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Updated almost 10 years ago on . Most recent reply

User Stats

47
Posts
5
Votes
Jesse Conners
  • Syracuse, NY
5
Votes |
47
Posts

Getting started

Jesse Conners
  • Syracuse, NY
Posted

 I've been listening to the bp podcast and I know there are some very well established investors here. I would like to put my plan out there in hope of getting some advice and feedback. 

 I work a full time job (50 hrs a week) and I make 40k a year if I put in enough overtime. I'm grateful for having a job but I dread getting up at 5am every day and breaking my back for 10 hrs a day almost living paycheck to paycheck. For the last 5 years I've told myself everyday "there has to be a better way."

 I stumbled upon a guru teaching wholesaling about a year ago and gave it a shot. After talking to one attorney I got discouraged and thought it wasn't viable in my market (Syracuse ny). In the recent months I've jumped back into wholesaling determined to make it work and learned the entire process. I currently have a mailing campaign in action but have not yet made a deal.

 While educating myself on wholesaling I learned about other types of investing. When I heard about buying and holding I knew I wanted to go that route though  I had NO capitol to put 20% down on my first mortgage or enough cash to offer a distressed seller to take over there's. 

 So my plan is to build some capitol wholesaling so I can buy and hold. Further more I'd like to continue wholesaling and pick and choose the properties id like to keep in my inventory along the way.

 Is there a faster way to start buying and holding to create steady cash flow?

 Any advice and feedback would be greatly appreciated and thank you for reading..

Jesse

Most Popular Reply

Account Closed
  • Residential Real Estate Broker
  • Wood Village, OR
33
Votes |
58
Posts
Account Closed
  • Residential Real Estate Broker
  • Wood Village, OR
Replied

@Jesse Conners

Check out information on purchasing a residential property with 2-4 units.  You can put 3.5% down, live in one unit, and start pocketing the cash from closing if you play the deal carefully.  With a purchase like that, you could toss all of your income directly to savings for the next purchase.  The other units should pay all or most of your mortgage and then some.

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