Hello World! / New investor taking action in the Phoenix valley!

Hello World! / New investor taking action in the Phoenix valley!

Investor · Scottsdale, AZ · Member since 2016 · 8 posts · 1 vote

I am a (relatively) new real estate investor. I fall pretty well into the category of "accidental" investor, having bought a home right out of college and then renting it out when a pretty fast-moving career opportunity came up to move from MN to AZ. Granted, I'd read "Rich Dad, Poor Dad" in college and become fairly interested then, but it took me almost 10 years to get serious and end up having anything you could consider a cash flowing investment.

Here I am now, and I've been heavy on the education path for the last 3 - 6 months. I listen to Bigger Pockets Podcast when I'm driving, getting ready for work, cooking, cleaning, etc. I'm starting to get through a number of books on the subject. Now it's time to take action, though I will continue to educate myself throughout my real estate investment career.

Short-term goal: Rental property; need SDIRA setup help!

I am now ready to really begin networking in earnest and learn what few things I need to fuel my plans for action! In the short term, I'm looking to buy a rental with a self-directed IRA. I'm vetting companies and plans for this, as well as how to structure things. I plan on a checkbook IRA, from what I've learned so far. If anyone has a great SDIRA company and/or legal and/or CPA references that can help me get set up, I'd appreciate your thoughts!

Short-term goal: Build up wholesaling practice, need ops advice and cash buyers / needs education!

The other short term action I'm taking is to get into wholesaling. I'm developing my own website, working with my girlfriend (a print and graphic designer) on marketing materials, and developing my marketing plan to generate leads. The problem is, while I've learned that List Source is a great way to build mailing lists, there's a step or two in between this knowledge and getting an effective system in place. Is anyone willing to help a newbie clueless in this area figure out how the operations work for that? I'll insist on working out some sort of compensation for your time and knowledge!

Similarly, I plan on doing business in a very transparent manner and in a way that the cash buyers I work with will be very happy to see a message from me. To accomplish this I really need to understand how landlords and house flippers look at deals. As luck should have it my day job has me regularly estimating, which tends to be a very transferable skill, provided you understand the nuances of the thing being estimated. Again, I'll insist on compensating you for your time and knowledge, though on this track the better the knowledge the more likely I'll send great leads your way.

For all of my information asks, I'd really love to meet someone face-to-face to chat. If you're in the Phoenix valley, I'll buy you a meal for your help. Just let me know via a message that you can help, with what, when you can meet, and where is best for you!

Thanks to all who bothered to read this post. I'm SUPER stoked to get started in earnest, and would love to chat with anyone and everyone that's willing!

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  • Investor · Warner Robins, GA · Member since 2015 · 1k+ posts · 490 votes
    9y

    Hey man welcome to BP! You are most definitely going about this in the right way. Stay focused, keep it up and you'll go far!

    If you have any questions, let me know!_

  • Carl FischerPro Member
    Rental Property Investor · Ambler, PA · Member since 2015 · 2k+ posts · 1k+ votes
    9y

    J.Michael,

    We are a SDIRA administrator, but out of respect for bigger pockets we don't want to blow our own horn. Below are 3 things to consider when selecting a custodian/administrator for a self-directed IRA.

    1. Knowledge (They actually know what they are talking about)

    2. Customer service (can you reach a person, how quickly?)

    3. Ease of transactions

    If you have any questions or would like to connect, please feel free to send me a message.

    Thanks

    Carl

  • Daniel HymanBusiness Member
    CPA · Milwaukee, WI · Member since 2016 · 2k+ posts · 1k+ votes
    9y
    J.Michael Edwards-Toepel welcome to the forums. Glad to have you on BP. I have a great attorney for you if you are interested. Feel free to send me a private message and I'll get the contact info to you.
    My Online Accountant572 Reviews
  • Wholesaler · Glendale, AZ · Member since 2015 · 46 posts · 12 votes
    9y
    Good morning J.Michael Edwards-Toepel I am a local investor/agent/wholesaler and i would love to meet with you and bring value to your business. I work with an awesome group of wholesalers and investors. You can check out my site azrisingreinestments.com
  • Investor · Scottsdale, AZ · Member since 2016 · 8 posts · 1 vote
    9y

    Thanks, everyone, for the warm reception! As I continue to nail things down I'll definitely take you all up on your offers of help. I'm stoked to be part of such a great community!

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