Lenders and training?

Question

Ok so if I skip the seminars on how to throw away my money and spend $25K for their useless knowledge. What do you recommend. I am en ex realtor and can go retake tests to get license back. I have helped people flip and can look at a home and see potential. I have the eye. But feel I lack a few things. How to find ALL the good deals, best auction sites etc.

What is best way to get funding to flip homes? Everyone says DO NOT USE your own money?

If I want to read some good ebooks, which do you recommend, I see so many pop ups on here, who has read and bought what? I just joined this site last night and loving it. Going to read biggerpockets ebook today and as the days go by and work is slow.

Paul Timmins · Answer

@Jenny Cross

Welcome. Time to build the foundation below first.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 60 past ones to catch up on.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good luck

Paul

Mark Ferguson · Answer

being an agent gets me more deals am saved me about $70,000 last year in commissions.  It a no brainer for me!i find 95% of my deals on the mls even though people claim it is impossible.

Jenny Cross · Answer

They werent them kind of emails, no one is flirting :( I am old and taken, sorry if they were going to send them kind of emails....Email is busy form all the posting I am doing...

Bill Gulley · Answer

Well, thank you Jenny, but I haven't posted anything yet!

Can you get your license again? It might be the quickest way to get some cash going. Don't forget the MLS access as you'll need that too for flipping.

Read on BP about seller financing methods too, for yourself. There are some great tips here. Good luck :)

Account Closed · Answer

Welcome to Bigger Pockets!  I am just starting out, as well, and have found a ton of useful info on this site.  Another member recommended that I read "The Millionaire Real Estate Investor" by Gary Keller.  I highly recommend it - it's a great read! Best of luck to you!

Ben Leybovich · Answer

Hahaha - this is a fun thread @Jenny Cross !  Few suggestions:

1. Don't listen to Bill Gulley about anything other than REI - just sayin' :)

2. What do you want - seriously?  What is the reason to get into REI?  Your goals are the determining factor behind the license.  I have mine and find it utterly useless.  Others, like @Mark  Ferguson swear by it.

3. Regardless of what path you want to pursue, the licensure classes won't teach you anything of what you need to know relative to investing - period...

Well - this should get you started in the tight direction.  I think of the 3 bullet-points, the first one is absolutely key to your success :)  Bill, we still have love - don't we...?

Bill Gulley · Answer

She knows the basics there Ben, everyone dealing in RE needs the same basic knowledge that any agent has to really understand what they are doing.

REI, is real estate investing, there are some other areas you might lend an ear to my comments as well, notes are not real estate investing, it's finance. I have a few other areas of expertise as well, but I don't advise in taxes or dating matters really, LOL.

BP is full of coaches, mentors, gurus and predatory wolves, do your due diligence. Having been an agent before you already know some simply work other agents to get deals. Again, good luck Jenny :)

George N. · Answer

"Buy and Hold Forever" by David Schumacher is one of my all-time favorites and probably one of the "classics" of REI books.

"What Every Real Estate Investor Needs to Know About Cash Flow and 36 Other Key Financial Measures" by Frank Gallinelli is another classic. It's what I used when I was starting out to master the lingo. In fact, I just happen to be listening to the BP podcast with the author right now. The podcasts are awesome too, great wealth of knowledge. I've been following this site for quite some time and regret not accessing them earlier. Also dig around the forums. The search function is powerful. I often get lost digging into dozens and dozens of threads, often times older ones. But I have learned so much from them.

I decided I'm going to get a license. As a former agent you're already a leg ahead with your experience. The extra credibility, networking, data access, the occasional listing for others and or yourself etc. In fact, as an investor smart/friendly agent you may be able to fill a niche in your market and pick up more listings. I know in my market most agents get a deer in the headlights look if I mention cap rates or GRM or operating expense etc. What are the negatives exactly? Small cost to pay I think.

Jeff Schwarz · Answer

welcome to BiggerPockets.  you will find tons of solid info on the site.  enjoy the learning experience.  as for funding its best if you can locate one or more local funders.  then you can "look em in the eye" when talking bis.  or of course your bank.  2nd u can use a broker or agent (like me) who will work with you to truly help ypu with funding.  careful though, lots of wolves out there so chose wisely.  3rd if ur credit is good then great,  if not work to fix it. very important.  4th find an experienced local mentor who you can both learn from and call on.  just my thoughts, thanks, Jeff

Bill Gulley · Answer

You're  email is full because there are a bunch of wolves here, you're a real looker, 41 and single with RE experience!!!! What did you expect? LOL

No, your post was fine, that was just me cutting up in the forums. :)

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