Hello forum,
I'm new to the real estate business and i'm just starting to get my feet wet but i need to know if i'm going in the right direction because i have no mentor or teacher to really guide me. Let me start off first and give you a little background info about me. I'm 21yrs old currently in the Air Force stationed in Tampa fl at this time. I've been in for 3yrs and i'm getting out Jan 2009. I've always wanted to get into real estate but up until a month ago is when i really started acting on my desire to get into REI. I'm out of the military in a couple months and i don't want to work for anyone (only if i absolutely have to), I want to work for myself full time in REI. I'm young and i definitely want to retire early. With that being said these are the things i have been doing for a month.
I've join a website called The Real Estate Arena to get a start and it has kinda helped me out.
Since i'm new i decided to become a property locator first, then move up to wholesaling once i learn the biz a little more, then to buying properties and either holding or flipping them.
I called every "I buy houses" ads or signs that i saw to build up a buyers list. I called them to see what they are looking for and tried to find those types of homes on my own. Most of the people i contacted were helpful, some i guess didn't have the patience for a newbie.
I put out craig'slist ads looking for investors to bird dog for.
I drive my neighborhood and surrounding neighborhoods for all the FSBO signs. I need to also call on the for rent signs too. But i haven't found a deal yet. I've been told i might talk to 100 people before i get one good lead (not even a deal).
I got some responses from my ads from mortgage brokers and investors to add to my list.
I got a response from one of my ads and now i'm affiliated with an actual company that buys and wholesales properties. The person who responded to my ad is very helpful. He gave me a list of properties that the company owns and what i could to do is find buyers for their properties first, put their house under contract, wholesale it to my buyer with my fee attached. BUT everything is done through them with their properties meaning financing, title company, even the whole rehab process if the buyer wanted to. So i have to actually find buyers with a good enough credit score to purchase their homes. (let me tell you its kinda hard to try to pitch properties to these guys with telling them "Oh you have to submit a credit app first per the company before we can do anything to see if you are approved by our lender"). I've had no luck with this.
I got another response from a group of investors that is hard to find properties for because they have specific guidelines that i have to follow. The properties have to allow cash back at closing (which i heard was illegal and don;t really know what it is or how it's illegal), they have to use their own title company, etc. All the sellers i talked to said no mostly because most of them were bank owned which brings another point. Some of the people i talked to including these folks frowned apon me finding deals on the MLS just because everyone else can see it too! But maybe i'm wrong, but a deal is a deal no matter where it comes from right?
Even though i have a full time job, i'm on the computer looking at realtor dot com, FSBO dot com, and a variety of different websites looking for deals. I find alot of good deals but they are bank owned an nobody seem to want them or they are under contract with another wholesaler and it seems the people i talk still don't want them. I read different REI forums faithfully everyday.
I've gon down to the court house and got the pre-forclosure list looking for deals but i've been told that area is over worked.
I've gone to only 1 REI meeting so far due to child care issues but i'm gonna find a way to get to them every week beacuse i know networking is essential in this biz and it's all about relationships.
I've gone to an open house with one of the nice helpful people i called.
I've met with a guy from home vestors to ask questions.
I've tried to find a mentor for free(money is tight) to kinda guide me me on one like once a week, but no luck there either.
Now i know that i need to get business cards made up, have signs around town, and attend the REI meetings, but it seems like i'm kinda going in circles and i'm trying not to become discouraged. I'm definitely, ABSOLUTELY not going to give up because i'm too determined to succeed in this and i don't want to work for anyone. I definitely WILL NOT stop at this but i don't want to try to reinvent the wheel either. I haven't found any properties that's not already listed yet so my qusetions are:
Back to the original question, Am I going in the right direction?
Do anyone have a better system or process that i should be doing?
Is it unrealistic to try to learn about REI up until the point when i get out the Air Force and try to go into business from myself when i get out? ( I know that no one can learn everything in a couple of months. People that have been doing this for years still learn new things everyday, but can i learn enough to not have to work for someone).
What should i really be doing to get some deals going?
The market is good here in Tampa to buy and hold because people are selling for pennies. When i get out i want to relocate in either Atlanta GA or Charlotte NC. I hear it's hot in those areas and they are growing fast. If you know anyone in those areas or have any info about those areas please let me know. I'm going to buy my first property when i get out of the military with the VA loan ( i have some advantages in being in the military) so i've been looking for properties in both areas.
If you know someone in the Tampa Bay area that would ne interested in mentoring me pleae let me know. I'm hungry to learn this biz. Sorry the post is so long and i appreciate anyone taking the time out ot read this and respond.
