All Forum Posts by: Dalton Ward

You may have already read this because it's so popular but I'm currently reading "Rich Dad Poor Dad." It's my first real estate book and I'm only about halfway through but it's already reshaped the way I look at finances and my work ethic.

I was in your exact position just a few months ago. I'm also a college student and I just closed on my first property. There were two things that I very quickly realized were vital to owning a property;

1. Finding a house

2. Finding money to buy that house

If you're able to have a full time job and good enough credit to get a loan from a bank then more power to you but like many college students and myself as well this isn't possible. What you'll need to do in order to get the money is basically just find someone to give it to you. I know this sounds crazy, "Why would someone give me 10's of thousands of dollars and they don't even know me?" It's really not as hard or crazy as you would think. I've found that if just ask and clearly state your goals and how the deal could make them money then your chances of finding someone to finance a property really aren't that bad. 

As far as finding a house, use all available resources to research what kind of houses are best for buy and hold rentals and which ones you want to stay away from. In my case, I found a home through someone in my network that saw the house and thought of me because I had networked and created a relationship with them.

Basically it's all about networking because the more relationships you have in the real estate world, the more people are thinking about you and helping you out along the way. While the name of the game is almost always to make money, there are lots of people out there who want to help young investors like ourselves because someone else helped them when they were first getting started.

@Justin Craver That's great advice. I'll definitely look into Max Maxwell's page and watch his videos. I've already looked for meetups and I've found multiple in the Durham/Raleigh area but none in the Kernersville area unless I'm just looking in the wrong place

Thanks for the advice @MJ Jackson. If you know of any upcoming REI's in the Raleigh/Durham area please let me know, I'd love to attend and gain knowledge.

Wondering if anyone knows anything about the processes of wholesaling residential property in NC, specifically the Winston-Salem or Durham areas? First and foremost I know that you need a brokers license in some states to sell the rights to a contract. Is NC one of those states? Also what is the most affective way to go about wholesaling? How should I find buyers for homes quickly once I have them under contract? Or should I have a buyer lined up before I put it under contract? I know almost nothing about wholesaling except for the general idea of it but I'm eager to learn more. If anyone can answer any of these questions or have any other advice it would be greatly appreciated.

Thank you @Bill Hampton. I can't wait to begin this journey.

How did your flip turn out?

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $50,000

This is my "Foot in the door" property. I would like to hold on to it for at least long enough to get it refinanced and do a cash-out for the down payment on another property.

What made you interested in investing in this type of deal?

I have been wanting to get into real estate for a while and I finally came across this deal and saw it as my way in the door.

How did you find this deal and how did you negotiate it?

My mom actually owns a property management company and found this property and then suggested it to me. She had bought the property amount a month earlier for $50,000 so I didn't negotiate the price at all because this was basically a gift that I would have a seller that wasn't going to give me any problems.

How did you finance this deal?

I financed the deal with a private investor who gave me the entire $50,000 with a deed of trust for a 20 year amortized loan at 5% interest with a 5 year balloon payment.

How did you add value to the deal?

My background in construction adds value because I've already done some work to the home myself that's only taken a few hours of my time.

I'm 20 years old and just bought my first rental property which is actually in Lexington, NC however I am from the Winston-Salem area and currently go to college in Durham, NC. I would love to connect with people in any of these areas who would like to work on projects together whether it be flipping or buy and holds. I have construction experience as well as many, many connections to the construction world from small remodels and renovations to large development companies. My main problem is that I'm just starting to get into the real estate world so I don't have a lot of liquid capital which is why I would love to partner with someone who would be willing to invest. If anyone in the area would like to discuss further I would love to connect and hopefully develop a business relationship.