All Forum Posts by: Austin Richey

@Mike York Thanks for your response Mike. I appreciate you responding so quickly, I see you stay in Valparaiso. I'm brand new to wholesaling but i'm educating myself pretty well and open to any suggestions. I was wondering if you would like to work together and find/split deals together? I would love to even just learn the process from a seasoned wholesaler such as yourself. I'm very motivated and from what I learned in wholesaling you typically don't spend any of your money for deals. However i'm willing to spend my time, money, and effort just to get my feet wet. I work as a maintenance man in a mobile home company called Zemans homes. Maybe we could discuss working to whole sale mobile homes if you're interested.

Hi my name is Austin Richey, i'm pretty new to wholesaling and I understand the basics of it. However I do have a few questions and hopefully someone helps me answer them. Ok so let me get started.

1. Should one aquire an LLC or a Sole Proprietorship? Which would be best for a wholesaling business?

2. What marketing strategy do you use that catches the most attention of motivated sellers?

3. I'm learning that one should find cash buyers in their farm area and approach them first. Ask them what they're looking for in an investment property, go out and find it and bring it back to them. Is this a good direction to go as a beginner? Any suggestions?

4. Should one invest in a real estate license? I only suggest this because I want to have access to an MLS. However, I would to find investor friendly agents in my area. If anyone has any strategies to meet investor friendly agnets, I would love to hear them.

5. Any books recommended for a beginner wholesaler such as myself?

6. This is more of a personal question. Can you explain a bit about your first deal and how it made you feel? I would love to hear your story only because I get motivated hearing how people succeed. Especially something i'm investing my time in.

Hi, my name is Austin. I've recently been looking at alternative ways to target potential investors and I just wanted to run this across BiggerPockets and see if what i'm doing is a good idea. Recently I thought about only targeting people that I know have money like athletes and celebrities. Why? Well for athletes I look at is as providing a retirement plan because I know injuries may happen and age takes a toll on their careers. Not so much injuries happen to celebrities, but longevity in the entertainment industry becomes an issue. This is where I would come in and show them alternative ways to make money through real estate. I haven't figured out what I want in return to helping them. I just kept thinking of ideas to become rich and live the life that I want. Why not go after the people that are spending thousands of dollars on frivolous things. Most high end stars have spent atleast 30k in clothing why not invest in a property? I'm sure a football player in the NFL on the bench is looking for ways to make more money then his teammates. 

Alternative plan:

-Teach them how to Buy & Hold

-Teach them how to Flip & Sell

-Teach them how to run an organized business

-Teach them how to find the right people for their business

In the meanwhile they will have something to fall back on when it's retirement time.

Please give me an opinion. Positive or Negative, these are just rough ideas that I just thought about while at work.

Thanks for the feedback!!!!

-Austin Richey 

Okay I currently work as a maintenance man on mobile homes in the day time. Just recently picked up a 2nd job which brings my biweekly pay to around 1,100 every 2 weeks. Every month I plan on saving atleast 1400. So in the next few months i'm looking to make my first purchase.

I'm going for an FHA loan and I know it has to be owner occupied. I currently live in Illinois and plan on staying in IL for the next 3 years.

My question to the bigger pockets community:

1. What should I be looking for in homes?

2. If anybody is familiar with Illinois, where are some good places to start?

3. What should I be looking for in an area?

4. Regardless of the area, how should I look at these multifamily homes as I pull them up on realtor, zillow, etc.?

@Joe Santiago Thanks for the leads and advice. I hope to own my property as young as you are. You're rocking bro, that's inspiration. Which areas are you looking at in the Western Suburbs. I've been looking towards the Elgin area, is there any good areas that you'd would suggest?

@Timothy Riley Thanks for having me. :)

@Raymond B. Thanks for the welcome. :)

@Anthony Gayden You know I wouldn't mind investing in the Mobile Home business. I've learned so much in the past 2 years of working the trade. From water, gas, sewer, electric, plowing. I wouldn't mind investing in a few parks, I figured my multifamily units would be my foundation to all of my real estate goals. Thanks for asking such a great question, do you have any suggestion for me bud?

@Brenton Kasselder Thanks Brenton, you're totally correct. I should totally do more research before I make my investment property. I definitely don't want to sell myself short. I know Joe mentioned the book by Larry Loftis, do you have any suggestions?

@Aaron Montague Thank you so much for the variety of loans, this has been extremely helpful and informational. My first deal i'm aiming for rent free and also profitting 300+ a month, do you think i'm asking for too much? Honestly, I'm thankful to even live for free, or even if i'm paying 100$ to live every month it's more than reasonable. However, this is not the reason any of us got in the business. I'm here to invest to make power returns.

@Jean Bolger Thanks for the advice. I think i'm going to do more searches in Illinois. I should take it easy and take it step by step. I'm so eager to learn more and more things, just want to give my family a luxurious lifestyle.

Thanks all for the respones and tips. Please feel free to comment more, I enjoyed writing you guys back. You have been very informative to a young "tutor the turtle" such as myself.

Until we meet we speak again,

Austin

Hi Biggerpockets, I'm 21 years old (Total noob to biggerpockets and RE) working as a maintenance man at a Mobile Home Company in the Southern Suburbs of Illinois. I just recently got introduced to real estate by watching a guy on the internet named Jay Morrison. He introduced the idea of getting a duplex, renting the other half out and living for free on the other side. He also mentioned having to put 3.5% downpayment on a home with an Mortage insurance premium of 1.75% upfront. I'm looking to either get my first home in Georgia, Florida, or even here in good ole Illinois. I'm also looking to own 4 properties total by the time I turn 25. If i'm missing some information on understanding an FHA loan please help me out. However I do have a few questions for my fellow biggerpockets community.

1. What books would you suggest to me on getting started on my multifamily foundation?

2. What prices should I be looking for when it's come to my first home?

3. What are good websites to look for homes with FHA Loans?

4. Any places in GA, IL, or FL you would suggest investing in?

5. Any other information you could possibly think of to give a young aspiring investor as myself?

Thank you in advance with all of your respones. Take all feedback into consideration only looking to better myself.