All Forum Posts by: Wane Tango

How do I learn how to become good at comps and/or ARVs? I have been told over and over how REIs make (or loose) money at the time of purchase. I am unsure how to become good at this, find more information, and how to practice. 

I am still fairly new, but I have taken my first steps at becoming a part time investor. I have parameters for a mailing list, and the start to a buyers list (currently 2 but they are people that I know). 

I have also taken the time to set up an appointment with several lenders in my area so I will know what my potential buying power is on day one. I feel like I have a good grasp of how the process will flow, I can see the ins and outs, the beginning middle and end, but the one thing the seems like could totally make or break a deal is the one thing that I know the least about. How to identify a good deal from a bad one. 

Any and all advice is appreciated.  

@John Fedro this is a question for you for sure. I hope he weighs in on this. 

I would love to be part of a meet up. I have been struggling finding good contacts in Middle Tn. I live in Cookeville and I have had little to no luck meeting other investors in a meet up situation. Nashville is not too far of a drive for me. 

@Nathan Stoops Welcome to BP there is a lot of good information on here. I am a musician as well. Welcome!

One of the burbs of Nashville, (I would imagine) would be a great place to start. Nashville is pretty easy to navigate and the low end, middle, and high end have little over lap. Brentwood being high end for sure. Franklin would be a great option to look into as it is not highend like Brentwood but is still a very nice city virtually touching nashville. 

Personally I would look to a slightly smaller market such as murfreesboro. It is a very short drive to nashville (20mins with in commuting distance), and is a college town (MTSU, among others). Strong growth and a much smaller price point with less "bad" areas. 

These are just my non expert opinions, just tossing out some alternative ideas. Im not as well versed with buy and hold, but I did stay in a holiday inn once... :P

there are tons on here that had success by learning the hard way. Listen to pod cast 77 for a great story about just that. Good luck!

I don't have any info for you but I am interested in this as well. I am about an hour east of you. I know there is a lot of resources on this web site. With that being said, Im sure there must be a handful of regional that supports our area or a national company. Hopefully someone that knows more about this will let us know. Good luck and let me know if there is something that I can do to help you out. 

To begin with I want to say that I am so incredibly new to REI, but I am very excited and eager to learn and become a legit REI.

I just recently started my journey and education and it got me thinking about if someone would want to watch a youtube series about a newbie like myself stumbling through and finding their success or failure their first time out making a deal. 

I like to make short films and recently got into video blogging, but I have not seen anything like this on YT or TV. Just curious to know if anyone would actually like to watch it all unfold or if this would be something that is uninteresting or better left to a blog. 

Love BP and I have already got such a warm welcome to the community. Thanks in advance and let me know your thoughts.  

Thanks everyone for the positive encouragement. I have been through all of the suggested links and I am listening to 3 or 4 pod casts a day. I recently met with another BP member and received some really good information about the local market from a savvy individual and a possible future partnership. 

So I have figured out my direction and that I want to wholesale my first deal. I have a few good select people around me and I know that I still need a few more solid contacts before I start making offers (IE: Real Estate Lawyer, Realtor, and dependable general contractor). 

So I have a good idea of direction, how to find leads, and even financing, but I am still unsure about negotiating and honestly how to spot a good deal vs. bad deal.  I think if I keep with reading posts and listing to the podcasts that I will be able to soak up enough education to stumble through my first wholesale. 

I have already defined my goals (short term, and long), and I know what I want my first deal to be. I know roughly how much I would like to make on it that feels reasonable for the area (found this number after talking to a few in my area what was the norm). I have picked 3 books about real estate that I am going to read from cover to cover. I have made contact with a few other local investors. I also plan on listening to all podcasts before I make an offer. 

So I feel like I have a good base for my first venture and I am trying to do all of this in a short time frame. I plan on have my first wholesale under contract by March. 

Thanks again for all of the great advice and any other advice would be greatly appreciated. 

Thanks @Brandon Turner! I joined this site because of the podcasts. I started with the new ones and have been working backwards over the last week. You guys have done an amazing job with this site and I have already made initial contact with another local REI. Thanks a million and I hoping that the info on this site will help me make my first or atleast stop me from loosing my first.