All Forum Posts by: Beth Anderson

 I sent you a message, Marshall. Thanks!

Thank you for your input. This one is on Palmyra Rd SW. 

I have the opportunity to get a property under contract for $5,000 or less. Maybe even $2,000 before my wholesale fee. But it will be a complete gut job, and in the end, based on the neighborhood it is in, would only sell for about $40-50k max. I don't know if I should even try to get it under contract. Very few investors want to even touch the neighborhood. It might rent for $800, but the rehab costs would be so high compared to it's ARV.

So, do I bother? Thoughts?

If you're curious, it is in one of the run-down neighborhoods of Warren, Ohio near Youngstown, Ohio. (Think of it like Detroit)

I am working my way through "Start With Strategy" by Dave Meyer, and I am enjoying it a lot. It is so helpful for me to really get a grasp on our current reality and plan for our future. However, it is mostly geared toward a person who has a W-2 job themselves, which is not the case for me, so there are some applications that I am finding confusing. My situation is this: 

I am a stay-at-home mom with a 4-year-old. I have a fair amount of time to dedicate to real estate. I consider it my part-time job and give it 20-30 hours per week. Right now that is primarily education and finding deals.

We don't have any liquid capital. Zero. We are barely making it on my husband's factory job. (I am already working to trade my time for others' capital through networking at my local REIA.)

My husband's job is AWFUL, but it has great benefits, and he cannot switch jobs right now. It is my goal to get him out of this factory by the time he turns 55 in 2 years. He has a hefty profit-sharing account that he cannot touch until 2 years after he retires, so the sooner he retires, the sooner we should be able to use some of that for investing in real estate.

My husband is very supportive of me in the real estate journey, but it is not really his thing. I don't see him having a full-time role in it one day when he retires. He is more likely going to go back to school for a master's and/or find a fulfilling career, but we have no idea what that will look like or how much money he will make. 

How do I construct my time horizon and my risk capacity? I will risk a ton to get him out of his job, but once he is out, we need to be able to support ourselves and take care of our daughter. I don't plan to stop actively investing for at least 10-15 years, and that is my job. I just don't know how to structure this since we are talking about his time horizon and mine together, but separately. 

I would appreciate anyone who might help me work through this, but please only people who have read the book and understand Dave Meyer's concepts and teachings. Thank you!

 Thank you! I'll let you know if I get a hot lead!

Just curious, would you pay for a Driving for Dollars list in your desired zipcode or a boots-on-the-ground person? I am doing anything I can to build capital so we can get into our own first property.

Thanks!

Beth

I wonder if someone might take it off your hands in a creative finance deal. Subto or Seller Financing. Just a thought.

Thank you all for your responses! I found it all very interesting!

The seller has pulled back and is not interested in meeting in person at this time. He says he wants to fix it up himself and sell it because the market is hot in that area right now. I think he's blowing smoke, but he gave me permission to follow up with him in the future to see if he has decided to sell.

Some responses to your various input: I did some heavy duty networking and made a new investor friend who has flipped houses and his day job is kitchen cabinetry. He agreed to go see the house with me to help me estimate repair costs. Having this potential deal caused me to go on the hunt for people to help, and he is one of the wonderful rewards. 

I am pretty familiar with the wholesaling laws, though they are changing here in Ohio, but thank you for your concern. As a result of this, I was able to get contracts from another new contact, so that is also a very valuable outcome. 

I am thrilled with having made some progress in my journey, even though it hasn't ended up in a deal at this time.

Thank you again to everyone who took the time to respond! Some day soon I will have my first deal under my belt!

 Thank you, Nicole! I cannot make this Wednesday, but if it is a recurring event, I would love to get that information! Thank you very much!

 Thank you!

I have been cold calling and found an owner who is interested in selling. He wants me to call him tomorrow to set up an appointment to see the house. I am a complete newbie and don't know any experienced wholesalers that I can call to ask to accompany me on the appointment. I would appreciate any tips and resources that anyone can give me! 

The appointment is in Leavittsburg, Ohio near Warren and Youngstown, OH. I would LOVE any local people to touch base!!!

Thank you!