This thread is over a year old! a year of action and finally a deal!!!!!
Well I feel as though this thread is long over due for an update....
first of all I didn't disappear ! I did not become someone who takes action, fails, then disappears...
BP members I have still NOT completed a wholesale deal, no joke... I have yet to close a wholesale deal. This make shock the new members, but for the more experienced members they will say I could of told you that. I will admit my negotiating skills are not sharp at all which may have been a small piece of the puzzle to why I "failed" in wholesaling. But I didn't fail at all...
I feel like when I read rich dad poor dad and found this website it was like being born again, born into a change.. a new change of thought. With that being said things take a while to learn as an "infant". Which I was in my investing knowledge, but as you grow things (usually) become easier to learn. You have to "get the ball rolling." I saw all this wholesaling hype and thought ****, I can do this. easy. done... Well $2,000+ of marketing, countless time writing letters, folding letters, talking to sellers and trying to close a deal here I am without one. I had NO IDEA of the top level understanding that comes along with being a REAL WHOLESALER. I just realized that maybe this wasn't for me... I can only beat my head against a wall for so long. With some help from posts and my increasing knowledge I was able to understand that I need to take a step back, go over what I've learned and use it to my advantage. @Rick H.
So.... what did I do? I looked and the amount of money I had saved which at this point in time was around $33,000. I looked at my credit situation and my banking power (both of which were terrible Credit: 620 at the time and was working 1099 for my day job...1099 made my bankability terrible) and said this... I have 1 of the three things needed to get investing, what next?
I decided to look for a buy and hold type property in another state... I know @Aaron Mazzrillo is rolling his eyes a little but in Santa Barbara where nominal home prices are around $800,000 my little little 30,000 does nothing for me, plus SB is no where near the 2% rule. I started looking at 5 cities a night in different states for the next week. Looking at demographics, census reports, sale and rental reports, and so on. I liked three places, but ended up choosing Milwaukee. Now remember I did this because I had to use my only advantage I had which was cash... so I bought a house all cash that met the 2% rule. Now I have credibility and can continue to build my portfolio. Possible refi or use the house to finance another... Yes that is great deal away from California but I had help from a great man who is also a BP member and as well as few other BP members. Thanks for being so helpful when I would email you and pick you brain, you know who you are.
I now own a rental property that cash flows very nicely and I can now say that I'm an INVESTOR! I will write a separate thread on the details of the rental in a different thread. Thanks for following this thread. READY SET ACTION!
