Lender · Sacramento, CA · Member since 2013 · 78 posts · 44 votes
My name is Ralph Easterling and I've been originating mortgage loans in the Bay Area for the last 26 years. I recently came across this site in doing my due diligent in researching "Transaction Funding" and "Wholesaling" I like to take my real estate finance experience to the next level with "Wholesaling" I have flip a couple of properties before but just recently got introduce to "Wholesaling" I would love the help of getting to know this part of the business.
Residential Landlord · San Mateo, CA · Member since 2013 · 49 posts · 12 votes
12y
@Ralph E. : I have been on this site less than 2 weeks and one of the of the things I have learned is that Building your Team (from Chapter 4 of the Free Beginner's Guide) is key and this site walks on the talk on team building, as evidenced by your welcome to the site - so welcome!!.
As to being overwhelmed - I totally get that, and here is what is working for me:
2) I then read the beginners guide and developed my High Level Business plan which helped me understand / clarify my goals, my exit strategy and what I needed to do to get there at a high level.
3) The business plan was great, but it was not an Action Plan (i.e. what do I RIGHT NOW), and this is where the forum alerts came in great. I alerted on "wife" (because mine is SUPER skeptical) and "risk" and "equity" and learned that: a) I had to figure out which market I wanted to be in (I have my primary residence in the bay area and my first investment property in Oregon) and b) learn my market.
4) I am now working on identifying and learning about different markets and the properties in those markets, while growing my knowledge base. I *try* split my time (since I have a day job) as follows: a) commute - I listen to podcasts and then since I get to work 30 minutes early, I document in my OneNote all the good ideas that I know I will need some day, b) lunch - do my best to read and respond to BP forums, c) night - this is when I review and document markets and properties to help me learn them and recognize deals and spend time on BP. Obviously, I do not always follow this exactly as I am responding to this post instead of making notes on the podcast I listened to, but in general this is what I try to do.
5) I still need to get into local BP meet ups and real estate investment clubs as well as read the BP blog, but this is where I am at today. Once *I think* I get to know the markets and houses, I will then start posting deal analysis in the deal analysis forum and once I feel comfortable I will propose to my wife the market I want to invest in and the house I want to invest in. My current plan is to use a HELOC for 10% of the down payment and 10% cash. I think this will reduce the risk enough for my wife, yet at the same time, allow me to accelerate my second acquisition!
Hopefully this is somewhat helpful and worth the time it took to read!
Rental Property Investor · San Francisco, CA · Member since 2013 · 141 posts · 93 votes
12y
Hey Ralph, welcome to BP! Where are you located in the Bay Area? There's a bunch of us sprinkled all around the forum. Sounds like you've got some great experience already! There's a ton of information on this site; make sure you check out the Ultimate Beginner's Guide to start! http://www.biggerpockets.com/real-estate-investing
Lender · Sacramento, CA · Member since 2013 · 78 posts · 44 votes
12y
Sarah,
Wow that was quick....thanks for the response. I am loving this site and in the process of reading everything I can get my hands on regarding Wholesaling. My office is in Vallejo and I have a little experience so hopefully my learning curve won't be that long. I have a couple of past clients that will buy any deals I have but finding the "Real Deals" looks like will be the challenge. Thanks Again.
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
12y
Hey @Ralph E.! Welcome to the site! It's great to have experienced folks joining here. Feel free to interact with the community and answer a few questions of your own.
By the way - here are my favorite articles on Wholesaling:
Lender · Sacramento, CA · Member since 2013 · 78 posts · 44 votes
12y
Brandon,
Thanks for the welcome and info. I just read the second two bullets and will knock out that first one! This site is full of quality information and friendly help....and I won't mine sharing any of my experience if it can help somebody. Thanks Again.
Investor · San Jose, CA · Member since 2012 · 2k+ posts · 3k+ votes
12y
Hi Ralph,
Welcome to BP. BP is the best and most active real estate website out there in my opinion. If you want to understand what it takes to become a successful wholesaler read the thread "The Truth about Wholesaling".
Lender · Sacramento, CA · Member since 2013 · 78 posts · 44 votes
12y
James and Peter,
Thanks for the welcome.....my first day actually posting and to get so many responses from the local area is very encouraging. I'm learning so much and having an opportunity to meet like minds supporting one another is awesome. My office is in Vallejo and I'm getting my education on Wholesaling. Can't wait to do my first deal.
Let me ask is there a local meeting setup anywhere to get to meet and greet?
