All Forum Posts by: Account Closed

Thanks for taking the time to read my post, any feedback is appreciated!

Although I'm only 21, I'm blessed to say I have a very, very good job. I make more per hour than my age and have all the benefits in the world, so money isn't an issue thankfully. I'm currently in a lease that has about 7 months left. In this time, I plan on paying off all my debts, saving up some safety money, possibly starting an LLC, and obtaining my real estate license (currently 12 hours into my 75 hour course).

I live in a college town that's perfect for rentals, so I'm thinking on my first purchase, I'll buy a home to rent out to college students (with parent's cosigning of course). The only reason I'm worried about this is because college students seem like they could be a hassle realistically. I'm on a huge partying campus, renting out a newly bought home to 3-4 18 year olds and hoping for the best seems kind of skeptical, especially once move out time comes. I could just see all the problems with them not wanting to pay for the damages, having lawyers involved, etc.

On the other hand, my dad is very big in construction. Done it all, built his own house he lives in now and also told me he could help with my first one. He built his for about $153,000 with the land included. Specs will say the house they have now is worth around $190,000. So my other option is to possibly spec build a home with my dad and put on the market after I get my license. If it happens to not sell, I could afford the monthly payments, I might even move in myself.

My question is, if I were to find the perfect rental home on this college campus, should I purchase that and rent it out or do you think it would be smarter for me to do something a little out of town with my dad and put it up at market value? I know the headaches with each of these decisions, I'm just trying to decide which one will be a better investment.

Sorry to ramble, again, any advice means a lot!

It's good you're doing what you really want to do and it's working well for you. Congrats on the move, that's huge. Inspiring!

Thanks for the story, @Jim Viens. It's good to know some realism on the subject other than always hearing positives. But how did you end up getting out of that situation? Was the contract setup to where you could get out risk free or did you lose a little money from a down payment? 

The MLS isn't a necessity, but it would definitely be beneficial. It can help you get a solid estimate on what a property is worth which is the core of everything. I'd strongly recommend getting comps ran through the MLS unless you are already really good at estimating what a property could sell for yourself. But even then, I'd check the MLS somehow. Like Martin said, there are ways realtors can help you with that as well.

Anyone have any stories they'd like to share about their first wholesaling experience? I'm looking to get into wholesaling relatively soon. Just curious to know, good or bad. I'd like to hear!

I'm about to start wholesaling, but I would like to know what's the best strategy to market myself. Experienced wholesalers, what's your most successful way in generating leads that you actually close on? Ghost ads, bandit signs, direct mail? I'm thinking about direct mail to start. Any success stories?

Hi, everyone. My name is Hunter. I'm looking to start wholesaling in the Southeast Georgia area. Anyone willing to help in guidance or wanting to connect, feel free to with me at any time!

Hi, my name is Hunter. I'm looking to start wholesaling. I have done a TON of research on it, so I feel like I have enough understanding to where it's time for me to start actually doing something instead of forever talking about it and never making a move. Also, I want to give a quick thank you to whoever replies to this, any help/opinions would be very appreciated. I also know this is all third-party advice and nobody can guide me legally, so I will take it all as just advice.

Now... I don't only want to wholesale. I want to wholesale to start, but eventually get to the point where I can rehab myself. I have plenty of connections and my dad has been in the commercial construction business for many, many years. Although I know I can wholesale without making an LLC, should I go ahead and do it now as an extra safety precaution? Don't look at is as me simply wanting to wholesale. I understand some people wholesale a lot without being an LLC, but with my future goals, I do know that I will eventually need to regardless.

I feel like being an LLC would make it more real. It would help people trust me more. In short, I would look more like a legitimate business than some guy on the internet trying to put a property under contract while promising cash for a property. An LLC would give a better appeal, but also be a safety net for me as well.

So my question is, should I become an LLC or not?