Jump Starting My Business

Jump Starting My Business

Wholesaler · Montgomery Village, MD · Member since 2016 · 30 posts · 7 votes

I couldn't decide where to put this post, here, the marketing community forum, or the marketplace, so I apologize if it is in the wrong place. I have been working very part time on my real estate business (full time in the summers), and I'm feeling a bit frustrated but highly determined. I had one house under contract, but a year later, we are still waiting on an Easement from the county to allow it to close. In that time, my financial situation has in many ways gotten better, but in other ways worse, and so I'm really trying to get things where they need to be. I had done a direct mail campaign, partnering with a friend, but we got no good leads. I do not have the finances even to do the direct mail myself, so working with people and splitting profits is the only option that I see. That being said, I have potential buyers in Rochester NY, maybe in PA, definitely several near me in the DMV area, and one big one in Memphis. Several buyers near me I know personally are actually buying properties, so I know that a good deal will get it done. That being said, the DMV area is a hot market, and while MLS is free, I find it very hard to find flips that make sense, and I really need to find an agent that can help me with that. Also, I know that I need to find properties of other means. I am willing to drive for dollars, but I have no idea how to begin. This area is so densely populated, and houses in bad condition are few and far between. How do I map out where to go that I'm not just wasting hours upon hours? What else am I missing? How can I really get moving? I am willing to work my butt off, create scary accountability agreements (the one that got me my last deal had a consequence of getting rid of my brand new car in exchange for my father's 13 year old car), split profits. Whatever! I want to learn, and I want to run from being a broke teacher then teach kids how to never live like this. Suggestions?

Andrew

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  • Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
    9y

    @Andrew Posner direct mail will work, but you need to spend a good amount of money with it.   It sounds like your first priority is getting some funds.   And I think one of the easiest ways to do that is to get a second job.

  • Wholesaler · Montgomery Village, MD · Member since 2016 · 30 posts · 7 votes
    8y

    I have a second job, which is helping make ends meet. Right now I am focusing on finding partners. Any suggestions on that would be greatly appreciated!

  • Guy with Great Hair · Austin, TX · Member since 2013 · 2k+ posts · 4k+ votes
    8y

    Sounds like you need a mentor to guide you through your first few deals.

    Partners are plentiful, but you gotta find them with purpose! Have you been active networking? Going to Reia meetings, finding people on BP to meet, looking for groups on meetup.com, local Facebook groups.

    your post sounds frazzled and of chaotic strategy. Not in a negative way, just seems you have the correct ambition but not really directing it properly. You mentioned wholesaling, and flipping, needing an agent, and a partner. Maybe take some time and write out what you need to get done, in specifics, and then start tackling items one by one. 

    Also, you mentioned funding a few times. Everyone (most people) start out financially strapped. you MUST make some sacrifice and find ways to raise capital. You have to be able to invest in yourself. A mail campaign isn't cheap, but it's not also not dream-killer expensive, if you can't muster the cash and self-belief to invest in yourself, who else is going to take a risk on you?

  • Wholesaler · Montgomery Village, MD · Member since 2016 · 30 posts · 7 votes
    8y

    Thank you for the reply! A mentor would be great! I do attend 1 REIA, many others meet during work. I agree with your question about investing in my own business, but how do I do that when I am deciding between that and my mortgage?

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