All Forum Posts by: David Ramos

Good day BP community,

I just wanted to share a very important article regarding some misconceptions related to the wholesaling of properties, particularly for new investors getting into the business. Here's the link:

http://www.biggerpockets.com/articles/149-wholesaling-properties-7-costly-mistakes-of-newbie-investors

I felt directly identified by what Iman Yusef-Yahya exposed in the article since I, like many of us in the BP community, am a newbie investor. One of the main points that I recognized throughout the entire excerpt is to avoid speculation, either by thinking that the market will swing to your favor or just by getting "in love" with the property. One of the key aspects that affects an investor's performance is sticking to your strategy, to maintain the focus on your guidelines and plans and to consider exit strategies in case the entire deal goes south. I hope everybody absorbs as much pertinent information regarding this issue to ensure little to no errors in your successful investment ventures. Best of regards to everybody.

David Ramos

Welcome Nicholas Radon, as everybody in this thread I'm also a beginner in the Dover, Delaware area and its surroundings. It caught my attention that you are a Mechanical Engineering student and going for great internships with GE, and I commend you for your efforts on going to school and making a life changing investment venture on the side. I also have an Aerospace Engineering background but haven't finished my degree yet due to my service in the Air Force.

I think that to begin with, and like probably everybody did is to establish your niche strategies and further narrow down your criteria. At this time I'm intending to hit this venture on the Flip/Wholesale side of the business once I head back home from my current deployment. One thing that you should note is that all strategies can also work as reasonable exit strategies in case your first investments happen to go south. The good thing is that regardless of the strategy you can come up with some substantial profits if you do your due diligence. Either way we are all here to learn and if you happen to come up with something or start your first investment feel free to share it here to get more insight from it. Best of success to you and everybody on this thread!

Brandon Turner thanks for the kind words. I find the BP forums very interesting with all the info provided here. I'm currently going over the the Beginner's Guide and I've been taking a lot of notes about different types of strategies and criteria to make this a profitable investment venture. I don't see that many people from Delaware though but I'm thinking on expanding more towards the Phila area along with DC to start off. Again, thanks for your support and I will definitely share my ongoing experience here with you guys. Best of regards!

This article is definitely an eye opener for all newbies like myself and anybody who intends to speculate with flipping strategies. I'll be honest, I feel amazed and somewhat scared about how the entire flipping process goes and what it involves, particularly with the costs incurred. HGTV better work on some more in depth description of how those "pros" happen to go through the entire process and make it look like it's an easy game. With practice, of course, the game becomes easier but for us beginners it could mislead in thinking that it's just the handyman work and that's it. I'll definitely keep this article as part of my niche strategies and criteria to undergo in such investment venture. Overall, if you eventually know what you're doing you'll end up loving the game and therefore become an expert at it. Best of luck to everybody!!

Trey Stanley Welcome to BP!! I happened to go through this post since I'm also currently living in Delaware. I'm stationed at DAFB and I may have a little over a year in DE before I separate from the military. I'm glad I found somebody with the same ambition as I have. Interestingly enough, I'm also on the same boat, my wife is very conservative into the have a job, buy a property for good to live and so on. I try to keep the topic out of our conversations because she's also not convinced about real estate investing UNLESS she see's some substantial profits. HEHE, no pain no gain right! But hey, it's a matter of proving them wrong and show them proof that the investment opportunity is real and can become a lifelong experience if you commit to it. I admire your commitment to this new investment venture and wish you the best of luck. I also wanted to thank Ned Carey and Brandon Turner for their input on this matter. I'm also a newbie in RE investments so any good information that you think would be great to share feel free to tag us as well. Best of regards to all!

Liz Brumer thanks for the thread, and like you said it is very reassuring. I'm also on the very basic-initial steps towards getting my RE investment business on the road, but I have spent most of my time educating myself on books, trends, and most of the culture of Real Estate investments. Theory is good, but action is way much more engaging, motivating, and more rewarding. Keep it up and I'm sure that after your first deal, the others will be right around the corner. Best of regards!

WOW!! That's quite a project, the property looks great. Taking notes on the process, best of regards and thanks for sharing the story.

Addiel,

Thank you for your support. Right now I was thinking about starting on the Tax Lien/Deed of the house, since I lack enough capital right now. Reason being is that as I said before I live in DE and there doesn't seem to be much opportunities there. Eventually once we do move out to either TX or AZ I can have a better idea of how the market works. Fortunately, AZ has online Tax Lien sales that could help me get my foot on the door, but for starters I want to get into the single-family homes and probably target Yavapai Cty. Feel free to share any pointers or suggestions that you may have. Again, thanks for your support and best of regards.

Good day everybody!

I'm new to this forum and I'm already looking forward to do some good networking with people around the Delaware and Arizona area. I currently live in Dover, DE but me and my wife are thinking about moving to the AZ or TX area here in the next year or so. I'm originally from Bellflower, CA (Greater LA area) and I worked on RE for about 2 years as a contract RE Inspector/Evaluator for a firm in Glendale, CA. Back then they were cleaning house on the REO market and expanded their inventory fairly quick during those 2 years. I may not have the best experience on the field but I would really like to apply that knowledge back again as an investor. Any good feedback from you will be greatly appreciated. I look forward to meet great mentors and investors in this forum. Best of regards!

David Ramos