New Member from Queens, NY

[Mark Maisonneuve]

Hey Everyone, I️’m new to REI and I’m really excited in what’s to come from it. I’m a Claims Adjuster working for one of the top 10 insurance companies in the country. I’m turning 30 next year and will also be getting married in June. I’ve known very little about real estate mainly flipping and just always assumed you needed a lot of capital to get things done. A friend/coworker of mine a couple years ago always mentioned real estate and reading books about it, but I️ didn’t catch on. Now he and I️ work together at a different company and he mentioned it again. He actually recommended I️ check out BP a few weeks ago. Since then I’ve been fully immersed. I️’ve listened to numerous podcasts, attended a webinar, read a ton of articles and have actually listened to a couple audiobooks that were recommended. I️’ve signed up with my local REIA and plan on going to a meet up next Friday to network with like minds from BP. My initial thoughts of a niche was pursuing SFRs but now my leaning more heavily towards MFRs. My ultimate goal is owning several MFRs enough for me to call it quits with insurance by the time I’m 40. My first goal though is completing my first deal next year. I’m looking forward to all of the ups and downs that comes with it. I️ hope to gain as much knowledge and new associates along the way. Thanks for reading!

[Account Closed]

@Mark Maisonneuve Welcome to BP!  You can easily complete wholesale real estate deals with little/no money by creating your own “options” transactions. That means: 1. find a property that meets your criteria, 2. negotiate price with seller and enter into an “options” contract, 3. Re-market and SELL property, and 4. Pay seller AFTER you get paid and make a profit!

We do this with land and with deals under 5K I don’t use a title company. (No “double escrow” needed but that works for the bigger ones.) One deal I negotiated to buy for $3k and sold the same week for $9k.

I have a number of those transactions happening all the time. Super easy to complete. Hardest part is reaching the sellers at the “right” time but the more people you reach out to the easier it is.  Make sense?  Hope this helps!