All Forum Posts by: John Oh

@John Oh love the guys and the goals, not sure about the tactics:

1) have you considered proposing a different type of arrangement to your current boss? Maybe take a cut in salary to negotiate his being a money partner on your first few deals?

2) you have more experience than most in flips already...why throw that away to concentrate on wholesaling ? You should have knowledge of contractors, work etc that is valuable

3) if you have enough cash for a year, you have some capital to work with. Why not seek a partner to scale up (see #1)

4) modified house hack where you can get in and maybe condo something? Lots of good financing out there for that approach

5) find a (youngish) bank officer and be clear about what you know and what you don’t. Start the dialogue now on what they look for in projects in terms of debt ratio, etc. do this right they may refer you to established clients. Successful people like young energy as long as it listens.

@John Oh love the enthusiasm and I bet you learned a ton managing other people’s flips. I imagine you already know this if you have been in the business a while but I would talk to a few banks before you quit your job. They tend to be a fan of W2 income. Even if you do knock it out of the park in wholesaling, my understanding is they will want to see two solid years of income on tax returns before they even count that. And if your plan is to use hard money on a flip and then sell it and never use a bank, you might consider what if it doesn’t sell or the market takes a turn? If you are bankable you can always refinance into some longer term debt and rent it out while the market turns back into your favor. I’ve heard it’s always wise to have multiple exit strategies. Please don’t misunderstand stand me, I think real Estate is awesome and I’m in no way trying to deter you from pursuing your dreams (I hate it when people do that to me). Just trying to make sure you thought it all through, but then again at 24 you pretty much have time to bounce back from anything lol. Good luck and I look forward to seeing your documented journey!

@John Oh best of luck on your journey. I look forward to the day when I am able to do the same thing. Keep us posted

@John Oh you are a fluffy beast and I commend you for leaving the security and stepping into the freedom. Although I’m not as young as you are, September 9 I did just as you are intending to do although I did not plan my quit date, I just did it. All that said, I stepped out as a single mom of 3 and am making it happen. It’s truly up to you to make YOUR business was work. Wholesaling works! I look forward to hearing of your success! 😊

@John Oh All technical and detail advice aside, I think as long as you have the commitment and the focus to do what you set your mind to, everything will work itself out. Certain character traits and the right mindset can take you places that others without the same drive and energy won't be able to go.

Best of luck to you

That's great John and it's a very good idea to document this publically to keep you motivated and on track. Best of luck!

@John Oh

Go for it!

Life is too short .. take the risk and if you fail at least you won’t live in regret which is worse than anything

Just trying to send good vibes and encouragement your way..

Don’t over analyze either.. you have knowledge of the real estate world form your job so don’t undersell yourself.. do due diligence and take the leap buddy

Good Luck!

@John Best of luck to you and congratulations. I look forward to following your journey.

@Minh Le I am also just starting out. I’m going to be following your progress and hope to learn as you go along. Best of luck!!

@John Oh congratulations on taking the leap. You won't regret it. I quit my full time job earlier this year and now I have 47 units in total. The best decision I've ever made. In 26 :)