Getting Started
Hey guys,
I am really excited for several reasons, so I thought I would start this forum off with a little post.
I am moving to a new city (Winston-Salem, NC) when I graduate from college in May. My parents are getting me a car for graduation (or maybe a truck 
I'm trying to decide what would look best with my "We buy houses" magnetic signs on the sides) and I think I will be able to find a place to stay for free/cheap rent.
I have given myself the summer to fully commit to trying wholesaling full-time. I will be using my savings to get a cell-phone, internet connection, and possibly fax machine and web site.
I may also try to get a part time job in the off hours. For you vetrans out there, what time of day do most of your calls come in? Morning/afternoon/evening?
Then I will begin to advertise in the Thrifty Nickel, get names at the courthouse and visit folks at home, cruise neighborhoods, schmooze realtors, pass out business cards, mail postcards, blanket with bandits, etc. etc.
I am really excited and hope to see some results within the first three months. Calls at least. If I have trouble with closing deals, well presumably that will improve with time. Otherwise, I may have to get a serious job, hopefully at a title company or bank, so I could at least keep learning to prepare myself for another try later.
Any thoughts on this plan? Specifically
-the truck/car option (I'm hoping for a toyota tacoma, I don't want to look like a realtor, do I?)
-Cell phones that work in W-S
-Advertising techniques
-efficacy of a web site
-whether I need a separate business phone line
Let's get this forum going!! Who are the other wholesalers out there? Maybe one day we can all take a field trip to the Rehabber's page, but for now, let's get to know each other!
Emily C!
Good for you!!! The first thing I would suggest is joining the local real estate investors assoc in W-S. Here in Georgia, we have over 800 members which represent all kinds of good networking opportunites and knowledge bases. I have read a couple of books (Ron LeGrand has an excellent one...Fast Cash with Quick Turn Real Estate) on the subject, but I'm not really seeing deals that would allow me to get into a property and flip it to another investor with a good profit. Any thoughts/comments/suggestions from other investors?
Wholesaling is a great way to provide an income without having to do all the ownership. I am also a newbie and looking forward to doing this as well.
First of all wholesaling is not a simple matter of finding and flipping. The real estate game is not just: look in a paper find a deal and sell. There is an old saying in this game..."If it was easy everybody would do it." This is a difficult game that takes time and energy and a lot of persiverance. Don't think that you will be making money within months of starting. It takes months just to find a deal, and months after that to get it financed and then there is the closing.
If you are going to get into this game understand it. The "get rich quick programs" only get the teacher rich quick.
But it is a great business to be in if you can stand the stress and you like living on the edge. I have been doing it for 20 years and wouldn't change it for the world. But be realistic and you won't get discouraged.
In many areas of the country, if you will place an ad in the MAJOR newspaper on a Sunday such as:
I BUY HOUSES!!!
Private investor, NOT a real estate agent.
Call XXX-XXXX
You will end up with "more deals than you can shake a stick at". The key is to run it in the MAJOR newspaper and NOT the "free papers" or "Thrifty Nickle" type papers. In this, you DO get what you pay for.
Well, you've been out there for a while now Emily. I'm curious about how you are doing?? I live in Winston-Salem too and am trying to get started.
Hi ZippyLaura,
Since starting in RE about a year ago... and going to the Greensboro and Winston Salem REIA meetings I've been doing great! I just closed on my third property last week! And I've put a lot of other properties under contract that ended up not working out. But that's OK I learned a lot from all of them.
Feel free to call me at 336-766-2270 x810 and leave a message if you want to get in touch. These days I'm working on mostly Subject-To's and Lease Options and I'm always looking to network! A lot of people generously helped me get started and I'd be happy to hel p you, too if I Can.
Emily
I'm a beginning investor interested in flipping properties. However, because of my credit I can't get financing. A lender suggested that I apply for a loan showing that it will be my primary residence and not investment property. I was told that I could get financing this way since I do not own a home.
Also, I was told that I could offer the home with seller financing. Is this legal?