All Forum Posts by: Jim Lally

Hey @Dawn McNary - I actually responded to your request already. Yes it's always good to see some local folks here. Are you origianly from Lyme? I'm seeing more and more of us from CT on BP.

I see Heritage signs everywhere around me. I live up in the Flanders area. I've actually given some thought to getting my RE license. Already passed the exam just haven't taken the next step yet. Anyway, as your already aware, BP is a tremendous learning and networking resource. Nothing else like it on the web.

Jim

@Raymond B. - Once I'm able to gather the troops I will definitely let you know about the gathering. I'm going to put out something in the forum to generate some interest. I think it would be beneficial for everyone in this area. Give some local perspective on investing here.

You know I haven't seen Karin's rehab and it's not that far away at all. I should definitely do that.

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Jim

@Raymond B. Thanks for the welcome! I agree that the key to success to REI is to network, network, network! I am planning to attend the CTreia meetings. Unfortunately, I'm not going to be able to attend their big expo this weekend. One thing I actually thought about in that regard was to bring together some of the folks here in the SECT area. I don't really feel this particular region of the state is being adequately served by networking events similar to what a reia would provide. My thought would be to do something very informal.

Just an idea. Thanks again for the welcome.

Jim

@Zach Schaar - There's no doubt that one strategy definitely complements the other. They both require similar skill sets to succeed. I just need to fiqure out what's going to work based on my market and circumstances right now.

Welcome to BP! This is a great source for all your REI needs. I'm new as well and you'll find the people here are very encouraging and helpful. I'm curious to know how you narrowed your initial focus to Ohio.

Best of Luck!

Jim

PS - I once worked at Deloitte years ago as an auditor. Needless to say that was shortlived!

Welcome to BP! I'm new as well and I've found a wealth of information in the short time I've been here. Definitely priceless!

Best of Luck!

Jim

J this is the impression I've been getting as well. I've heard it mentioned from various sources that finding a good wholesaler is tough. It seems like too many people give it a try then quit after a short period of time because they could not negotiate a price which would entice most buyers. Negotiation is truly an acquired skill in my opinion that takes a little time to perfect.

Estimating repair costs properly would also be critical. However, I also hear those who say that a potential buyer will do his own due diligence on the property and will most likely not rely on your numbers. Has that been your experience as well when using wholesalers?

Thanks to all for the great input!

@John Fossetti I agree with your remarks about marketing and especially networking. They will be key no matter what I choose to do.

@Engelo Rumora - Hands on experience is always valuable! I have actually done some renovation work in the past on my own home but not to the extent of a full rehab. I've never tried to calculate something ARV either.

@Ali Boone - Enjoying what you do is always important. I'm probably more of hands on person so maybe rehabbing?

@David Beard and @Paul Timmins - That's another approach I really had not considered but I can definitely see the advantages. There's no reason why I can't eventually just choose to do a rehab even if I start out wholesaling. One tends to complement the other.

@Tom Goans Educating myself as much as possible is my #1 goal now. Knowledge is power. I never really thought about mobile homes up to this point. Something worth exploring.

@J Scott - I would tend to agree with your conclusion that REI is not a zero sum game. It seems to me that a properly structured deal should ultimately benefit all parties. I m working to build my knowledge through invaluable resources such as BP and beyond. Understanding the various pros and cons of rehabbing vs wholesaling is a critical aspect and at some point I will take action when I've solidified what I ultimately want to accomplish as an investor.

@Eric Stifel - I come across quite a few people who favor the wholesaling route when starting out. Then I also hear that good wholesalers are hard to find. Like any other profession your reputation is key. As you mentioned, the good deals are also becoming more difficult to find. The same can probably be said about rehabbing too. A good marketing plan, networking and strong perseverance are common to both strategies though.

Thanks again to all for your thoughts!

Jim

Shaun, you make some great points. My budget is limited which does favor my initial thought of going the wholesaler route. I definitely want to mitigate my downside risk as well. However the repair cost knowledge gained through rehabbing definitely has real value. The funding is the problem for me and overcoming that is the key for me right now.

I also really need to do is fully understand what is going to work in my local market as well. I am working on this aspect as well.