I want to know your story!
Hi guys and gals!
I'm posting in this forum because I want to know how you got started! How did you get your financing? Where did you find your first deal? I'd love to hear about your stories and I'll answer back to every comment. :)
Most Popular Reply
I started when I was 19, so 3 years ago. I was in college trying to figure out the world of real estate investing. I was all over the place from trying to wholesale to doing short sales in an area that in hindsight should have never even drove for dollars. I failed countless times trying to find a deal.
I went at this full time when I turned 22 this year after gaining a lot more education and finishing college. What I did was I turned to my mom, now retired, and I showed her exactly what I wanted to do and how I was going to do it. She was skeptical at first, but once I showed her step by step and showed her numbers on deals that we should get into she agreed.
So, I put together a marketing campaign consisting of direct mail, door knocking, craigslist searching, meeting with wholesalers and agents, etc.
2 months after going full time, I got a call from a wholesaler with a quad in the outskirts of Nashville. I liked the area because I grew up in it, and I knew with the mass amount of commercial investment coming in, it was going to be a good deal. We paid cash for that place.
After that it took me 3 more months of marketing to obtain a wholesale deal and rehab deal. The rehab was paid for by using a line of credit against a property she owned, and rehabbed by a line of credit against her stock investments.
Here in the next 2 weeks, we are closing on our 2nd rehab, and this will be using a private lender that I met through constantly networking with other people in my area.
To finish out the year, we have 3 more that we are hoping to buy (knock on wood). 2 with owner financing and one with cash (LOC). Also, we have another wholesale deal coming down the pipeline as well :)