All Forum Posts by: Tiffany Warren

Hello and welcome for finally wanting to make yourself known!  You have made some interest choices, both sho t term and long term investments.  I am 60 year old and I have a bunch of experience and I am opinionated to most that I reply to.  I had a brain anuerism and a stroke about 6 years ago but I am still recovering and cannot walk.  But, believe it or not, I am getting better and my mother and brother have recently had good things to say about me.  Learning more will make you more confident and that will help you out.  You can do Buy and Hold (long term investment) and Fix and Flip (short term investment) together pretty easily because they typically go well together.  You can select which one to improve and which one to rent out right away.

There is good debt involved with Buy and Holds as well as tax advantages with positive cash flow (which is essential when buying Buy and Holds).  Being able to add value is a plus on good MF.  I have been in the construction business since I was 17 including those college years.  I graduated from college in 1980.  I have been in construction management ever since 1980.  I have worked for several people and for myself since 1988.  I have invested in notes so I really cannot tell you much except to be careful and not beleive what salespeople say.  There salary is usually based on sales and you are typically not number one.

Before you start investing in real estate get a loan letter that says the average closing time and the maximum amount you qualified for.  You will be able to submit a copy of that with your offers and make the seller more confident about your ability to close.  I have noticed an increase in lending email but most of them are in it for your money.  Part of being older makes you think a bunch about salespeople and their boss.  I am typically thinking that most advertising is about making sales.  Just do what is average for the neighberhood.  The more equity the owner has is more flexible for your deal presented.

Building a good relationship with the owner or selling Agent will most oftenly be to your advantage.   Now I have never been east of the Mississipi River so I can not help you geographically.  Know your selected market well and that should help you.  The more the better.  Learn as much as you can before you start aside from selecting your niche and market.  Just make sure that market area is divers economically and has a growing population.  Talk to others that have been around and get their opinion on the present and what they think about the future and what is planned.  The Chamber of Commerce, building inspectors who have been around for a while, city council members with experience, and neighbors can help you with their opinions and statements.

Sales and marketing abilities will help you make the right purchases.  Having plenty of leads will help you make movements.  You can get leads either for paying for them or they can come from your own methods.  You can "drive for dollars" hang door flyers, or attend "garage or yard sales" which are typically prior to estate sales, sticky notes, and handwritten letters can help you.  Do not try to do everything thing yourself.  Hire out local and experienced professionals that are willing to help you be successful.  Track everything you do and review them regularly to help you cut expenses and grow income that will help your business grow.

Do not hesitate to contact me through BP if you think I can help you in any way.  Oh yeah, I held an active real estate broker license for about 25 years but never did that full time and I have only done one investment deal for myself.  Good luck to you! 

Welcome to BiggerPockets Tiffany and good luck investing!