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Updated over 11 years ago, 08/05/2013
New member from Dallas, TX - Hello everyone!
My name is Rory and I am excited to be here on BiggerPockets! I am 27 and live in the Dallas area and come from a great family that I am very proud of. For most of my adult life, I have believed that true wealth and security can come from smart investing in real estate. My family hasn't always been financially secure, so now is the time for me to make sure mine will be.
I began working for a real estate investor while I was in college on short sales and foreclosures. I started out bird dogging, going door to door with a foreclosure list and eventually worked my way up to managing 30+ properties throughout the entire short sale process with their respective lenders. I admired my boss for turning his life around, taking charge, and giving a kid like me a chance. Once I moved back home, I took a job for a big mortgage company and got to see how things worked on the opposing side. I definitely prefer the investor side!
I currently work as an account manager for a healthcare recruiting firm with my focus being on physician recruitment. However, I feel that now is the time for me to start my own path of real estate investing. A friend and I have always had entrepreneurial spirits, so we decided to start a real estate wholesaling business. I have learned that this is a way that most of the "gurus" got their start and it is a creative method to use when we don't have much start-up cash or credit.
During our researching and learning process, I realized that most of the questions I've had have been answered on BiggerPockets - which is what brought me here! I know that real estate investing is a job and will come with hard work and ups and downs...but for the sake of my success and the security of my family, I am willing to do whatever it takes. I look forward to making new friends on this site and increasing my knowledge about this business that excites me so much.
"I mus create my own system, or be enslaved by another man's." - William Blake
Sincerely,
Rory
Welcome to BP! Tons of awesome people in this site who are willing/desire to be of service. Sounds like you have some wisdom to share as well. Glad you're here.
Welcome Rory C. Sounds like you have a good motivation pushing you through this. That is always a plus. Hope you find what you are looking for.
Welcome to BiggerPockets Rory C.!
It seems like you have a solid foot in the door. Set some measurable goals and get to work! What kind of investing piques your interest? Flipping? Buy & Hold?
Thank you for the replies and encouragement friends!
@Mehran Kamari - I would say starting out the focus is on wholesaling, but in the future my interests center on Buy & Hold for positive cash flow and also would like to try flipping. I am open to anything. Do you have any advice on setting measurable goals?
Rory C. Wholesaling is a great way to get started in the business. It's pretty much what you were doing for that other investor. I'd say a good measurable goal is to get that first deal under your belt by the end of the year! I learned a lot about goal setting (and so many other things!) by listening to Brian Tracy audio tapes. He's the real deal, check him out.
Welcome Rory! Glad you've made it here to be on team BP! Sounds like you have a ton of experience to share with the group.
If you're plan is to start wholesaling, then you have to start the acquisition process. TODAY. Reach out to Jerry Puckett here on BP. He's helped several other investors get their marketing plan going, and he lives there in Irving as well!
Good Luck! (And please add me to first position on your buyers list!!!)
Welcome to BP Rory C., there are a lot of people here to help you out. Starting out in Wholesaling means you should get a business plan and marketing plan together. A good and reputable wholesaler gets properties that don't have an agent selling it. I see a lot of new "wholesalers" bringing deals to people that are listed on MLS. That isn't a true wholesaler unless they get it at the right numbers.
If you get properties directly from sellers, that is when you will see more rewards, in order to get them, you need to market them. I always tell people to get your face in front of your leads. Every seller wants as much as they can get, so you have to create the deal, they aren't going to call you and tell you that they want to sell their house at 65% of the ARV minus the repair costs. It is up to you to get them to accept the amount.
So a good wholesaler is a good marketer and a good negotiator!
Dan Shoemaker Mehran Kamari John Fossetti - thank you guys, very much. This site is already proving to have been a good investment, I am thoroughly enjoying the camaraderie and am overwhelmed by the kindness.
I do have a question that I thought of last night. My friend and I are meeting this weekend to develop our business plan and marketing strategy...it will only be Day 1, but we hope to accomplish a lot. With this task comes an important decision - my old boss/mentor taught me to always have an end game and think 3 steps ahead of everyone. With that being said, I figured the obvious plan of action would be to compile a small list of buyers before searching for properties. However, the more forums I read I have come to realize that a lot of buyers wish they were just approached with a deal...not a lead...a negotiated deal. The wholesaler/buyer relationship would then be built off of the deal closing.
Can anyone attest to these scenarios? Should we focus on establishing a buyer's list or getting a deal under contract first?
Best,
Rory
Yes!!! (Do both)
Rory C., welcome to BP!
One thing you can do is approach other wholesalers and market their properties for them. Of course you need to control these properties through an Option contract before you can market to sell these properties.
By doing this you are able to build a buyers database.
I have wholesaled other wholesalers' properties and vice versa...and made money and built my buyers database in the process.
Wendell De Guzman - thanks for the tip! I have never heard of that strategy before. How would an option contract like that appoint control of a property to me?
Ryan Enos Dan Shoemaker - I reached out to Jerry Puckett, hopefully he connects with me! Do you guys think finding a deal and closing it by the end of this year is an achievable goal for a rookie?
It sounded like you already had quite a bit of experience my friend! Personally, I would set my goals much higher than just one.
I have a goal of one per month and I think I'm setting the bar too low!
But... Your goal needs to be YOUR goal. "If the mind can conceive it and believe it, it can achieve it!"
I'm thinking you could get a could get a couple. Just make sure that you are farming a good area. Don't be surprised if you don't get any hits your first couple months. I've heard wholesaling builds momentum and can take a few months.
Welcome Rory! You will fit in just fine! Hopefully we will see you at the next BP meetup in LAs Colinas!
Alexander Bustos Thanks for the message...there is a BP meetup in Las Colinas??
How do I find out about where and when it is?
Here ya go Rory C.
http://www.biggerpockets.com/forums/86/topics/96486-dfw-scheduled-meetup