All Forum Posts by: Jim S.

I've been a private investor in the past on a handful of deals.  In every case there was a contract that spelled out either what I would be paid and detailed the exact date of repayment and included a penalty that I would be paid if this date wasn't met.  I'm honestly not sure if this is standard or just how my deals were structured.  Personally I wouldn't have settled for anything less than an arrangement like this that was specific and pretty iron clad.

I honestly don't think you're that far behind (or maybe even behind at all). I really didn't start saving for retirement (either IRAs or 401(k)s until I was about your age and I'm well ahead of the game by now. My suggestion would be that going forward you do what I did and contribute the maximum you are allowed to and then stick to doing this. 401(k)s are great because they are taken directly out of your pay check so there isn't the temptation to not contribute if something unexpected comes up (as with an IRA). After a little while you will get used to not having that money in your paycheck but you'll enjoy seeing your retirement savings grow over the years.

Congratulations on such success at such a young age.  That's fantastic.  I wish I had started on this 30 years sooner!

I'm just starting on this too, but everything I've read points to getting the property under contract first.  It's difficult to sell something that you don't have.

This is an interesting concept and definitely something I plan to have in my tool box.

I'm in the exact same spot too.  I've been studying this stuff for a while now and am ready to go.  Like you, I have the capital I'm just looking for the right spot to start.

I'm not trying to be confrontational but I'm curious- is this a viable and legal option?  Most people I know are on the do not call list so if you're following the the law you would only be able to dial those not on the list right?

Having been passively involved in the past with a few fix and flip deals (for the most part I was just the hard money lender) and now starting out on my own, I plan to focus on three areas.  My plan is to look at a property and evaluate it to decide between wholesaling it, fix & flipping it or buying and holding as a rental property.  These are the areas that I feel the most comfortable with and have the most interest in, though admittedly I have a lot to learn about all three of them.  I think that t's different for everyone and probably depends on your area of interest, comfort level, your age, and certainly your financial situation.  Just my two cents.

 This is outstanding advice- as one who has been involved in only a handful of deals, this is very comforting and motivating.  Thanks for your wisdom!

Congratulations.  I guess the best way to beat "paralysis by analysis" is to jump in and do what you just did!