All Forum Posts by: Aaron Wyssmann

Thanks for all the great ideas.  

@Eric F. I had have heard of what you suggested but didn't know how to make it happen.  

@Jay Hinrichs Completely agree.  

Paul,

I am an Realtor and investor in Springfield but I currently only manage my own properties.  But if I can help in any way don't hesitate to reach out.  Good luck on your search.

John,

Have you listened to podcast 200?  If not you need to go and listen, it will help answer some of your questions.  You will hear it mentioned on that podcast but if I were in your shoes the first thing that I would do is write and stick to a family/personal budget.  You mention not having much money and there's only two ways to fix that, make more money and spend less money...both at the the same time are obviously the best.  There are great books out there that teach you how to do this.

While you learn to handle your personal finances, get on BP and read as much as you can. Learn about your local market, join the local REIA.

As Brandon always talks about on the podcasts, there are plenty of ways to buy houses with no money, at least none of your personal money, but it almost always takes someone's money to buy a house.  You can find a partner or have seller financing or any of the other host of ways to buy property.  

That's where I'd start in your situation.  I can give you this advice because I was in much of your same situation 5 years ago and by doing what I outlined above, the last two years have been very good to me.

Take action.

Brandon,

You will find a wealth of information out here on BP that will answer your questions.  Start with the beginner's guide and go from there.  There are tons of ways to do RE but you are going to have to find the way that makes the most sense to you and matches how you are wired.  Hope that helps but there just too much to your question to answer here.

@Jon Gillett  Step 1 is always to learn and know your market.  You have to know what buyers are willing to pay, at least with residential.  Step 2 would be to start to network and find yourself a good contractor in your area.  I always recommend that you try to find this person by referrals as opposed to ads or Craigslist.  It is much harder to rule out the "bad apples."

By "cash generating projects" do they have to be short term or long term gains?  I have found that the buy and hold strategy works well if the properties cash flow in my market.  Flips are still possible but the margins really aren't that great and so it makes more sense to hold on to them.  

Let me know if you have any other questions, I'd be happy to help.

@Nicholaus Meyer

Welcome to BP.  Great place to learn and grow in RE.  When you say a conventional loan are you looking to use a local portfolio lender or use the secondary market?  There are lots of great folks in town who do both.

@Laura H.  I saw you mentioned downtown.  It's just crazy how much and how quickly things are changing downtown.  The other place that I'm happy to making a similar change is Commercial Street.  Great shops and places to eat.

I've got a client that would like to purchase some land and I have the owner's name and address but how can I go about possibly getting their phone number.  Basic internet searches don't bring up the results I'm looking for.  Does anyone know of a service that I could pay for that would have this information or if I can do it myself?

DJ,

Sorry I guess I forgot to follow this thread and didn't see your reply.  I specialize in residential rental properties, specifically rentals.  

DJ,

Glad to meet you out here on BP.  It's always great to meet folks in my neck of the woods.  Let me know if I can help in anyway.  Are you living in Springfield?