You’ll see, most of the time the numbers don’t work and you will quickly be able to recognize when something has potential.

@Dany JarjouraI do 2 minute “back of the napkin” math on potential properties.

When viewing potential purchases pay attention to any damage such as cracks, leaks or structural issues; you may want to hire a professional inspector for extra assurance.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Could potentially be finished in a single day with a cooperative phone rep at the IRS, could take longer with an uncooperative one.Unlike normal tax preparation/planning however, form 2848 would require you to seek out someone with the EA or CPA certification specifically since the individual must be licensed to get the power of attorney status.

While initially enthusiastic about the potential of the property, upon inspection, I found myself overwhelmed by the extent of work required for its rehabilitation.As a beginner in this field, I must admit that I feel ill-equipped to accurately assess the necessary renovations and calculate the total cost of rehabilitation.

What are my options and potential workarounds?

It all depends on the appreciation potential of the property.

Im 21 now and still live with my parents so expenses are low, but my goal is to make 50k in active income by Dec 31st, 2024 and I have been brainstorming about somehow wholesaling but also using my license as an agent to get clients and potentially find off market leads and instead of putting them under contract myself like a wholesaler and then assigning them, is there a way y'all can think of to just bring those leads as an agent to cash buyers and get a commission without them taking the deal from under me?

That's why I want to leave the marketing, underwriting, servicing and potential default negotiations to the professionals.My role is to evaluate loans based on my needs and risk-tolerance.