Brand New to REI in CT

[Laura Wyzykowski]

Hi everyone, 

My Name is Laura and I aspire to retire with passive income from rentals. I am a secretary in our HIgh School. I've been reading and learning all I can before I jump in the REI waters. The more I read the more I realize how little I know! Since I don't have funds I am focusing on wholesale strategy right now. I am getting hung up on how to know a house is a good deal for a flipper and lacking the confidence that if I get it under contract that I will find someone interested in the assignment. I am concerned with what if I get stuck with it and I dont have the funds to pay for it. Not a situation I want to deal with! How do I avoid this situation?

Thanks!

Laura

[Samuel Eddinger]

Hey @Laura Wyzykowski.  I am an investor, flipper and owner of a property management company in CT.  I'd be happy to have a phone call with you. DM me if interested.

The short answer on wholesaling is to do it well you need to be process minded and build systems.  There are already a lot of wholesalers in CT so the market may be saturated leaving you frustrated.  Most wholesalers buy lists and perform mailing strategies as well as have virtual team members who make the warm up calls and then the owner (you) close the deal.

You need to be extremely aware that people will be mad at you, calling you names, swearing at you, etc because for you to make money at it, you need to buy it below market value.  If you are unwilling to work and unwilling to be beaten down repeatedly, wholesaling will not be right for you.

In general, to be successful in life, you need to focus on playing the long game.  This means networking with people and being persistent.  I am now reaping benefits from the relationships I facilitated 5 years ago.  I measured my worth and success at that time based on the number of good calls I had and not the number of closed transactions.  

One final note, owning real estate can be very rewarding and very profitable but it is most definitely not passive.  People have a misconception that you just buy a property and the money comes rolling in.  This is the furthest from the truth!