Newbie

[Lawrence Patterson]

Hi, I am a Newbie just starting what does it take to find a good deal and the right cash buyer or investor that is interested in buying your property?

[Jonathan Ramos]

Welcome to bigger pockets Lawrence. I am also new here but from what I have learned from reading on the forum and listening to the podcast. To find a good deal it takes some work. There is not an easier answer it depends on what you are trying to do depends on your market that you are looking to invest in and what are you looking to do wholesale, rehab fix, buy and hold, note buy etc. From what I have learned the first thing you need to do is determine what you want to do. After that spend time on bigger pockets and learn how to determine if the property is worth investing. For instance, you have the 70% rule for rehab and fix then you have the 2% rule and then 50% for buy and hold these are some guides on how to determine if a property is worth buying.  

Once you have learned how to determine if a deal is good or not then I would move to the next step. Would probably be to create a business plan to determine the direction you want your business to go. Maybe then open an LLC (I am not a licensed attorney) you would have to speak with in attorney to determine whether it is best for you to go LLC of S Corporation etc then find a good tax accountant. This is all done so that it keeps you from getting in trouble with the law and also from the IRS. Next I would start with determining your market strategy and how you are going to implement. Prior to implementing that I would start to look for how are you going to fund deals and then start to look for investors. It is a small world out there and you don't want to provide your investors with bad deals as you may find yourself with no investors really quick.

Hopefully, this is enough to get you started in the right direction and Good luck!

Jonathan