All Forum Posts by: Kaitlyn Robinson

I had put it off for awhile, but now I'm in the beginning stages of getting my real estate license. While taking my courses I've become extremely enthusiastic in getting my license and start selling houses, however.... I've been hit with a dilemma. I was told to have a pretty healthy savings account when I do get started because often it takes awhile to actually get paid. Patience is virtue, of course, but other than waiting and staying in a job I hate to save money, is there any other ways Realtors make money on the side while also doing real estate full-time?

@David Lee Hall, III

I definitely got some more clarity from this reply. Thank you!

I saw a lot of flippers and other investors complaining about wholesalers giving inaccurate rehab costs when selling properties, and since my goal is to be as transparent as possible, I wanted to ask what is a good way for a beginner wholesaler or virtual wholesaler to find this out? I saw a video by Jerry Norton on some estimates that he claims is good to go off of based on his experience. Is his information reliable for the most part? 

Jerry Norton's estimates:
For homes under 1,500 sqft a light rehab is $18,750, average rehab is $37,500, and heavy is $75,000
For homes 1,501-2,500 sqft a light rehab is $25,000, average is $50,000 and a heavy is $100,000
For homes 2,501-3,500 sqft a light rehab is $37,500, average is $62,500, and a heavy is $125,000

Although I'm continuing to look for motivated sellers in my local area, I also thought about virtually wholesaling in a major city near me. The closest is Charlotte, NC. I'm planning a visit in June and will likely make some time to get to know the area a bit while I'm there, but I wanted to know if there were any other wholesalers in the area that would be willing to partner up with me? Or any investors in the area who'd like to network or give me some pointers? 

@Patricia Steiner Thank you!

I'm only planning to do wholesaling part-time to raise capital for other investment strategies that I would like to get into, but I'd seen some videos and articles, and I've gotten some advice from a few others that I should register an entity with my state and get an EIN number so I can file a tax return along with opening a business bank account for liability protection. I think it sounds great if I plan to do wholesaling full-time and long-term, but would it be a waste otherwise? 

As always, any advice is appreciated along with any constructive criticism. Thanks!

-KR

I'm currently looking to partner up with a more experienced wholesaler in my area, but also might end up wholesaling on my own (if I can try not to second guess and overanalyze every decision). I noticed on the MLS, though, that there are plenty of auction and foreclosed properties that are in popular neighborhoods where I live. I did some googling, but also wanted to ask here on BiggerPockets if it was possible and if it's a good idea for a newbie to try foreclosures and auctions.

As always, I'm open to any advice and constructive criticisms! Thanks! 

-KR

@Steven Wilson Hi! Wholesaling is where I had first been introduced to Real Estate Investing! I think I had gotten discouraged from doing this though because of some dishonesty from other people, but I may look back into it. Thanks!

 Hi! I did consider house hacking first, but unfortunately, there aren't any multi-family homes in my local market for sale. (I'm still always looking of course!)

I may use a hard money lender then? I know the interest rates are higher, of course, but I might be a little too enthusiastic to get started. I have also thought about wholesaling to raise capital as well.

I'm pushing myself to finally take the steps to start investing and stop talking about starting and I want to get my first investment property within 90 days, give or take. I hope that's a realistic goal, but regardless, I'm gonna be working my butt off to try and do it. 

So, to be frank, I'm flat broke with not-so-great credit and I've heard a lot of other successful investors started off that way. How they were able to secure their properties, though, was through hard money or private lenders. Well, I have a list of single-family homes for sale in my area that I think would be a perfect first investment, the trouble is finding the financing. Now, it could just not be clicking for me but my first question is: Instead of buying the property outright from a wholesaler, could I get a loan for just the down payment and repair cost, reno, rent, and refinance to pay off the loan? 

My second question is, I was thinking of opting for hard money lenders as opposed to a private lender simply because the next investor meet-up in my city isn't until next month. Would that be wise for a first-time investor? Or should I pace myself, gather more knowledge, and network at the meet-up to learn more and possibly find a private lender? 

As always, I love any and all constructive criticism and advice. Any literature you can throw my way is also appreciated!