All Forum Posts by: Jessenia Munoz

@Nate Hollingshead Yes! I'll share what I learn along the way and maybe I'll learn from you as you start on your path as well :)

@John Thedford Thanks John! I was actually reading some BP posts and listening to some other podcasts (BP and others) trying to figure out whether it would be absolutely critical that I get a RE license in order to wholesale. I know that it adds an element of credibility and professionalism, not to mention, it doesn't hurt to have the knowledge and know that you have a much less possibility of breaking the law. On the other hand, one has more freedoms as a non-licensed wholesaler because they don't have as many restrictions but again, that leads to many of the frauds that you mentioned.

Thanks again!

@Kevin Siedlecki Agreed. I still plan to continue and grow in my career because it's something that I truly enjoy doing and I do not want to stop working, not yet. Nonetheless, I'm all for being in control of my financial destiny and I know that investing in assets outside of putting away money in a slowly appreciating 401K and the like (although great tools) won't give me the freedom I desire later on in life when I do reach a point that I want to stop working or take a break or just want to travel or whatever else entices me. At which point - as you mentioned - I may want to lean more towards a few wholesaling deals because my time won't be consumed or restricted (for lack of better words) by my full-time job. Like I said, I'm just interested in real estate and would love to use it as a supplement!

@Jeff B. Thanks for the words, Jeff! Truly enlightening.

@Jeff B.  Thanks for the break down! I'm actually glad you reached out because on my first post on BP I mentioned that I wanted to look into buying and holding solely MFU because I find it logical and comforting that if I have - let's use your example - a 6-plex and am renting out all 6 units but then I have to evict one or they leave and all of a sudden have 1 empty unit, I'll be OK because although I'm down one tenant, I still have 5 others that I'm generating profit from. If I, on the other hand, invest in a single-family and it's vacant for 6 months, I'm now in a tough place. You reiterated a very important factor in my favoring B&H MFU in saying that it's far less hassle than wholesaling and it guarantees a monthly deposit whether I feel like doing any work that month or not (assuming that everything flows smoothly with the tenants that month). I compare it to an entreprenuer who has scaled his business to such heights that they can take a month's vacation to Thailand without working for that entire month but still profit from his business. It just makes sense!

@Chris T. That's the thing! I've also entertained the idea (as a way to compromise with my dad) off starting of with a wholesale deal and using that profit to finance a rental property or two and sort of perpetuate that strategy to get exposure to both avenues which may consequently lead to our continuing this strategy or choosing one of the two that  we may favor more than the other. So we'll see! Of course if the situation arises that we find ourselves not liking either strategy, we will delve into other facts of real estate.

@Kevin Siedlecki That was my argument as well! That's what attracts me to rental properties, the fact that it's more passive than any other method. Granted, I know that there is still a substantial amount of work that needs to be done but once a contract is signed, I'll receive steady income (given that I did the due diligence of finding a reliable tenant) every month without having to do any more extensive work until I want to find my next deal. It's definitely something that beckons me to take that road.

Hi all! I'm coming back with an update (a little shift in perspective from my first post) and also some tips/advice.

I initially came to BP with the a goal of buying and holding MF units in the VA Beach and Newport News areas. Due to the fact that I don't have the capital, I approached my dad because he's had some (failed) rental properties and experience under his belt; not to mention, the capital. Now, although he has the money and experience, I have sufficient more "book knowledge" and have done more research that can supplement his experince. I told him that if he puts up the capital, I'd be more than willing to do all the due diligence and work that it would take to find the deals, tenants, find contractors, etc. without his paying me because I would gain significant experience in the process and simultaneously, he would profit. After some more conversation with him, he mentioned he might look into wholesaling as opposed to rental properties because theROI on rental properties is very minimal (and I don't disagree). Like stocks, rental properties can be more of a long-term investment whereas with wholesaling, one can make quicker money in larger amounts. Both avenues require a substantial amount of work, both require time and effort, both require a set of skills (different for both), but with rental properties, one can expect a steady flow of income (hopefully), every month, on the same day, with minimal work. With wholesaling, if one isn't actively searching for deals and bringing people together, there's no cash flow.

These are juse speculations based on research I've been doing and people that I have talked to because again, I don't have a bit of actual hands-on experince under my belt. Any tips on which route I should look into pursuing or is this more of a personal, subjective decision?

Thanks in advance for the input! :)

@Brett Snodgrass Just one more thing Brett..... Do you recommend I acquire a RE license if I choose to go the wholesaling route? I never wanted to get one because there are a number of restrictions and limitations that a license will present but if it's going to keep me from potentially getting sued, it's worth it!

@Brett Snodgrass that's what I figured! I was also entertaining the idea of maybe doing a mixture of the two as a way to expose myself to both methods. I can start of with one or two wholesale deals and then use our earnings from that to fund one or two units and perpetuate that strategy to see how it works; maybe we'll find that we like this cyclical strategy or we may drop one method and stick to the other. So we'll see! 

Thank you!