Posted by Work At Home Jobs Idea on August 14, 2007 at 24:21:56:
there is information abt the Work At Home Jobs Idea Work At Home Jobs Idea
I need a solid PLAN to get started - Posted by carsonp
Posted by carsonp on August 27, 2006 at 17:26:43:
I?m looking for some help/guidance on how to get started with wholesaling and rehabbing. In the recent past I have tried getting started a few times, but nothing came from it mostly due to time/money constrictions and not being consistent at all.
First some background?
I?m young, married, have a 3 month old daughter, and a some debt (some credit card, some family loans, cars, etc. and a mortgage)
I was a full time realtor up until 1 week ago when I had to get a full time job. A slowing market and weak marketing on my part are to blame for my ?failure? at making it full time in RE sales. I started RE sales a year and a half ago with little business. I have been interested in rehabbing/flipping/investing for the same amount of time or longer, but didn?t try to do anything until a few months ago.
So I joined the REI club, went 1 time (April), and talked to a few people. From what I found, most, or what seemed like all of them, were new or barely did any deals. So this makes it very hard to find someone to really mentor/birddog for. But I do know of a couple. But why would they help me if I can?t find a deal to birddog to them or something? So I figure I should find a deal first.
I drove a ?farm?, found a bunch of boarded homes, mailed them, and got 1 unmotivated call. Mailed to a few misc. vacants with a few unmotivated calls (not really my area anyway)
Now, I realize my faults in all of this, but now I?m back to having a lame Mon - Fri job that will take me forever to get out of debt. That?s OK. I know ill be there for a while, but I fear that ill get stuck there with the market the way it is in my area (pretty slow and likely getting worse with the cycle).
SO I NEED A PLAN!
Should I get out of all my bad debt BEFORE even trying to birddog/wholesaling? Or maybe just the really bad ones (credit cards, and misc. junk)
Would 2 step marketing be the way to go? I figure I should get a decent website and a phone line with a dedicated message so I can spend what little time I have with a somewhat filtered list of callers (hopefully motivated ones). Also running an add in the paper (for $300 a month or so I believe) with that # and site, but that?s money I don?t really have.
Another marketing idea is bandit signs, but in my ?farm? I didn?t see any? Should I order some anyway assuming the city frowns upon them and will likely take them down or make me do it?
What is a wise way to use my limited time? I?ve read a lot of articles and posts on this, and another?s, sites board, but I?m still not confident in what I should be doing with marketing with limited time and money.
Please give any input, comments, questions, etc. you can.
Thanks
Carson
Marketing? - Posted by Chris
Posted by Chris on August 28, 2006 at 05:20:16:
Honestly, you ARE a licensed real estate agent… You have a network already set up for you.
I would recommend saving that money that you were going to spend on marketing and using it to pay your bills. Family comes first. It doesn’t take money to make money.
Wake up every morning a little earlier and search the MLS. Find the real nasty junkers and make lowball offers. Do this until you finally get a STEAL. You may have to make a hundred offers, but for each “no,” you are closer to your first deal.
When you get it under contract go to that REI meeting and let everyone know that you have a great fixer for sale. If you bought low enough, you should have no problem assigning/flipping it, just don’t get too greedy. Make sure that EVERYONE makes money.
Just make sure you have a backup plan- have a hard money lender available just in case you have to actually close and do the fixup yourself. That isn’t so bad anyway, that’s where the big profits are!
Lastly, just DO IT! You already have the knowledge to recognize a deal, go out and be a dealmaker.
Good luck man.
Re: [You] need . . . [to] . . . get started - Posted by Craig (IL)
Posted by Craig (IL) on August 27, 2006 at 18:41:59:
Your post suggests that you are good at coming up with all sorts of ideas so that you end up confused and not doing anything. Pick ONE option and go with it. What’s it going to be? Wholesaling? Rehabbing? Buy and hold?
Not ready to decide? There’s your problem.
The only way to start is to start. Committed to finding and putting a property under contract is not committing to 100 properties–or to a lifetime of investing?just to ONE deal. Make a commitment to one property.
Committemtn is easier if you know how to measure risk. Your risk is how much you have in a deal. If you have a contract you probably have earnest money, and that amount is what you are risking. If the earnest money you use to get a contract is $100, then, that is all the risk you have. If its $10,000. . . .
If you going to invest in bandit signs and newspaper ads. What’s your risk? How much to do you plan to get from this investment? What do the experts say----precisely, not just some vague statements–about how much advertizing costs are going to be? Any idea? No? How much do you spend before you find even one decent deal? And then what are you going to do should you find a deal? So what are you doing?
Your main focus on your first deal should be your exit strategy and a back-up exit strategy if you are unsuccessful with your original intention. So, buy a property that can be flipped if not rented, or rented if not flipped. That also means having the ability to close on the contract if you can’t/don’t’ flip it.
If you choose to rehab, buy a SMALL job for your first one. Do not take on a big job to start. Many would-be rehabbers lose a lot on their first deal because there’s so much they haven’t learned yet. The bigger the job, the more variables there are.
On the other hand, if the main jpb is not too much more than paint and carpet, it isn’t hard to estimate costs and the time (time is money) it takes to complete the work.
Also, look at your market. Today, in many markets rehabbing for profit is not a great option. It takes too long to sell, and home prices are not great. Its hard to make money this way. How’s your market? It takes anm experienced and skilled rehabber to make good money in many markets these days.
But if rehabbing is what you want to do: a comparatively easy rehab is an estate. Ther’s always many of them on the MLS (easy and fast to find, no advertizing costs for you). Often you can get estates that just need a lot of cosmetics, and the heirs are eager to sell. If you do a simply one, you stand to (at worst) not lose much, and (at best) with a small chance of making a small profit.
Better yet, after you rehab it, rent it four a few years before you sell. that way you can wait for teh optimimum time in your market to sell.
THE MAIN DEAL ABOUT YOUR FIRST DEAL IS THE EXPERIECE YOU GAIN! Experience is the primary benefit, whatever kind of deal your first one is. When you starting out, regardless of the dollars, the cents (sic) you get will be your most important benefit.
Expereince is a no lose propostion providign you use it. So, here’s a four step plan:
- Commit to a deal.
- Find it and complete it.
- Write down what you learned.
- Repeat steps 1-3.
No. Don’t try to get out of debt first. You don’t’ get out of debt before you make money(!) Taking a god look at your expenditures is important and paying down your worst loans is always a good idea but debt is no reason to stop investing. Work on your credit. You increase credit mostly by making timely payments on ALL you debts. If you’re not doing that you not going anywhere in REI.
Work At Home Jobs Idea - Posted by Work At Home Jobs Idea
Posted by Work At Home Jobs Idea on August 18, 2007 at 01:51:17:
there is information abt the Work At Home Jobs Idea Work At Home Jobs Idea