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Updated over 9 years ago on . Most recent reply

User Stats

14
Posts
5
Votes
Marlena Cooper
  • Investor
  • Ann Arbor, MI
5
Votes |
14
Posts

Newbie, problems beginning.

Marlena Cooper
  • Investor
  • Ann Arbor, MI
Posted

So recently I received two calls from motivated sellers, I am a newbie investor and I began marketing a few weeks ago and it is actually working. However, I am having a hard time following the rule to at least look at 20 houses before beginning to make offers(I havent figured out how I will be getting into viewings). Secondly, I feel somewhat comfortable in some areas of re investing but when it comes down to getting deals under contract, I do not know where to start(which contract to use, what the writing means, explaining it to sellers, handling emds, what to do with contracts after signed). Not knowing this important step is breeding anxiety. Who should I talk to? I have consulted with a lawyer and he seemed knowledgable and helpful but he still quoted me 200/hr. I would want to use a lawyer in a more secure deal where I know I could afford him.

The deals that came in are both two bedrooms and under 1000 sq ft, which makes me skeptic about my ability to sell them with barely a buyers list. Also, one call is in a city that I have not familiarized myself with. I have been farming in Ann arbor neighborhoods and specific Ypsilanti areas.

I do not want to think negatively, but at this point I know that I need additional help but I do not know where to find it. I also don't want to abandon my sellers who are in need of help, due to my ignorance of certain areas.

 and if i did not say it before I am a newbie and I have yet to buy and sell any homes. Also, I want to begin wholesaling to go on to rehabbing, to ultimately acquire rentals as I redevelop and rehab homes in detroit neighborhoods.

Also I look rather underage to be buying homes. What can I do to assure sellers I am not wasting their time. I mean my phone etiquette is great but on my first ever meeting with a seller she said she did not believe that I could buy her home and that I needed to give her a biz card. I did know I needed biz cards and was upset that I could not prove that I was in fact a serious buyer, but nonetheless, I left the property without seeing the inside and went to acquire biz cards. Which I still do not have, smh. How can I get past this if it arises again?

Most Popular Reply

User Stats

322
Posts
238
Votes
Stephen Barton
  • Real Estate Agent
  • Indianapolis, IN
238
Votes |
322
Posts
Stephen Barton
  • Real Estate Agent
  • Indianapolis, IN
Replied

First off, @Marlena Cooperjust relax and breathe! Just know that if you have been here on biggerpockets then you already may be more prepared than most of the sellers you will be talking to. Here are some simple steps you should take:

  1. 1. Find a mentor in your area or someone who is willing to take you under their wing on your first deal or two. I found someone who we are still working together even after a year. 
  2. 2. Who cares about age? Look at baby face @Brandon Turner. He never let his age get in his way. You should not either. As people used to say to me, "Fake it, till you make it". 
  3. 3. You need to pay an investor friendly attorney to write you up a 1 page purchase agreement that is legal in your state.
  4. 4. Find a title company or closing attorney (depending on your state) who will be able to accept a purchase agreement and earnest money. 
  5. 5. Reach out to someone who is doing deals. You can always ask me and I will help you for free. Contracts are scary at first but I assure you that once you have one explained to you then you will think it is silly that you were ever afraid of them.

You are more capable of doing great things than what you will ever know. You just need to know there are people here on BP who love to help others. Just reach out to the right person and you will be on your way. The important thing is never let a seller have the idea that you do not know what you are doing. Just be honest and make sure you understand the process of a real estate sale in general. Read, talk, and network to find your way. It is starting to work for me, and this will work for you! You can do this!

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