From wholesaler to long term BRRRR Rabi

[Alex Shin]

Hello All! 

I am new to the Real Estate game and am SO excited to submerge myself with this space and the people working it. 

The journey started with the curtains of ignorance being lifted when i heard Robert Kiyosaki speaking on how RE investing is but one of the few ways to reach financial freedom in this country. I've learned that our government actually rewards those who employ others as opposed to being an employee yourself. Couple that with the debt system that has been created decades ago  that amassed wealth like never before through our current system. For so long, I've been against having debt and am currently working my ASSets off to rid myself of my student loans. Long story short, I aim to take my financial success into my hands by accumulating assets and ridding myself of my liabilities. 

Even specifically, my goal is to attain financial freedom in 10 years by investing in Single Family Residences and small Multi Family Unit rentals. I am rooted in my personal reasons to have this goal and am SO excited to see things through. I just ask for a bit of direction. 

No one in my close circles are affiliated with RE, therefore, I ventured outside to local meetup groups here in Denver, CO and late night talks with the homeowner who I currently rent out a room from. 

After quite a bit of time of researching online, listening to CDs, and asking questions at the local REIA (and can't forget the pyramid scheme(y) group) I believe that I am experiencing a bit of the "analysis paralysis" and feel like a untied balloon let go.

Your thoughts for my short and medium term goals will be highly appreciated. 

First off, I am unqualified for a mortgage of any sorts because I  quit my corporate job roughly 4 months ago and have been freelancing ever since. This is not enough work history to qualify for a mortgage. *It seems like I can't get a loan to buy a rental property so how can I get in the door of RE? *

I've flirted with my options and have decided to go the wholesaling route to raise enough capital for myself to be able to buy a property 100% cash down the road for a live and flip. Actually, more so, to fix up the house myself while living there, then rent out the other rooms and continue the rest of the BRRRRRR strategy. I'd open a line of credit to finance the rehab part of the first SFR I'd buy. From there, build the equity, open a HELOC, place a few deposits on other properties, rinse and repeat.

I have a little bit in savings and currently making money through the freelancing to mainly pay off my student loans and save. But as Kiyosaki says... it's not about saving, but more so, making more money to pay off debts in chunks. And I believe that. 

For the wholesaling part of my business I have been driving for $$$ and plan on hitting my foreclosure list I just received from a wholesaler/realtor. I am very low on cash and would really appreciate some guidance on how to efficiently generate leads through  direct mail marketing/ bandit signs/ online ads, or other creative ways before investing the very scarce funds I am currently living on. 

What're your thoughts on my short to medium term goals? I wouldn't want to get too ahead of myself but focus on the road in front of me. Are there any wholesalers in the greater Denver area that would find value in me doing the time intensive legwork for them?Better yet, I'd be very willing to drive while you write addresses down for us to create a potential distressed sellers list. Eggs and coffee will be on me for that! Fix and flippers on how they find property deals as well as financing deals? 

I am very much looking forward to furthering my knowledge and exchanging information with you all. The people on these forums seem awesome and I can't wait to meet some of yall in the Bad *** meetup next week. TGIF! 

Alex