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While I’m waiting for capital… - Posted by Zach
Posted by Zach on July 02, 2005 at 23:59:50:
I am so excited to be on track towards becoming a real estate investor. I’ve been reading over this site again and again, and reading books since last December. I’m learning my market by reading ads and looking at the mls. I’ve also been attending a REI club and have met some very helpful people.
My beginning few deals will be light to moderate rehabs most likely found on the MLS. I’m looking for REO’s or just properties that someone really needs to get out from under. I’m not ready to dive into my first deal due to my lack of capital. I know there are ways to do deals without any money, but to eliminate some risk I’m going about this the hard way and saving every cent I get, to put towards investing. I should have a sufficient amount saved around October or November to feel safe doing a deal if the worst case senario came about.
MY QUESTION IS, what specific things can I do while I save my money up? To hone up my rehab skills I’m volunteering for habitat for humanity. But as for knowing my exact market, should I be going to lots of open houses? Should I be looking at listings of sold houses?
One other question is…How big of an area should I focus on? I live in a small town near a city of 500,000. The prices and values vary dramtically depending on where you look in the city.
I know I’m all over the place, stating more about my situation than asking questions but I really would appreciate any insight.
Thanks,
Zach
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Re: While I’m waiting for capital… - Posted by Why wait?
Posted by Why wait? on July 04, 2005 at 06:11:34:
Zach,
Why wait? There are a whole host of ways for you to get moving - and quite a few disadvantages for you if you wait. Drop me an email with particulars re: where you are located and what you are looking for. I may be able to point you towards some resources that will help you get started.
BTW - volunteering for habitat - that’s awesome, man. Way to go.
Re: While I’m waiting for capital… - Posted by John B. Corey Jr.
Posted by John B. Corey Jr. on July 03, 2005 at 17:00:43:
Zach,
- Leo is correct. Learn your local market to see what works there. Some markets the banks are having trouble unloading property at below Fair Market Values (FMV). These are homes that would rent for more then they would cost if you use hard money to get the financing.
Other markets are more like a bubble waiting to burst and people overbid on the asking price.
The strategies for the first market would be very different then for the second market.
- Why wait for capital?
You can be a bird dog, you can wholesale to other investors, you can use hard money, you can find a partner and do a JV deal.
The point is saving is a great focus. While saving consider doing some deals to get you some extra cash so your investment pile builds quicker and you get your hands dirty doing deals.
John Corey
Chelsea Private Equity LLC
Re: While I’m waiting for capital… - Posted by Leo
Posted by Leo on July 03, 2005 at 07:07:34:
Zach, my recommendation is to study the market to determine where the new hot spot is and more importantly where will the next hot spot be. Then, try to find a deal in the next hot spot area. This takes time, possibly more than Oct or Nov of this year. Cheers Leo
Re: While I’m waiting for capital… - Posted by Zach
Posted by Zach on July 04, 2005 at 23:32:19:
Thanks for the post. I’m always keeping an eye out for special deals that I could do. I’m in the situation where I really need to get that first deal done, for a confidence booster. I’m in the midwest…omaha NE. I really am looking for any niche possible. I like the idea of finding a property and making money on it without having to fix much…buying it and just selling it fast for a profit of 10 or 20k. If I do one or two of these, then I’m going to build my own place basically debt free and then use the equity to flip some more. Then I want to get some passive income coming in.
Also, I’m trying to fit college in part-time. Do you have any ideas of resources that I could find at school? I’m not studying business, but maybe they’d help me out setting up entities later on? Any ideas?
Any advice is great.
Thanks again.
Zach
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Posted by meade binoculars on October 24, 2005 at 21:35:28:
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