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  • All,

    Recently, my 9-5 role of 20 years was recently eliminated. I am finding that opportunities for a 50+ year old is less than ideal. I’d like to get started by bird dogging, locking properties under contract and look to collect an assignment fee at the close. My initial thinking is that I could leverage social media such as Facebook and others to create a lead generation site that collects contact information of motivated sellers that I may contact. Any thoughts on how I may get started?

    Thanks in advance,

    Ray

    Hi Ray,

    Sorry to hear about your job. Sometimes things happen for the better. In any case, sounds like what you have in mind is to become a wholesaler basically. I think a great starting point would be the Real Estate Profits On Steroids book by Jackie Lange that you should be able to find here in the CFD site. It is a great one for starters and very easy to follow.

    As for the lead generation site, I would recommend Investor Carrot and the reason is that they specialize in RE investing and the site comes ready to go with minimal setup up on your part. There’s others obviously that probably cost less that you can also explore. Then you can use your FB, Craigslist, etc marketing to drive traffic to your site.

    Good luck!
    Rafael

    Thanks Rafael.

    If you don’t mind me asking,, how are you involved in RE?

    -Ray

    HI Ray,

    Sorry to hear about your job. One door closes so another can open!

    It is great to learn all that you can about wholesaling and my FLIP DEALS book ( comes with your CashFlowDepot membership) is a perfect way to get started.

    But, instead of being technique driven ( focusing on one technique), you need to learn about other ways to solve motivated seller’s real estate problems. Most houses are not wholesale opportunities… they are nice houses in nice neighborhoods. So, learn about other ways you can make money with real estate like master leasing, highest bidder sales, options, subject-to, etc. Avoid risky things like rehabbing for now.

    If you do this, then no matter what kind of opportunity falls in your lap, you will know how to turn it in to $$

    When an opportunity presents itself and you’re not sure what to do, get all the details about the property like mortgage balance, monthly payments, behind on payments, repairs needed and estimate of retail value THEN, get back HERE on the forum to ask for help putting the deal together. We’re here to help!

    Hi Ray,

    I have a full-time job still so right now I am just trying to acquire a few additional buy and hold properties. Not looking to have a full blown RE business really, just to be able to make a decent living when I retire, hopefully within the next 5-10 years. Something to compensate my social security.

    I’ve done a few wholesale deals as well as owner finance. Right now, mostly looking for leases and options, subject-to but if a wholesale deal happens, I’ll take it to. Rehabs never had and will stay away from them as Jackie suggests.

    Good luck,
    Rafael

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