All Forum Posts by: Stefon Bostick

Discouraged.  That's the place im in right now as im sure several bigger pockets members have been before. First off, i want to be a wholesaler here in Houston, Texas, its the best model i see fit for my current state. I've read every blog post, i've listened to awesome podcast that have motivated me, i've gone to every meetup i can get my hands on but i still end up at the same place.....discouraged.  As far as the meetups go i seem to be the luckiest newbie to ever enter real estate due to the fact that in every "meetup" i have attended i have been told that the guru presenter would teach me "how to be successful" for free but when i arrive im given a high level general education and told that for $500 - $2500 (varies from the meetups i've been to) i can get the best RE training on the face of the planet and after leaving i will make $1,000,000 every week for the rest of my life(yes im being sarcastic). Also as a bonus i get to meet the guru in person and i should feel honored to be in his/her presence(eye roll).

I am frustrated.  I do not mind paying for a good class but i want to make sure it is actually a good class that will propel me forward whether its here in Houston or even online, or even if i have to fly somewhere to get a good basic understanding of doing deals, dealing with homeowners, pitching to investors, and closing the deals.  There is a plethera of information out there but i need help narrowing all of it down. Does anybody have any recommendations as to how to get started based on what i've written?  Looking for some good honest advice here, even if its what i do not want to hear.  Thanks in advance.

Thanks @Robert Lindsley and @Kevin Wang both ideas sound awesome and i appreciate the advice. That just got me over a mental hump and now i know where to look.

All,

just picking everyones brain right now for ideas. If someone does not have enough money to put down on their first deal (i.e. rehab, flip, rental, etc.) what are some of the options that can be explored? Any advice?

All,

just picking everyones brain right now for ideas. If someone does not have enough money to put down on their first deal (i.e. rehab, flip, rental, etc.) what are some of the options that can be explored? Any advice?

@Will Barnard thank you for the reply and no i did not pay any upfront money. I may not be at 100% capacity in terms of real estate but i know when something is too good to be true and im glad i got this out to see what everyone thought.  I've received similar feedback from other professionals and again this is teaching me alot. Im signed up for several events this month and next to improve my learning so i think in a couple of months i'll have a grasp on what to watch out for and start honing in on my strategy. Thank you guys for the feedback!

@Shahriar Khan thank you for that bit of advice i appreciate it alot.  This makes a ton of sense and i agree with you 100%.  I have a ways to go on learning but these types of conversations are really helping me along.  Thanks

Stefon

@Jay Hinrichs you are correct!  As a newcomer it looks like ive already made my first mistake @Ann Bellamy.  Quite frankly i am looking to get into wholesaling and flipping.  Im going to my first meetup tonight so hopefully my next post will be more educated.  However, all of this feedback is a teaching tool in itself.

@Vijaianand Thirunageswaram I signed up with NWA as a buyer to buy from them. I had a strategy in mind but it looks like as a beginner i've already made my first mistake.  Please advise.

No Problem @J Scott ask as many questions as you would like as this convo is very helpful.

To answer your question its a separate company that i would go through to buy the home at cash price. I think that may be the part im leaving out. Im a certified buyer for them and they have access to the cash price on the property (which i am nowhere close to being able to afford).  I give them a set amount to secure the house and then move forward with closing the home from there on the cash price.  If i tried to purchase these houses myself i would not get the cash price option......i don't think.

@J Scott first off thanks for sticking with this post through all the confusion, it is obvious that i am new to this so all of this info is not only helpful but very much appreciated. I still have a long way to go as you can see and like i mentioned this is why i like to ask sanity questions to get this feedback.  

Ok now that we are here, with the relationship i have with the investment brokerage company do you think flipping would be a better exit strategy to consider?  Have you heard of investors backing someone all the way through closing and giving a small percentage to that someone for the find?  For example:

Consider this scenario(all hypothetical of course):

I find a house that is MLS for $200K. The houses in that neighborhood have sold at an average of $220K in the last year. If i go through the brokerage company i can get it for $140K. I tell the brokerage firm i want it and give them the fee(lets say $3K) to take it off the market and put it into "pending" status. It needs about $10K worth of work to bring it up to par for resale. Could i get an investor to fund the cost of this process and take a percentage of the sale at the end?