Newbie from Saint Louis, Missouri

Newbie from Saint Louis, Missouri

Real Estate Investor · Saint Louis, MO · Member since 2014 · 6 posts · 3 votes

Hi, I'm Chloe Nave and I'd like to introduce myself.

I joined BiggerPockets because the information I've seen on the website is so sensible and easy to understand. I'm a computer nerd who loves to analyze and research so I enjoy finding leads but my goal is to enjoy financial freedom and that requires deals. That said, my husband and I decided we would invest in real estate now that we are retired. Last month when our son moved out of a family property that we owned free and clear, we cleaned it up and rented it out. We have since put a contract on a short sale property and are waiting to see how that turns out. If we get it then that will become our second rental.

Since we don't want to run out of retirement savings buying rental properties, I enrolled in a Subject To and Lease Option training course offered by a local REI. So we seem to be building a foundation on rentals and I'm trying to get my husband to take advantage of the information on the internet about being a landlord rather than continue with his trial-and-error experiential method. I've pointed him to BiggerPockets as a start so hopefully it will help him change gears.

Anyway, I want to learn to wholesale as an alternative exit strategy for property we don't purchase/option to rent/lease. I have just started to build and qualify my buyers' list and I set a goal to complete my first wholesale by end of next month. I've been told by others in local REIs that my goal is realistic although I still feel very unsure about approaching motivated sellers. My expectation is that once I do my first wholesale I will get over that feeling and pursue them more aggressively. Overall it would be wonderful if we can end 2014 with 5 rentals and 3+ wholesales.

So why did I join BiggerPockets? To stay motivated, to learn from its many contributors, to connect to others who may become my associates, and because it's such a suitable format for a computer nerd!

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Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
12y

@Chloe Nave

Welcome. Time to build the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 60 past ones to catch up on.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.

Consider checking out HUD homes for small multi's owner occupied gets first crack.

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.

Couple good reads

Good luck

Paul

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  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    12y

    Welcome to BP community @Chloe Nave! It is a great place to meet new friends and learn about various aspects of real estate and more. Here are a few recommendations for you:

    Find and connect with other BP members that are in your area http://www.biggerpockets.com/meet

    Set up keyword alerts to be notified of the topics that interest you http://www.biggerpockets.com/alerts

    Read Beginner’s Guide http://www.biggerpockets.com/real-estate-investing and check out BP Podcast.

    If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below. He or she will be notified of being tagged so that the conversation will continue.

    Wishing you the best!

  • Real Estate Investor · Saint Louis, MO · Member since 2014 · 6 posts · 3 votes
    12y

    Thanks @Dmitriy Fomichenko! I will heed your advice.

  • J. MartinPro Member
    Rental Property Investor · Oakland, CA · Member since 2011 · 3k+ posts · 2k+ votes
    12y

    Welcome Chloe. There are a lot of super helpful people and great advice on this site! I'm a 'fix and hold' investor from the Bay Area in CA, and loving it! A lot of others doing flips, wholesaling, notes, everything. A few tips.


    You can tag people by typing @ before you type their name, then clicking their name when it pops up at the bottom of the message box. You can click on the 'vote' button if you like someone's post or is helpful, and there are 'awards' to earn on your profile. The "Learn" link across the top navigation bar has lots of great info, and most importantly, the BP members! Welcome to BP, and good luck on your investments!

  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    12y

    Welcome to the site. Chloe

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    12y

    @Chloe Nave

    Welcome. Time to build the foundation below.

    Check out the Start Here page http://www.biggerpockets.com/starthere

    Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 60 past ones to catch up on.

    Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.

    Consider checking out HUD homes for small multi's owner occupied gets first crack.

    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.

    Couple good reads

    Good luck

    Paul

  • Milwaukee, WI · Member since 2013 · 192 posts · 13 votes
    12y

    Welcome to BP Chloe, the community here can definitely help you navigate the REI waters. Search around and ask questions as needed.

    The information I've got from fellow members has been invaluable,. Good luck!

  • Saint Louis, MO · Member since 2009 · 168 posts · 40 votes
    12y

    Hi Chloe,

    Welcome to BP. What areas of Saint Louis are you looking to own in? Wholesaling is very hard and not for weak minded people, it looks like you have a lot of determination. The market is St. Louis has really picked up. Finding buyers will not be your problem, finding the deals will. Anything that comes for sale on the MLS is being swooped up. If it's a property that had an owner occupant period that expired and the house is still available, 9/10 it usually has an issue. My point is, it's possible, but you're really going to have to dig to find properties.

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Chloe Nave Welcome! You've definitely come to the right place to learn more about investing. If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and The BiggerPockets Podcast. They are both great at learning the fundamentals.

    Oh - and don't forget to set up your Keyword Alerts!

    See you around the site!

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