Little Rock, AR · Member since 2017 · 8 posts · 4 votes
Hello Arkansas, I am new to not just BP but also Real Estate. I am looking to gain useful advise and guidance from any experienced professional. I am getting my feet wet first in real estate wholesale, so that I can get to a point where I can start flipping homes. If anyone is willing to give me a little guidance it would be greatly appreciated.
Welcome to BP and real estate.
Wholesaling as I see it very simply put means you need to go out into the market place and beat all other more experienced investors and agents to the deal. Then you need to negotiate a super duper deal with the seller so that you can take that deal back to those experienced investors and sell it to them at a price that will pay you for your work, but also leave enough room on the deal for them to profit. Best of luck. I'm in no way saying you can't do it. Im just giving my 2 cents on the process and think it's not usually the best place for someone new to the industry to start. Personally I'd learn who are the players in your market and ask them how you can bring value to their business in some way. Work with them to learn the business, not against them.
Alecia Jones
I suggest watching the market in your area. I am new too so my advice is limited.
Auction.com is a great place to watch. If you decide to work with an agent on purchasing your homes interview several. I know in my area there are very few real estate agents who know the flipping market and have connections to wholesalers who can get you a better deal on a home.
Good luck! Welcome to bigger pockets!
I thank you for your comments, I hope the post wasn't confusing. What I am saying is that I am starting in wholesale, and I am trying to go into flipping houses in the future., I currently do not have the finances to flip a house completely. I do know that there is financing out there but do not want to deal with banks in this business so soon in the beginning.
@Alecia Jones Welcome to BP and to real estate in Arkansas. There is a networking group in Little Rock that you should join to meet both newbies and old hands. Check out CARREIA. If you care to drive to the Hot Springs area join our MeetUp the third Thursday of every month. Go to MeetUp.com and sign up for details.
Welcome to BP and real estate.
Wholesaling as I see it very simply put means you need to go out into the market place and beat all other more experienced investors and agents to the deal. Then you need to negotiate a super duper deal with the seller so that you can take that deal back to those experienced investors and sell it to them at a price that will pay you for your work, but also leave enough room on the deal for them to profit. Best of luck. I'm in no way saying you can't do it. Im just giving my 2 cents on the process and think it's not usually the best place for someone new to the industry to start. Personally I'd learn who are the players in your market and ask them how you can bring value to their business in some way. Work with them to learn the business, not against them.
Thank you @Account Closed Thank you so much for your feedback this is the first that I have heard that I should not start here. I have call and contacted many of the investors that I could find online about collaborating or training with them and they have all at this point said that they do not have time; which is understandable I am just ready and excited to get started. Would you have any advice for me at this point?
Learn the market, learn your competition, find a niche, hustle harder.... Start by watching property and educating yourself on BP. Get out and network your tail off, talk to everyone! I'll give you an example... Just today I stopped and talked to a guy mowing the lawn on a triplex lot. I asked if he owned it, "nope but I'll call the guy and see if he'll talk to you"... 30 minutes later, I've got a lead on 2 deals that are OFF MARKET and maybe a whole lot more... Good luck and welcome to BP!
Thank you so much I know that is exciting for you. I am currently networking through the internet but I will be getting out and about on Tuesday I have a schedule and goals. Since I am doing this full time I want to ensure that I am getting quality leads, and investors. I am truly looking for a niche that will work for me and what I am trying to accomplish. Thank you so much for your feedback it was very helpful.
@Alecia Jones I wanted to share my advice w you. @William C. is what I find to be true. I think its a great way to quit and give up if you aren't excited to fail. I truly believe the greatest successes come from having the freedom to fail and the strength to bounce back up to take the next risk. For the sake of not being redundant I'll just point you to my recent podcast with the guys here
First, take the time to upload a profile picture. If it even takes you an hour to so so people will give you more of their time the more they imagine you an actual person. FILL your profile with as many details as you can. Don't have experience...what do you have? Do you have experience in something else that could be creatively applied to investing? You at least can simply list your goals for the year 2017. Let me know who you are as investor in that profile. If you don't know who you are as an investor then you need to spend the time you have learning (take the time yourself to get a basic education). I love helping new investors, but don't start networking and looking for a mentor until you can speak the language. That's what BP is for. If I find a driven person who takes initiative I will make time to help them. Those who are persistent, follow up with me often, and tell me what steps they have taken or failures they have had get my hep or better yet, partnership.
@Alecia Jones, come to our REIA. It's the Central AR Real Estate Investor's Association - CARREIA. I can register you as my guest for the next meeting if you'd like. We meet the 2nd Tuesday of every month.
I am also in LR and just starting out. I intend to do more buy and hold. We should get together sometime! I am also going to be going to the CARREIA meetings here shortly :)
@Meghan McCallumThank you a ton for the advice, I have taken your advice to heart and I would love to follow up with you. Thanks again I truly appreciate it.
@NaDean Bowles I would love to be your guest, I am so excited to meet more people with the drive and determination that I have.
@Rachel Fazio I would love to get together with you and figure this out together that would be awesome. Message me and we can exchange contact information.