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Updated about 1 year ago on . Most recent reply
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What do you think about this fast route in becoming a full-time investor?
Hi, everyone!
Lately, in real estate, I've learned that it's important to identify your goals, and my goal is currently making money reasonably fast to be rich, not wealthy. So the best strategy for me would probably be to fix and flip I presume.
So far as a new wholesaler, I've been cold calling for about 2 weeks and have met with a seller already, and I want to do fix and flips later on. But now that I've experienced how to wholesale, I think it's faster to get more income with a sales job and invest earlier. So here's the plan in my head, get a sales job, get enough money to invest with hard money and get deals with my wholesaling and sales skills, and eventually quit my sales job to become a successful flipper and then eventually invest into other passions of mine.
I think for everyone time is valuable and I would love to get your feedback to know if this is a fast route to investing in real estate with the advantage of having wholesaling skills or even a team.
Most Popular Reply
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@David Sanchez Welcome to BP and welcome to your future! I agree with some of your post but you're making assumptions that some novice investors make. They think they can invest with ZERO DOLLARS and make big jumps. In reality that's completely false. REI requiring skin in the game or creative sacrifices.
Wholesaling is for the birds. That's just my opinion. Too many people think they can do it without every "owning" or remodeling property. It becomes a problem for other investors and sometimes burns motivated sellers. Nothing wrong with wholesaling but it shouldn't be you're only form of income when starting out! I strongly agree with finding another "normal" sales job. It doesn't have to REI related but you need income to become bankable and to buy RE. The only goal is buying opportunities and OWNING ASSETS. If you continue wholesaling you don't own assets. You can't capitalize on all the benefits of the REI pie.
It's one step at a time to achieve one goal. Two years before buying RE I was working two jobs, sold a motorcycle, and paid off my car. After that I bought the cheapest distressed SFH I could afford. I made like 5 LOW BALL offers and one finally stuck. My younger brother moved in with me. I was house hacking and remodeling the place at the same time. It was a nightmare but 6-months later I went from sitting on the sidelines watching house, after house, get remodeled, flipped, or sold to other investors to owning a property I flipped and could sell, rent, cash-flow, or continue living there for cheap. Develop this mindset and match it to your market. From a novice prospective that's how you fast track REI.