All Forum Posts by: Blaine Alger

I think it all comes down to time management. 

I know it can be tough being a student and juggling all of the different classes and assignments that are thrown your way but if you are spending 4 hours a day watching Netflix or playing video games, then I would say you have the time. 

And even if you do truly have a packed schedule, it is not that hard to set a side 15 minutes in the morning to read a RE book, blog post or scroll through the forums. Then once you go to class you can put in some headphones and listen to the podcast. A little persistent dedication each day can add up to a wealth of knowledge.   There is 24 hours in the day, you just have to decide how to use it effectively. 

Feel free to reach out if you have any other questions.

-BA

Wholesaling is not as easy as some people make it out to be especially in the market we are in today where there is so much information and everyone is trying to hop on the bandwagon.

I have heard people compare wholesaling to a combination of 5 different skills:

-marketing

-Negotiating

-appraising

-communication

-estimating rehab costs 

You can do it, but don't think you are gonna make one call and then get a 10k assignment next week because thats not how it works. It's a grind and you got be able to push through the challenges.

Feel free to reach out! always glad to help.

-BA

Hey Daniel, 

I am a fan of self storage as well and have done some research into but do not consider myself an expert.

However one thing I have heard, is that investing in self storage is not as passive as one thinks because it involves running an actual business. It is still a great investment and can generate great returns but those high returns are generated because the owners/operators of those properties are active in the investment. 

Just something to think about it.

-BA
  

I would say go ahead and do it. I think some people over look the learning experience they will obtain by buying that first house. 

Sure, there is a possibility that is doesn't go as perfect as you would like your first time around but the knowledge you will gain will help you get things right your next go at it. Real estate is very forgiving and its not like something you buy today will be worth 0 tomorrow.

I would also encourage you to take advantage of a FHA loan that will allow you to put down less than 20%. It does come with the stipulation you have to live in the property for a year but you can get out of that if you do end up being promoted in your job and have to move cities so I wouldn't worry about getting stuck in Raleigh.

-BA

I would suggest cold calling, I think it is the most cost effective way to get ahold of sellers. Direct mail can get expensive, especially if you are just starting out and aren't sending out to super niche list. 

In regards to getting list, you can never go wrong with driving for dollars. You will see other properties that your competition won't. Get the app Land Glide ($100/year) it will allow you to tag properties you see and build a list. Then you can export your list into an excel format with all of the relevant info (property address, mailing address, owner name, etc). 

For skip tracing, you don't need to get too complicate with it. There are a number of sites that will skip trace your list but there are also free alternatives like true peoples search.  It might not be the most accurate data but it is free and will get you started. Once you get a feel for the game, then you can scale up.

Feel free to reach out! I would love to help any way I can.

-BA

Hey Daniel,  welcome to BP!

I am an investor here in Waco and can get you tied in with the right people. 

Shoot me a message and I would be glad to chat!

-BA

The trick with owner finance conversations is that you can't approach the seller with owner finance as your only option. 

The reason you are looking for owner finance opportunities in the first place is  because you don't have access to bank financing (that is the scenario I am in). Once this comes up in the conversation with the Seller they will start to think, "if the bank won't lend money to you, then why should I?". So just make sure you make it a point that this is just one of the options that the seller has but not the only. 

You have to tread lightly and be able to pitch it in the right approach. 

-BA

Ronnie,

I love the hustle , it sounds like you are a real go-getter.

I think you may be overthinking it a bit. From your post, it sounds like you have a decent job and enough cash saved up. I would encourage you to just jump in and figure it out from there. Real estate is very forgiving and its very unlikely that a asset you buy today will be worth 0 tomorrow. 

Seems like you are a pretty smart guy and make educated decisions. I think the best thing for you to do is just go out and buy a property. Im not sure what your financing looks like but go talk to a lender and see what you can get pre-approved for. 

I know this is broad advice and I did not necessarily answer all of your questions but feel free to shoot me a message and I would be glad to talk with you sometime. 

-BA

Without seeing a spreadsheet analysis its hard to give my best advice, but it seems you have it all mapped out from first glance.

I would just make sure you have your  insurance included in the analysis and look out for those hidden costs. 

For the first deal, I don't think its as important to be a grand slam. As long as you are getting after it and taking action, a base hit or walk is good in my book. The learning experience is where the real value will come from. 

-BA

Obviously, education is a good start. There is a ton of great content on this site and plenty of opportunity to learn and discuss with others. Reading a couple of blog posts a day, interacting in the forums and listening to the weekly podcasts will provide you plenty of information to take in.

In terms of finding a mentor, i would suggest to approach every relationship with some value add proposition and work on developing a personal relationship. The whole mentor bit is very cliche to me and you want to be sure you go about it the right way. I have many "mentors" but i didn't ask them to be my mentor. They are just investors that are way more experienced then myself and I bring value to our relationship so they are always happy to help me out.

Feel free to reach out if you ever have any other questions.

-BA