Is it worth something to combine my income tax money and IRA and put it towards some type of investment? I haven’t been able to do much of anything with my IRA. It’s just sitting in the bank, which is only $803.86. Then when I file for my income tax whatever that will come out to be can be added to my IRA. It’s just an idea I came up with. I can’t say for sure if it is worth doing or not. I still have savings that I haven’t touched. Savings is worth $1,324.83. Any suggestions?
Hi,
You have to have reserves so do nothing right now with that money!
But I think you should start advertising and building a retail & investor buyers list and start using your free time to locate properties your potential buyers are looking for and assign your end buyer the property!
Don’t get greedy it’s just designed to build more cash the next year or two and give you an opportunity to build your reserves and potential investment capital!
It takes very little to set up a contract and assign it over to a buyer, and you can make 3% to 7% per hundred thousand!
You can do it!!!
GR
That sounds good, but now I found a new interest as well as just wholesale. I want to try my chances at options too. Every since I read Legrands book discussing 5 ways to profit, I can’t stop thinking about making money with options.
I agree with the member GoldRiver above - you don’t and should not use that money. You can concentrate on building a buyer’s list and look for properties to assign or flip (the buyer’s list is first and foremost - that will dictate what type of properties your particular buyers are looking for.)
My advice is to keep your money as much as possible and build a considerable cash reserve, before investing any of your money into a particular property.
Yes I am working a low pay slow pay every two week paycheck type of job. You say I would need $50k or $100k minimum. Good luck to me getting that. In all my years of working I never made near 30k. For some I never even made 20k per year from any of my jobs past or present. I already have skills to get a better job and that didn’t cut it either.
I thought college was a big waste just like some other posters said once before somewhere on these forums. And when looking at my current situation and what I been through, I felt it was a waste just like they and my family told me it was. No need to worry about me physically hurting someone to get what I want. I already work weekend from my current job. I never was into doing the trade thing. All my interest was always into doing something professional where I get to be all suited up for work everyday, which doesn’t require real work in my opinion. At least not physical pain and sweat kind of work like blue collar jobs. But then again I wouldn’t know what trade to pick seeing I’ll be choosing some random out of the blue trade I never had any interest in whatsoever. Anyway it looks and I mean looks like my luck may have came in today. I got a call at work from someone responding to my Craigslist ad offering my service to bird dog.
Lucky for me the guy was a wholesale investor who needs some bird dogging and who will also teach me wholesale flipping hands on. I rather learn by doing as opposed to only reading some book.
Thank you for sharing tbodley74. I love when people are excited to do something and get involved in the business.
I’d love to comment on some of your posts, but I also wanted to point out that there are rules about co-mingling IRA and non-IRA money. If you talk to your IRA custodian they can share that information with you.
With that being said, running an ad to offer your services as a bird dog I think is a great start. You can find some great properties, learn the business and, when you’re ready, if you find the perfect deal for yourself you can do that instead of turning it over to your wholesaler.
I would also suggest to you that you may want to find more than one wholesaler to work with for a variety of reasons if you’re going to do some bird dogging. First, different wholesalers do different types of deals. You’re likely to be able to bird dog more deals than a single wholesaler can properly handle and so you may want to distribute your deals to more than one person. If one wholesaler “disappears” for any number of reasons, you do not have a zero productivity period while trying to find a new one to replace them. Multiple wholesalers greatly expands you ability to sell properties that you have under contract because you can come to agreements with other wholesalers to send out the deal to their buyers list. If you have 5 wholesalers with 5 different buyers list you have 5 times the reach and 5 times the chance of selling the property each time.
So, keep it up! You’re on the right track and if I can help in any way, please let me know.
I appreciate your offer to help. I have two investors I was bird dogging for. I admit the properites I found for each came from Craigslists and FSBO sites. That was only because the properies they wanted me to find were very specific houses located in places outside my area, which I am unfamiliar with. Now I have the urge to just stop bird dogging for them and jump straight into wholesaling. I never really took action to start wholesaling. I just keep researching information on how to do wholesaling and do it right. Make a mistake and I am screwed out of loads of profit. I can’t afford to mess up.
Thanks for the reply and you’re very welcome for the help. I think I also sent you an audio program about talking to sellers before if I recall correctly.
Can you clarify the jump between sending out two properties as a bird dog and deciding to wholesale on your own. I am all for wholesaling, it just almost seemed like you were suggesting that the two experiences you had bird dogging “pushed” you to wholesale.
If you’re bird dogging, it is not unusual for you to have to research 10 properties before one actually closes. So, zero for two is not a big red flag for me at all.
If you decide you want to wholesale, that’s great but if you’re wholesaling only because you sent over two properties and they did not close I might suggest modifying your expectations so that you are setting yourself up to win.
I hope that helps. Please let me know if it does or if there is anything else I can do to help.
Again, thanks for sharing.
I got the sudden urge to jump through reading a book and reading the testimonials of how non experienced people who never wholesaled any property have all of sudden become good at wholesale. One of my investors who I was bird dogging for told me it is so easy that all I needed to do was use two forms like purchase agreement and the assignment contract. Hearing this from the investor who have experience with wholesale deals saying how easy it is movitivated me along with the more money I can make with wholesale compared to being just bird dog.
Thanks for the reply tbodley74. I appreciate you sharing that with everyone.
Yes, you can definitely do it and yes it is easy to do but it does require some effort and you’re putting in the effort. I believe that the more we do things the easier it becomes so the more action you are taking the easier it will be for you. Sometimes the hardest part is overcoming your tendency to study and not take the action or steps that are required to actually wholesale.
It is hard to wholesale a property if you are not talking to sellers and specifically sellers that you can help add value to the situation.
Keep at it… I see you active on this forum and I know you can do it.
I keep seeing myself overcoming all the studying and just doing deals on my own. Then again you got a point the hardest point is overcoming the studying and do it. Then again my true motivation comes from the money I can make from wholesale deals will pay off all my debts, which will be 2 tons lifted off my shoulders.
Yes, you got to take action and talk to sellers.