Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 9 years ago,
Hi new friends!
Hi there,
My name is Mo and I currently live in Austin, Texas and am looking to get into real estate investing. I've been doing a lot of research and reading over the past few months but it seems like there is too much incomplete information out there and too many "one size fits all" strategies. I'm 26 years old with a new family (8 month old son) and I have this insane drive to find new income streams that will allow me to support my family and eventually become my full time job. I am not here because I think this is a get rich quick type of business but because choosing to not go to college (and rack up huge debt) has created a glass ceiling with traditional money for time jobs.
I'm looking to get into wholesaling and have a few questions about the processes needed to get the ball rolling. I'd love to work with someone here locally that could show me the ropes and allow me to bring them extra revenue while I learn the business. My biggest issue is that all the information online, in terms of lead quality, is subjective to your local market and and the investors that are already active in it!
Any local people that would be willing to give me a helping hand would be a blessing for me. Also if the BP community could help me out with a few questions I have regarding the processes
Contracts:
Are these good contracts for putting a property under assignment and what should be added or changed? https://www.biggerpockets.com/files/user/chris_col... https://www.biggerpockets.com/files/user/chris_col...
Should I form a LLC or put these in my name starting out then form an LLC when I get some money flowing?
Leads: What is a good lead source when just starting out (aka newb friendly)? Seems like foreclosure and pre foreclosure are more technical and probate you might have to deal with a lawyer that can pick you apart if you don't know the biz
Accurate ARV: Newb friendly way to calculate ARV
Closing: Once I've got the seller to sign the contract, calculate the ARV, find the buyer then I take the buyer and paperwork to the title company?? I get the whole double closing in theory but not in practice.
I understand that most of this can be found out by making my own mistakes but I'd like to go into this armed with as much info as possible.
Sorry about the long post and thanks in advance