All Forum Posts by: Whitney Tyson

I have had some crazy ideas about marketing lately. I guess its one of the benefits of being new, im not jaded by what probably wont work. I was thinking about the cost of putting a vinyl ad on an old school car. Everytime I see 2 or 3 muscle or old school cars I stop and stare at them until they are out of sight, my son does it too, as does just about everyone else since they are great to look at and usually pretty loud compared to the hybrids you are used to seeing in Cali. Another idea i heard, I think it was on the HouseFlippingHQ podcast. One guy bought a bunch of bumper stickers and paid people 50 bucks or so to put them on his car and drive around. Hope my slighly ootb ideas help someone.

I am not a property manager so take any ideas I give with a grain of salt, although sometimes an outside perspective can be helpful. Networking is usually the best start for any business. Try meeting landlords and property owners at meet ups, REIA meetings, etc. Also you could maybe try finding some really good tenants who are looking for rentals. I would think going to an owner saying "I have 50 applicants just begging to move into a new unit and put money in your pocket" would pique their interest

Good luck

Welcome @Mark Albano !

There are different options when looking into an investment property. If you plan on continuing to invest in the same area you plan to live, it would probably be in your best interest to really learn the area and what things are selling for in the area. Another way, although unpopular with BPers is to enlist the services of a real estate agent. A good agent will allow you to leverage their knowledge of the area with less stress on you to learn as much. Just try to find an agent who not only does retail sales, but also invests in real estate as well. It will usually help remove some of the emotion from the decision. Oh and probable most importantly is if you plan on making it an investment, treat it like an investment until you create enough wealth to buy your primary residence on emotion. 

Hope it helps and good luck!

For the OP I would recommend being as honest as possible unless you have the cash on hand to buy the property outright. Otherwise its not so much about the deal but more about how you want to live your life and run your business. I like the feeling of going to bed with a clear mind and happy heart. I don't know if I could do that knowing that a seller might feel taken advantage of. If they have a problem with anything in the deal, have the confidence to explain it, have their trust to believe you and be willing to walk away from a deal to maintain your integrity. just my thoughts though, that's the best part of real estate everybody can do it their own way.

@Account Closed usually its best to get the property under contract or at least get some kind of agreement to market the property even if for a 7 day period. It all kind of depends on your relationship with the buyer and seller. It is also a lot easier if you kind of already know what your buyer wants. If you have a clear understanding of their buying criteria you can better pair a property with a buyer. Kind of like if you walked into a store and saw a really cool item and said "Wow that is so Brandon! he would love this retro coffee cup( or whatever)" if you know your friends taste in coffee cups, you should know your buyers tastes in properties.

Give them a number. If you have done some research in the area you should have a ball park figure of what you are willing to pay. Give them a number with the terms they want, but the price you want. Then give them a second option with thier price and your terms(owner financing, no down payment, etc). It gives them the feeling of power, but you get the property. Hope it helps

It all depends on who the person is. You cant force anyone to think in a way they dont want to. If it is someone very close  such as family, then you may be able to talk to them a little more direct. Say something like "Hey I'm not sure but I know doing the same thing wont get us there. Im going to a meeting with people who are looking to do better in life, would you like to come? we can get a drink after if its boring" if its more of an aquaintance you may have to show more than say. when they ask you "How did you afford that new car?" you can then explain all the benefits of real estate and help them see a new life that way.

I think all of the previous posters make valid points. My question is more about you. Are you in a part of your life where you are looking to grow your wealth or maintain your wealth? If you are 25 and just out of college you should probably employ different tactics than if you are in your 50s and plan on retiring in the next 10 years. Leverage is a very big part of investing in real estate. If you only plan on ever having 2 more investment properties I would probably say pay cash, enjoy them as little nest eggs and enjoy the 2-3k a month they will provide. If however you plan on growing your business to 10, 20, or more properties you might be better off putting 20% down on 10 different properties and using the rental income to pay off any mortgages. If the thought of the debt really bothers you, make sure that you get the properties at a 20% discount, this will give you some breathing room in case there is a slight downturn in rent or sale prices in your area. Good luck and luckily for you you are in the right place to have any questions you have answered.

I agree with @Ryan Dossey maybe if you find a cash buyer to work as a sort of middleman you may get a smaller commission but would be able to do the deal more cleanly. 

I would recommend networking as the first step. I am new to wholesaling as well. My first step is going to meetups and REIA meetings. (meetups are usually free, which is good for beginners.) I have contacted some active members on BP who live in my area. I feel like if they see my hunger to succeed they will be more likely to help mentor me and point me in the right direction. Hope it helps and see you on the other side of our first deal.