San Francisco, CA · Member since 2013 · 69 posts · 68 votes
12y
Hello Ralph--you have found a fab site with a wealth of info from experienced investors. I'm sure you will find the info you need to thrive as a wholesaler in Vallejo. Welcome to BP!
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet fellow wholesalers and all the cash buyers (rehabbers) you will need.
In CA you might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Lender · Sacramento, CA · Member since 2013 · 78 posts · 44 votes
12y
OMG! Thanks everyone! This is so overwhelming! From the welcomes and encouragement to the endless source of information.
I'm getting an graduate education in investing that is priceless, literally for no cost! How to start...where to start...what to do....what not to do....business Plans/Formats...tax structures....marketing....day to day operations....goal setting...business forecast....
Most of all a life lesson about good people willing to pour into your life good sound experience advise that don't even know you. This is AWESOME!
Residential Landlord · San Mateo, CA · Member since 2013 · 49 posts · 12 votes
12y
@Ralph E. : I have been on this site less than 2 weeks and one of the of the things I have learned is that Building your Team (from Chapter 4 of the Free Beginner's Guide) is key and this site walks on the talk on team building, as evidenced by your welcome to the site - so welcome!!.
As to being overwhelmed - I totally get that, and here is what is working for me:
2) I then read the beginners guide and developed my High Level Business plan which helped me understand / clarify my goals, my exit strategy and what I needed to do to get there at a high level.
3) The business plan was great, but it was not an Action Plan (i.e. what do I RIGHT NOW), and this is where the forum alerts came in great. I alerted on "wife" (because mine is SUPER skeptical) and "risk" and "equity" and learned that: a) I had to figure out which market I wanted to be in (I have my primary residence in the bay area and my first investment property in Oregon) and b) learn my market.
4) I am now working on identifying and learning about different markets and the properties in those markets, while growing my knowledge base. I *try* split my time (since I have a day job) as follows: a) commute - I listen to podcasts and then since I get to work 30 minutes early, I document in my OneNote all the good ideas that I know I will need some day, b) lunch - do my best to read and respond to BP forums, c) night - this is when I review and document markets and properties to help me learn them and recognize deals and spend time on BP. Obviously, I do not always follow this exactly as I am responding to this post instead of making notes on the podcast I listened to, but in general this is what I try to do.
5) I still need to get into local BP meet ups and real estate investment clubs as well as read the BP blog, but this is where I am at today. Once *I think* I get to know the markets and houses, I will then start posting deal analysis in the deal analysis forum and once I feel comfortable I will propose to my wife the market I want to invest in and the house I want to invest in. My current plan is to use a HELOC for 10% of the down payment and 10% cash. I think this will reduce the risk enough for my wife, yet at the same time, allow me to accelerate my second acquisition!
Hopefully this is somewhat helpful and worth the time it took to read!
Lender · Sacramento, CA · Member since 2013 · 78 posts · 44 votes
12y
John,
Thanks, I missed a lot of the (getting start here page.) After your suggestion and going back I got a lot more clarity and more overwhelmed. Man I get to reading one exciting informative blog that leads to another that leads to another.....etc. I'm just focusing on Wholesaling and it seems the information will never run out. I can't imagine the amount of information available on the other investment concepts and strategies that could be here.
I have no don't that I will be successful in this new endeavor with all the information and direction I'm getting here.
All I can say is I've been so excited at what I'm finding and reading and seeing and hearing.....that I'm tired. This site...this culture...this structure...these people are very special.
Lafayette, CA · Member since 2013 · 91 posts · 45 votes
12y
Welcome, Ralph! I'm from the East Bay, too. I agree, this site is awesome! Plenty of willing and helpful people interested in anything and everything Real Estate. Also, it's not often that you see website owners/founders personally reading and responding to their members' posts. :)
I found your post via the "keyword alert" feature that Brandon Turner mentioned in his reply above. The BiggerPockets system e-mailed me advising me that you were talking about the "Bay Area". I used the link on the e-mail to get to this posting.
Lender · Sacramento, CA · Member since 2013 · 78 posts · 44 votes
12y
Hey Mary and Jay,
Thanks for the welcome and yes this site is full of RE investing and business education. I'm so glad I found it and I look forward to continue communication and prayerfully closing several transactions.
Hey I don't understand the @Mary or @Jay thing. I've read the information but it's not clear. I probably need to re-read it....anybody got a tip?
Yeah, if you want to reference someone, you can start by typing the @ symbol, and the first few letters of their name. On my PC, I need to put a space after the @ before the first letter.
For instance.... @ Ja
Once you do that, a dropdown menu should pop up and you'll be able to select the person you want to reference.