All Forum Posts by: Ubaldo M Gomez

Maria,

You seem to be doing the right things flipping and selling real estate but wholesaling is by far the money maker because you do not use any of your money to buy properties or in this case, flip them! I heard of this website that is doing just that, they let you in on a database of cash buyers all over the country looking for flips and you as the wholesaler find those properties for them. I wish could link you the site but is against BP policy not to spam. Just google Kent Clothier is the founder of this database and is a real estate investor.

Happy flipping!

Thank you James for the welcome post. Yes I am new to my area and looking to meet others in this lucrative real estate market. Keep in touch.

Sounds like you are following my footsteps even though we never met. I had the same ambitions of making it in Real Estate in the last 10 years doing deals. Unfortunately with no exit strategies of my own learned very hard lessons of loosing money on my investments due to lack of Real Estate education. Today I am smarter about buying properties and constantly reading the BP blogs to arm myself. Getting educated about real estate and building relationships with other investors is the key. Let me tell you about what happened to me:  I bought my first property in 1996 married with one child ( now have 5 kids) at age 29 purchased  a 4 unit building. I lived in one unit  and rented the three other units got me by for 6 yrs rehabbing all  units and later increased the rents due to improvements. I started generating cash flow on the three units began using that money to save for rainy days until it hit me on something I heard; my improvements increased my equity ( value of Property after improvements). I did not know this due to lack of Real Estate education. Took out another mortgage on the property's equity lead to me going on a investment shopping spree buying and flipping distressed properties. I had no exit strategies in case could not find buyers hit me hard. I ended up taking losses on all my flips made me realize exit strategies are important. Today I am a renter and getting educated about Real Estate exit strategies because I have plans to get back in the game! 

Hope this helps.

Taking a Loss in any Real Estate is not an option unless you are desperate due to financial hardships. It does not appear you are desperate. I would rent it until you have a nice equity on your property use it for another Real Estate deal in the future. Have you ever considered :

“New Every Two” Primary Residence Flip –Many investors simply invest only in their own home, adding value and reselling every two years. The reason behind this is that in the US, the IRS allows a tax-free sale of a primary residence every two years. If you don’t mind moving often, this might be a great option for you.

Hope this helps.

Why are so many real estate seminars everywhere selling real estate education? Selling the education to the curious is easier than actually doing real estate deals, so it seems. Many go to these seminars buying expensive education packages lead to more buying packages is never ending. Has it been like that for many of you? I mean if real estate deals were that easy, no one would be selling the information but keep it to themselves.

Looking for real estate investors in my area to meet and learn from each other.