All Forum Posts by: Jeff Valone

Make sure you have the right contracts; know the value of the home renovated and negotiate at least 70% of that value and get the purchase contract signed. 

Once you do that, you can send it to buyers and see who wants to buy it for $10k to $20k higher than your contract price. 

Make sure you know how much the home needs in renovations also. 

Talk to a Realtor and see if they would help you for a percentage of the sales price. Or see if you need an attorney for this. 

Choose a good realtor that can help you with this one and future deals. 

 Where are you located?

@Jeff Valone I came across a headline I did not understand at first: 

Be. Do. Have.

Or better: Step 1: BE, Step 2 DO, step 3: HAVE.

What it means is you can't start with the "Have" - in this case rental properties. Even though this is your desired outcome. A lot of people think this way, especially if they experience money issues, they think if I would only "have xyz" my life would be different.

The truth is, it will not. Look no further than people who win the lottery. Within a short time most of them are back where they started, usually much worse. Because they did not start with step one, which is "Be".

In your case this means you have to become a home owner and a real estate investor in your head. This starts with becoming financially literate, fiscally responsible, proficient managing money. This part is more difficult to master than to learn the mechanics of real estate investing, because you have to change who you are. For some people that is a longer journey, for others it's shorter.

Step two is to "do" - that's the part where you "do" what real estate investors do. Look at deals (a LOT of deals), talk to people, learn how to raise money, learn how to sell, learn how to put deals together.

Only now you are ready for part three which is "Have".

The interesting part is that if someone has become a real estate investor and looses everything, gets kidnapped and wakes up on another continent - guess what will happen in a short amount of time? They will own properties again, because that is "who they are". 

The other way around: owning a property does not make you a real estate investor, just as winning the lottery does not make you a millionaire (for long).

@Jeff Valone wholesaling is probably the best way to build up some capital to the reinvest in flips or BRRRRs. It sounds like you are handy if you plan to diy your live in flip so you could also attend RE meetups and see if you can find someone that wants to partner on a flip - they bring the cash, you do the work.

If you have limited funds available, flipping or BRRRR'ing could be an excellent way to get started. With this strategy, you can purchase a property using hard money with only 10% down, and they will cover 100% of the renovation costs. If you're flipping the property, you can sell it for a profit and use the proceeds to continue investing. Alternatively, if you're pursuing a BRRRR deal, you can refinance the property at a higher appraised amount, allowing you to be in the deal for less than 20% down and potentially even receive cash back at closing.

Fing what value you can bring to them and find ppl that need your value......Start at the REIA meetings...

That's awesome Jeff! Good on you for having a plan, now the hard part... sticking to it. Continue to post on these forums and browse them to gain some general knowledge and pick out things you want to dive into and get more info on and maybe reach out to someone who seems to have a good bit of experience on that particular subject. 

It is very possible to add to your portfolio with little capital, it's about being smart with your money and sticking to said goals. The biggest thing to remember is real estate investing is a marathon, not a sprint and you will grow just let it take some time and be patient. 

I'd talk to people (other investors or agents) on BP forums that have tried different things and ask them what did or did not work for them and how something may work for you. Find what interests you that works well with your lifestyle and where you are at in your personal life and what you can reasonably handle but do well. 

If there are questions you have, post them! I'm sure other people have the same question and it will open a flood of information for you!