New Member from Gaylord, Michigan

[Seth Reichard]

Hi all!

As the subject stated above, I'm a new member from Northern Michigan who is incredibly new to real estate investing. I'm (as of this posting) 26 years old and teach junior high and high school mathematics. Given the shift in education's environment (especially in my state) I recognize now the importance of multiple streams of revenue and financial independence. I'm here to start learning as much as I can about real estate investing in order to bolster my income with what I find to be a very interesting and enjoyable subject matter (you know us math nerds). 

Basically, I want to get to the point where I can start earning at a level where I can move out of my parents house, pay down my loans (hopefully before my own [future] kids are racking up their own), and perhaps even retire... ...all before I die. #lifegoals

So feel free to say hi and/or offer any advice you can! I'm looking forward to meeting you!

Seth

[Account Closed]

Hi Seth, welcome to BP. 

My advice to new investors is to start wholesaling properties. This does not require any money to start and to get deals closed.

First pick a neighborhood that you are either in or close to. Driver around all the streets and look for vacant houses. (Not by using Google maps because they can easily be outdated pictures) There should be some.

Then look in the county assessors website to find the owners. it should give their name and mailing address. Send them a letter (not yellow letter because they are getting dozens of them) telling them you found their house to be apparently vacant. But if it is obviously abandoned, say so in the letter. Tell them you will pay them cash for a quick close. Write it up as a personal letter.

When you do all that, then contact a local RE Agent to give you a list of all the houses in that neighborhood that have sold in the last 5 years with all cash. That typically is investors. Then again go to the assessors website and find their name and mailing address. Also do a name search on the assessors website to see how many other properties they own. If they own several they are obviously investors.

Once you get a response from the seller of the vacant house, negotiate a deal to buy it for all cash and get it under contract. Then immediately contact all the cash buyers you just found that buy properties in that neighborhood and tell them about the house and would they be interested in buying it. If you negotiate a good enough deal that pays you then complete the transaction with the investor to buy the house you have under contract.

Once you have done all that with that neighborhood, go to the next one and 'rinse and repeat.'

I hope this helps.

Steve Anderson