All Forum Posts by: Moses K.

@Damon Marshall Shouldn't be a big issue. In your assignment contract just hash out how much the real estate agent will be paid, which will be deducted from your assignment fee. 

@Jack W. Wong Good question. At the time, it was one of the most distressed markets in the U.S., which meant opportunity to me. I also had a couple of friends who lived in Vegas, so that helped as well. 

@Jack W. Wong Hey Jack. Glad to hear you're ready to take the plunge. (Btw I grew up in Flushing!)

I would pick out a couple of markets to focus on, then connect on BP with investors and agents in the area. Actually, I would probably hone in on one market. Certain areas within a city are more conducive to rentals, so you really want to know your market. 

This book is good for understanding the numbers: http://www.amazon.com/Every-Estate-Investor-Financ...

Looks like you have a friend to guide you through the process so that helps. Seems like you have a 9-5, so I would look into financing. Go through the numbers, account for vacancies, maintenance, and property management fees, and make sure you cash flow. You should be fine if you take that conservative approach with where interest rates are now.

Best of luck to you. 

@Account Closed Best of luck to you! Just curious, what areas in NYC are you focused on? I grew up in Queens.

I would probably go this route as well. Having equity partners can be a little tricky. Promissory note secured by a deed of trust. Get a third party involved as the trustee. A good title company should be able to take care of this for you. 

@Damian Santos

If you are active wholesaling, you should be able to develop great relationships with investors. You'll be able to determine pretty quickly who the serious ones are. Let them know that you are looking to develop a long-term relationship. 

Bigger Pockets is also a great resource if you use it. Do a zip code search and reach out to investors who know what they are talking about. 

@Kellie Holly-Wood Your early mentors may very well be books or audio CDs. Beyond that, figure out how you can add value to your mentor's business. Maybe you know how to build websites or you're good at marketing. Then add value like you would with a close friend. Mentorships are often just good-old friendships with someone who happens to have more expertise than you in a given area. 

As far as if you know they're teaching you the right thing, I'm assuming these people are proven in the field? If they have a track record in the field you want to enter, that's a good enough vetting process when you're just starting out. 

@Larry Hatten The honest answer is both simultaneously. A ton of buyers are tire kickers who waste your time. You don't necessarily want to cater to the buying specifications of buyers if they fit this profile. 

@Account Closed I agree that you shouldn't pay a ton for training. I believe Sean Terry has a free book on Amazon that is actually pretty good though. If you implement the basic steps, you should be fine without spending money. 

@Precious Thompson 

My experience in low-end properties hasn't been good. Yes the numbers pencil out better, but it's for a reason. You will have to deal with less than ideal tenants and it will definitely consume a lot of your time. 

If I were starting out again with a lack of capital, I would probably look for seller financed deals in the next tier up of properties.