All Forum Posts by: Jerryll Noorden

I was considering that. Right now I have about 30K saved up. Been working for the company of doom about 4 months now. I was saving that money to have aa year safety net in case this job is not working out.

But I think you are right. I should just do something with this money. All I am doing now is planning to start.. and never do anything.

Stace,

Thank you.

That really sounds like a smart plan!

You both bring up a good point.

So here is a little story.

Both me and my colleague got our first house at the same time. He did it all himself. (got a contractor).. I went with a builder (Dr Horton).

The houses are comparable. I paid 268K he 168K.

This caused an obsession of mine.

The house I have has 5 rooms, 4 of which I am renting out for 650 (navy and university town ) This is in Florida btw.

But as I put just 3.5 down, my mortgage is just too high to make that a cash flow property. My gain is about 200 a month. Not nearly enough to consider it as an investment. But the house is paying for itself.

Thus.. the only reason why I am thinking about wholesale is because I want some capital fast.

But ideally I would like 6 to 10 of these lux homes I can rent rooms out like I am doing now.

I was thinking about buying lots and doing what my friend did. Build houses, rent rooms out for a few years, sell the house for a huge profit.

I just came back from living in italy for a year When I got back I discovered a big has gone to collections and that destroyed my credit score. SO for now I can forget loans..

Hence wholesaling to get capital.

But what I would like to know.. I think at least in the early stages. the steps are the same right? Setting up some entity.. company.. what ever to  run your business by.

Is this correct? I can't just step in my car find people and say Hey I am jerryll. I want to buy your house..  or am I totally wrong..

I have an idea. I will try to document every step I make here, based on my readings, knowledge, and most importantly your advise. This my turn out a great help for future newbies.

How I want to set this up is based on an other post I read on this site. 

"no matter what you do just TAKE ACTION". That really resonated in me.

So..

Every day I will try to assign a task and give a deadline. Now that I am writing this and "promising" to all I will do this, also serves as a good push that I have to actually do it.

So for now I think my task will be:

By tomorrow I would like to have a clear plan of action on how to proceed.

I think this is a good first step.

:)

So  I hope all you gurus will follow me on my journey..

All,

I have been reading many of your "How do I start" topics. Please allow me to squeeze mine in, as I am really struggling and I just cant even understand why I cant just get up and do it.

A bit of background. My entire career I have beeing in the research sector (NASA robotics). I received an offer in private sector that was very decent. (9K a month after taxes). The problem is.. I HATE THIS JOB!!!!!!

I have always been into real estate and my motivation is freedom. I love traveling and exploring the world. Now you spend 8 hours a day in a building. 30 minutes driving to and from that building, 1 hour getting ready to drive to that building and 1 hour relaxing after you come home from that damn building and 8 hours of sleep,  leaves not much to have a life.

So there is my motivation.

Now. In my situation able to put away about 6K to 7K towards savings a month can anyone suggest what I am doing wrong, how you would go about it?

As  for my story, I did the reading, the yearning, the self pep talks.

I have made my lists of what to do.. but I do not get it. I just can not start. No matter how much I read I just don't know how to start.

Is there a real step by step process that does not skip anything nor assume that you know something?

I think wholesaling is the way to go for me for now.

I am trying making my website (to attract sellers buyers lenders). LLC? Does it matter? Is it needed? /adviced?

Then what? Am I ready and prepared to do this? If so why do I sily not know w hat to do even when I have read every article about it.

SO my question for you all is. What do I do now?

example:

here is what I would do:

1) find lenders

2 find buyers

3) set up contracts?  get the infrastructure in place? (what ever that means)

4) find sellers.

Does this sound like a good action plan?

One very important last thing!

THANK you so much!