All Forum Posts by: Jim Lally

I've been weighing the pros and cons of rehabbing vs wholesaling for the past few months but would like to get some opinions from other people about what they have experienced. I'm a newbie to RE and would really like to commit to one strategy at this point. I have a basic understading of the costs involved with both. As a wholesaler my concentration would be on marketing while as a rehabber I need to really understand repair costs. This is an oversimplification of course and I undestand there are a host of other factors to consider as well. After intialy leaning towards wholesaling I feel reabbing may be a good option to start out since that knowledge may ultimately make me a better wholesaler in the long run. Any advice/opinions on this subject would be appreciated. Jim

I am currently in the process of obtaining my agent license (passed exams). I am now searching for a sponsoring broker who will be supportive of my REI aspirations. I am curious to know if anyone can recommend a broker (national or local) in CT. I will be doing this part time while pursuing REI as a wholesaler(at least initially). I have seen Keller Williams mentioned in other posts but they appear to have high monthly fees and I want to keep my costs to a minimum. Any suggestions would be greatly appreciated! Thanks! Jim

Small world is right! Great to know there's someone from BP here in EL. I've actually seen several BP members in the forums from the SECT area which is great. So how long did it take you to do the rehab on Society Rd? There's probably some good rehab candidate properties in that area.

I was actually planning to join the CTREIA but it's good to hear someone recommend it. How long have you been a member there? I'm sure it's a great place to network and build partnerships.

Thanks for the welcome and I will check my inbox for your message!

Jim

Hey Scott

Welcome to the site! I too am a newbie and live in the SECT area(East Lyme). I'm looking to pursue the buy and hold strategy as well but I see Karin had some luck in flipping a house in New London. That's interesting. I don't think your going to have too much trouble finding properties in that price range. What areas in SECT are you looking in right now? Have you considered the Colchester area because of the commuting distance to Hartford?
FHA may be a good choice due to the low down payment and easier credit qualification standards.

Best of luck with your purchase!

Jim

Hello! My name is Jim and I'm from a little town called East Lyme CT (about half way between Boston and New York) on the CT coastline. I've lived in this area for the past 20 years so I'm pretty familiar with the overall housing market here. I've been busy educating myself about RE investing for the past several months and believe that BP is one of the best sites out there for the wealth of information available (love the podcasts!). I will also be joining my local REIA as I feel that could be very valuable to a new investor. A little more about me, I am a retired navy veteran (submarine service) and have about 14 years experience in the accounting/finance field. I feel this experience could be useful in terms of analyzing deals. My current goal is to possibly start out wholesaling then eventually purchase SFH or multiplex properties. I actually do property mgmt for a small condo complex in the area so I have some exposure to that aspect of RE investing. I may also pursue my RE license. I'm very excited to be here and look forward to exchanging ideas and learning from all of you! Jim