Newbie looking for direction

Newbie looking for direction

Mc Kinney, TX · Member since 2013 · 5 posts · 0 votes

Hey everyone!

I'm hoping you guys can give me a push in the right direction. Please allow me to explain where I am right now.

I am brand new to real estate investing. I'm currently reading books, going to local REIC meetings (looking to join one) and hitting these forums as much as I can. I'm also listening to the podcasts here and they are awesome. I'm a big reader and love to educate myself so this part is a lot of fun for me.

I'm working full time in a job that is not flexible with hours. It's strictly 8-5 and I usually end up working until 6 or 7. Weekends off. My wife and I are currently putting any extra money we have towards paying off debts so we can be debt free except our house. That should be complete by the end of the year.

Because of this, we have no money to invest right now. The soonest that I could would be next summer. I don't want to wait that long. Also, our credit pretty much sucks right now so I'm worried about getting loans for REI.

My long-term goal is to buy and hold around 100 properties debt-free. To get there, I plan on doing a combination of wholesaling and flipping to cash-flow the 100+ properties. My goal is to hit 100 properties in 15 years.

So a quick summary. I'm eager to learn. I dont have much money to invest and my credit sucks. I'm a hard worker and willing to work under a mentor for as long as it takes for me to learn the business.

While reading these forums and various books, it can be a little overwhelming when you look at all of the different avenues one can take in real estate. That's one thing I love about this business but it's also giving me Analysis Paralysis right from the start.

What avenue should I take given my situation? All suggestions are welcome!

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  • Urbana, IL · Member since 2012 · 1k+ posts · 425 votes
    13y

    Dennis,

    Although I'm no pro yet, it sounds like you're going on the right path so far. I'm a newbie as well, been working at it about 6 months now pretty intensely. I've got the same 9-5 job, not until 6 or 7 thankfully, and very little money to spend. It sounds like you've got the right idea about wholesaling and moving towards fix and flips. My goals are very similar as well.

    My best advice is to keep learning and doing what you can right now. Its very uncomfortable, but each time you freak yourself out about what to do next, something clicks, and you figure it out. I nearly my first property under contract but it fell through and I'm trying to figure I way I can still work it out somehow. Even if it doesn't benefit me financially, knowing I can creatively work a deal will really boost my confidence.

    I've been sending postcards out to expired listings and now I'm experimenting with meth houses to see how motivated those sellers are. I'm still in my trial phases, keeping track of what I send, who responds, on what they respond too, etc.

    All in all, my advice right now is to keep up the work and go the next step by starting to do some of these things you're reading about. I know its very intimidating, but once you start you get more comfortable with it. Continue the networking and article reading. And get out there and try some things. I've tried to practice problems for myself, but because I still have so much to learn I don't know how realistic my practice problems are.

    As for the avenue you should take, my suggestion would be wholesaling since you've got little cash and poor credit. I'm finally catching on that it is harder than people make it out to be, but that's why everyone doesn't do it.

    Good luck!

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