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Hi,
I’m not sure if this is the right place to introduce myself, but since I couldn’t find a “New Members” or “Introduce Yourself” area, I thought I’d do so here.
I’ve been learning about wholesaling (mostly) and lease options (a little) for the past few months. However, I haven’t taken any real action yet. One reason is that I’ll be leaving the country for 2 weeks in September. I know it’s possible to do deals virtually (even overseas), but I’ll only have limited internet access.
I may start wholesaling by doing some free marketing like Craigslist. I’m hesitant to spend much on direct mail until I return, though. I’d hate to lose leads that I paid for because I can’t return phone calls.
I’m also in the process of buying a rental home in the Houston area. It’s a traditional 20% down purchase. From what little I’ve read here about seller financing, it sounds like 20% down may not be the best way to purchase. I can get out of the deal if I’m not happy with the appraisal.
I attended my local real estate group a few weeks ago. After hearing good things about such groups, I was a bit disappointed. Everything was focused on rehabbing, and there was almost 3 hours of speakers (two guests, and then the group leader rambling for an hour and a half). I was hoping there would be a lot more time for networking.
Well, other than buying my our home, that pretty much sums up my knowledge of real estate investing. I have a background in investing (stocks, bonds, etc.) and am kind of a geeky numbers/finance guy, but the RE world is still new to me. I hope to learn a lot more here, and eventually contribute.
John in Alabama
HI John
Welcome to the group.
It would be much better if you buy the house in Houston with seller financing. There’s just no need in buying with traditional financing, especially not in this market. The loan fees are expensive, and the loan terms are not negotiable or flexible.
Use the next couple of weeks or months to learn as much as you can. When you get back from your triip, you can crank up the marketing and start doing wholesale flips. Be sure to read Real Estate Profits on Steroids, it is a free ebook in the New Member Bonus section. Also study as much as you can about negotiating.
99% of real estate investment clubs are a big disappointment. They have one sales pitch after another with very little REAL training. The clubs makes money by getting a commission on each sale, so they parade speakers with expensive products at each meeting.
You will get a much better education here. Ask questions in the forum and participate in the weekly training calls… that is another opportunity to ask questions and network with other members.
Thanks for the reply, Jackie.
I know you have experience with mobile homes, too. I haven’t heard much about wholesaling in my area, but I know there are plenty of mobile homes. Of the two, which do you think is a better way to get started in REI? I’ve read a little bit about creative ways to invest in mobile homes (Lonnie deals, John Fedro’s stuff, etc.).
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