Newbie from Charlotte, Michigan

[Elijah Raney]

Hi everyone my name is Elijah! I wish I could tell you I have some experience in real estate investing but at this point I have only attended a couple work shops. I learned a little bit from the work shops but it was like information over load so I don't remember all I learned cause it was all brand new to me. I am originally from Michigan left the state for about two years to live in Mayport Florida where I was stationed at while I was in the Navy. Then moved back to Michigan cause I just couldn't live with out winter.... 

Right now I am a hard working assembly line worker at spartan motors. I assembly FedEx trucks. This job can be pretty grueling at times which is part of why I want to get into real Estate investing. Oneven I need to put my money into something that is going to make me more money so that I don't have to work so hard for it. Two I want to quit my job so I have more time to go and explore the world. My goals in real estate are:

Learn how to do a foreclosure and turn around and whole sale it.

Then learn how to get a passive residual income stream going through Duplex,triplex, 4-plex rentals and lease option homes.

Then get a portfolio of income streams going through creative financing: seller financing, discount note buying, and tax liens and deeds.

I joined biggerpockets to gain more knowledge to help me acheive my real estate goals.

[Account Closed]

My advice to new investors is to start wholesaling properties. This does not require much of any marketing 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 (Not by using Google maps because they can easily be outdated pictures) There should be some.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.' This will give you the experience needed to go into other properties.

I hope this helps.

Steve Anderson