All Forum Posts by: Thomas Price

It is possible you misunderstood the advertising in facebook that I was talking about. The advertising I'm talking about is actual marketing that you see on the side of your Facebook page, the little squares with the links. These are pay per click ads that relate to all users within the marketing area you are searching.

Hey all,

I am into wholesaling in my area and I am looking at alternative solutions for finding Buyers and Sellers as a local Agent here has a tight grip on some key players in the market. I was investigating advertising on FB since we setup a FB page along with website for our biz, and it seems to be pretty interesting with budgeting an amount, being only a pay per click option and also being able to set up demographic and radius ads.

Has anyone done it and gotten any results?

Any other solutions would be accepted also, except bandit signs. Not a good consequence in this area. however I was thinking of renting bandit sign space from people with corner lots :o). Whatcha think?

Hi Pam,

My wife and I are going about things the same way. We are looking at wholesaling to fund our buy and hold prospects. We have many different strategies we will be employing in the wholesaling path. We haven't taken the step out yet but we have spent the last 3 months getting EVERYTHING lined up that we need to. Our next step is compiling a Buyers/Rehabbers list to pitch our finds to. we are both very detail oriented so we are just taking our time since we both have good jobs (don't like'em though). Knowing my wife and I though, once we step out and do the first deal we will be on our way for sure.

Good luck and stay strong.

Hey Ryan,

Welcome to BP. There are all kinds of post and articles on here that will help you. Enjoy and say Hi every now and then.

Ok Antonio,

After sitting here for the past 30 mins reading this whole post I have a few things that could help, and I say these with a smile:

1) STOP........Take a breath......really, do it. You are already where you are and looking at making it better so just relax so you can do step 2

2) FOCUS.....your thought process is like a bowl of spaghetti (mmm, makes me hungry) mixed with frustration. I understand and sympathize but you will get nothing accomplished in your current stressful mindset. Believe me, it is jumping off the page and I've been there.

3) YOU ARE AMONG FRIENDS....everyone has great advice that fits your current situation, however, you need to be able to see through the words on the page to the actual meanings of what they are saying. I have a couple of suggestions to help you myself and I will try to lay it out as easy as possible to get, hopefully it's not Greek (I don't even know Greek so that would be awesome if it is)

My suggestions:

1) Read "Rich Dad, Poor Dad" by Robert Kyosaki. Stop everything your doing and read that book, however long it takes (took me 3 days). It will definitely give you perspective on life, finances, education (he's against it also), and business. A great read!!!

2)After reading that, this next point will make sense. Use your degree to supplement your income. If you are an accountant (I thought I read that) start getting clients on the side, (not from your employer) and build a business. Start small but start. Find out what others are charging and be competitive, but think of what a couple of weekly clients may do to your current income. Market yourself to be successful.

3) Read the startup guide here on BP. It covers all the important aspects on REI and it will answer alot of questions. If after reading it you still have questions they will be more specific and you will know more of the direction you are going.

4) Don't buy a personal residence in your current situation, IMHO. That would be throwing $$ out the window when your ultimate goal is to generate income. Buying a duplex/triplex/fourplex (Multi Family) is a great solution. That was excellent advice!! The FHA loan situation was also awesome. You would be wise to follow up on that and investigate it on your own. To find them contact a local agent. My local agent has me connected to the MLS and I enter my own searches and can find all sorts of properties including MFH.

5) Find a local REI club. Local resources are a must. Networking in person goes along way with people. There you can also find connections to help you with situations in your current market, as every market is unique and we can only give you general thoughts and figures. As far as comps tulia.com, zillow.com just as a couple.

Remember, YOU are the person that determines your destiny. What you put into it is what you will get out. I can not count the number of books, courses I bought, sites I subscribed to, Audio clips, and other areas of REI I have looked into. You have to read, focus, and decide. then and only then can you STEP. You are already where you are. IMHO the first thing you need to do is relax, focus, and decide. I don't mean a plan on paper, I mean in your head and soul. Take a small amount of time to do that and you'll see what will happen. Opportunities and solutions do jump out at you when your in the right mind set. I'm only able to say this because I lived it and I have seen the amazing difference. And remember, NOTHING worth anything happens overnight.

These are just my $.02 of tips. You definitely sound motivated. I think you'll have a great success in whatever you decide to do, one step at a time. Good Luck. Hope this helped.

Thanks for the tip Will. Not sure if we are in the position to do that yet, at least not with any options we have come across yet. We do, however, already have that plan in place for when we are ready. End game in the Strategy is a winner all the time.

James,

Depending on if you owe anything on the property you could look into doing "Seller Financing" which basically gives you the opportunity to play "Banker" and you still have all the same rights as far as collecting a down payment that you set, monthly income, and even fore closure with retention of the property if it came to that. Again I would reiterate the fact that having a Real Estate Attorney handling this would be in your up most best interest.

If you still have outstanding loans then "Seller Financing", as far as I know at this point in my education and experience, would be very risky as the holder of the loan could request full payment from you due in 30 days.

That's all I got at this point. Hope it helps

I agree that having details would help us evaluate your situation a little better. Again, could be the price. I would also think maybe separating them might make it better. ie. if you have 2 for $50k as a deal, maybe list them for $30 each on separate listings.

Thomas

Hi James,

Even though it may seem like it was a burden you fell into you may actually find out it is an absolute blessing. First things first, do what Brandon said and read through the Beginners Guide they have on here. Click on the title in his post and it will take you right to it. Even with all the research and reading I have done over the years it still brought to light some things. Second, You are absolutely right in putting something legal in place to separate your personal life from your business life. My wife and I chose to go with a LLC but there are several different options you can choose from so my suggestion is to consult a Real Estate Attorney. You will want one involved in your business anyways so why not start it off right. It may cost a little bit but definitely worth the protection. My advice, stay away from "do it yourself" corp packets.

That's all I got for now but should give you a great start.

Welcome Edwin. I have already met some great people on here and everyone is willing to help. Don't be afraid to ask questions and check out topic specific forums.