All Forum Posts by: Account Closed

You need to listen to the podcast from the Yellowletters guy (forget his name suddenly, Michael ____)--he is an expert at explaining stuff like this.  You could probably find it in the archives.

I wouldn't mention ARV to the seller. Simply convince them what you believe their house is worth in its current condition and make your offer. If you can't make the deal happen for a price that makes sense to you then walk. It does not have to fit a rule of thumb, it just has to be worth it to you based on how much work you believe it will be and how much you stand to make in the end.

It depends on what you intend to do with your fledgling real estate business.  If you plan on buying and selling a lot of properties than I'd say become a realtor.  In more than one of the flips I did last year, most of the profit came from commissions my wife contributed as our realtor.

Vincent

Depends what you'd be giving up to do wholesaling full time.  If you don't have a job already, hey--go for it.  If you do have something else, you might consider easing into wholesaling and making sure you can replace your current income before you burn the ships and commit to it full time.

Really only you can answer this question.

I admire your ambition and planning, Michael.  And I can relate--I anticipate leaving the military next summer after 24 years of service and am contemplating a follow-on career doing something like what you describe.  Keep us all posted so we'll know how it works out! 

Regarding point 1), you might consider owner financing to a buyer and carrying the note as a passive income source. I just learned more about this at a REI meeting in Albuquerque last week so I'm no expert, but as I understand it can be better tax-wise than straight selling and certainly a whole lot easier than renting. Check it out.

Point 6) if I leave the military next summer and you start hiring, tell me where to send my resume!

8) Let me know if you still want to discuss Western Nevada for one of your follow on locales.

Best wishes,

Vincent

Thanks, Dave, same to you.  The rescue crew got me fixed enough to fly back to San Diego where they fixed it the rest of the way.  I took the jet again this week and made it to Nashville--hopefully get the rest of the way tomorrow.

See you next time!

Vincent

If there's one thing Uber, AirBnB, and self-driving cars have taught us, it's that the world as we formerly knew it is being challenged.  If there is enough demand and the quality is sufficient, some enterprising souls will figure out how to make it work (they already have to transport and store cranes and other large construction equipment).

Will be interesting to see what the next 10 or 20 years have in store.

-Vincent

Make it something memorable and different, but not misleading or confusing.  Can't be too many words or too small font.  If it makes people take notice you've planted the seed in their minds and perhaps you can follow up with a direct mail effort or another touch point.  Maybe experiment with different phone numbers coming to the same place and see if one style resonates better than another.

If nothing else, have some fun with it!

Vincent

Determination is a necessary trait in this and many other endeavors--sounds like you at least have that going for you.  Keep at it!

Kyle,

Your ambition is commendable--just make sure you give the proper time and attention to learning whatever your military trade is going to be; these are formative years for your military career and you don't want to neglect your training (I was in flight school at your age and there's no way I could have thought about real estate investing).

That said, you need to decide your specific real estate ambitions and then chart out how you want to get there.  If it's house hacking at every duty station and turning them into rentals, that's one thing (just realize after a couple tours it may be difficult to get any more loans).  Or if you want to flip or wholesale, that's something else, and you'll find yourself creating new networks every time you PCS.

Decide what you want to do, figure out how you want to do it, then set off with confidence.  Good luck!

Vincent

Christie, pending your answers to Tom's questions, you might also consider reaching out to family members and see if any of them would be willing to help you get going--that was how I got my start.  You just have to be careful, though, if it goes badly your relationships could suffer.

There are resources here on BP regarding investing with low or no money down (I'd link to them if I were any better with a computer--but I'm sure you can find them).  I recommend you spend some time exploring all the different options out there and BP is a fantastic starting point.

Above all--don't give up!  Treat all these obstacles as learning opportunities.

Best wishes,

Vincent