer deal with because (no offense) he had no cojones. He told me not to bother with the market here in SoCal for another year. Well, I’d be $150K poorer if I had listened to him. I also hooked up with someone to do tax deed sales, but she wanted to sit back and let me do all the work and try to take half…NOT! So I decided to go at it alone. I spent a good month reading and reading and learning how to determine the value of properties then jumped into wholesaling. I am very busy now and my hubby is starting to get into it since he’s seen how well I have done… (wait till he sees the BMW he’s getting for his birthday).
The one piece of advice I will give you (I’m not a guru or expert) is this: ALWAYS cover your bum. NEVER trust anyone with ANYTHING, no matter how nice they seem. When you get a property under contract, record the memorandum ASAP. If you birddog, send them one property first and see how they treat you. If they go around you, then you know to leave them alone. I personally suggest that you only do this to get your feet wet if you don’t have time to do this full time. If you do, you might as well wholesale. That’s just me. HTH!
Well, as far as time, it’s like the song says,“Too Much Time On My Hands” :banghead :smile. I’m in central KY and live in a small town, appx. 8000 but Lexington is close enough to me along with other cities. I may try 1 or 2 as far as birddogging and just see how that goes. I’ve sent e-mail stating that I am looking for investors to 2 investment clubs in Lexington but haven’t heard anything yet so we’ll see. Thanks again for the help and input. Keep me in mind if you ever find a need for KY property.
P.S. By the way… a BMW, nice present. Haha! Later On.