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Jim, how did you get started to go from employee to real estate full time in one year? did you utilize the options and then selling with highest bidder sale? tell me what you think would be the best way to get started! i have access to about 100k worth of private money, but would rather do it without any money. please advise
thanks for the helpTim
Thanks for the question. I climbed that corporate America ladder until it made me sick. I left it two years ago.A couple years ago I started wholesaling. That allowed me to cover my living expenses and leave my job. But really more importantly it forced me to learn to market, negotiate and make many, many offers. We wholesaled in very high volume the past couple years. I have also purposefully tried to do all sorts of different creative transactions.
I think today’s market is a bit different from a wholesaling perspective. First, investors funding is not as easy to get (i.e. Fannie Mae limits investors to 4 properties), title seasoning and guidelines are changing continually now and there are many great foreclosures available for investors to buy.
I am still wholesaling, but that is not my only mode for covering my living expenses in 2009. I think you should put together a plan that includes wholesaling, buying and selling with seller financing, using options to control properties, master lease some houses, etc.
Please follow up if you have more questions
Thanks
Jimthanks for the reply jim. i am thinking of wholesaling to owner occupants bc of the investors drying up and the reo competition that we have as whoelsalers. are you still doing short term options where you are getting the option for 80% and then selling for 90%? what are your option techniques that your using in this market? thanks
It is not easy to wholesale to owner occupants because they rely on conventional financing.
Your focus for the owner occupant model would need to be secure a property with seller financing (sub-2, etc). You could then Re-sell it to a homeowner on a Wrap. That way your buyer would not need to go get conventional financing. I think this model will work better for you in today’s markeplace.
Jim
HI Jim,
I remember the exact moment the light bulb went off in your head for that technique! ( buy with seller financing and sell with seller financing) My guess is that was a major turning point in your life!
Jackie
Kevin
go to THE DEPOT and click on Options to learn more about options.
Jackie
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