N00b here, few questions... CLE, OH

[Ivy Flowers]

Hi there,

My name is Ivy and I want to LEARN everything about real estate! I am 23 years old and currently own a one rental property that has NO mortgage. In order to buy another property I was going to take out an equity line on my current house and since it is a rental I wouldn’t get the same if it was owner occupied but would still get about 40,000$ back which I think is still good amount for my next deal.  

So my first question to all of you is an equity line a good or bad idea in my situation? Are there other ways I can use my house to be able to finance another home? 

I am also very interested in becoming a wholesaler and from what I understand they are the people who find deals for investors and flippers and don’t go on the market. 

Second question, why would these people who own these houses not just hire a real estate agent and have there home on the MLS where a large crowd of people are able to see it potentially making more money then these wholesalers offer them? I understand they're not in best shape but investors check the MLS too.

So that’s it for now, if anyone in the Cleveland area would like to meet up and discuss real estate, I want to listen! 

Thanks for reading,

Ivy

[James Wise]

Originally posted by @Ivy Flowers:

Hi there,

My name is Ivy and I want to LEARN everything about real estate! I am 23 years old and currently own a one rental property that has NO mortgage. In order to buy another property I was going to take out an equity line on my current house and since it is a rental I wouldn’t get the same if it was owner occupied but would still get about 40,000$ back which I think is still good amount for my next deal.  

So my first question to all of you is an equity line a good or bad idea in my situation? Are there other ways I can use my house to be able to finance another home? 

I am also very interested in becoming a wholesaler and from what I understand they are the people who find deals for investors and flippers and don’t go on the market. 

Second question, why would these people who own these houses not just hire a real estate agent and have there home on the MLS where a large crowd of people are able to see it potentially making more money then these wholesalers offer them? I understand they're not in best shape but investors check the MLS too.

So that’s it for now, if anyone in the Cleveland area would like to meet up and discuss real estate, I want to listen! 

Thanks for reading,

Ivy

 Welcome to the site Ivy.

Your gut is correct with the whole MLS & Wholesaler issue. Ya see you don't really want to be a Wholesaler. What you want to do is be a Realtor that sells distressed inventory. Nobody is wholesaling their way to millions. You can however sell your way to millions as a Realtor selling distressed inventory. I have done it & trained others to do it as well. We did $54M in business last year. The majority of that was all investor inventory. I assure you that there aren't any wholesalers on Craigslist slinging $54M in Cleveland investment real estate.