Hi - New to the forum and introducing myself. Quasi-new to CREO. Been reading for awhile and rally enjoy the articles.
I currently own one cash flowing rental. My long term plan is to buy and rent/hold. I want to learn to wholesale so that I am free from using a RE agent and the MLS. I live in a military-strong suburb of Seattle where prices are still somewhat deflated - Yet, prices are starting to rise again. The MLS seems useless for the most part at this point. There are only a few wholesalers here and they hold their cards close to their chest - not very friendly people to other investors unless I want to buy a property from them. Which I will buy a property from them if the price is right. They can do the work for me if they want.
I attend my local REI meetings. They sometimes conflict with work, but I attend as frequently as possible and it has helped.
I’m attending the county auction this week to collect names of cash buyers and hopefully I’ll also get the names of investor-friendly attorneys and/or title companies. I desperately want/need a wholeseller mentor. Searching for one. I’ve easily found mentors my entire life until now. This baffles me. I will learn this new skill, and will probably figure out why there is a lack of mentors out there is this field afterward. I will do my best to mentor others. Mentors are important and I am a mentor in my current field and will mentor in my next field. It’s a lost art.
I have my own cash to invest, a mtg. broker who can loan up to 3 more properties to me on a fixed rate (not my preferred plan, but a route I can take if needed), and a team of repair/construction workers for rehab. My main rehab guy decided to change careers so I need to replace him and will do so. Part of the deal.
Any help or comments are greatly appreciated. My short term goal is to have a wholesale team of investors to buy, attorney, contracts and title team lined up within 2-3 months. I have no idea if this is realistic. I have no mentor right now - only articles. Recommended books would be highly appreciated. No worries about recommending your own writings. Just recommend what you believe is best. Refer articles, books, links, etc. I read profusely. I’ve started two successful companies to date and sold one off - knocking on doors and cold calling is fun to me (I still get nervous but also enjoy it). I work well with people. I would sincerely appreciate any all feedback for some direction.
You sound like you set up yourself good for business. If you said that you already have your first flip happened then you are on the way to go. But if you are really looking for mentor, buy online course from guru that offers interaction (they are plenty out there) and try it at least for money back guarantee period. If you happy with that course then your money is well spent. Beside I would say with all the supplies in the world your own drive is a main factor to success.
You have stated:
My long term plan is to buy and rent/hold.
The MLS seems useless for the most part at this point.
I have my own cash to invest, a mtg. broker who can loan up to 3 more properties to me on a fixed rate (not my preferred plan, but a route I can take if needed), and a team of repair/construction workers for rehab.
Knocking on doors and cold calling is fun to me.
Any help or comments are greatly appreciated.
Then you state all of the people/positions you want to recruit on to your team to help you accomplish your goals. IMHO, most of the positions you are worried about filling, you will fill along the way as needed. Skip that and cut to finding good deals. I know several great investors who get their deals by going to a neighborhood where they want to own, and start knocking on doors. They tell everyone they are looking to buy a house in the neighborhood and “do you know anyone that needs to sell?” (and pass out business cards). I am not a door knocker, but the people I talked to that were, swear up and down there is no better, quicker, easier way to find good deals and buy houses, and it sounds like it might be right up your alley. These are people that always seemed to have deals.
Also, sounds like you said you prefer not to use debt. Partly food for another discussion, but one of the single biggest advantages of R.E. investing (buy and hold) is leverage… AKA using debt. In fact, without leverage, personally, I would not invest in R.E. There are far easier ways to make money with less risk than buy and hold R.E. if you aren’t using OPM. I love a lot about buy and hold, but nothing more than tenants buying me houses because their rents pay off my mortgages (and all other expenses, and give me positive cash flow to boot). Robert Allen once said, “A million in debt is a million in net”, meaning if you borrow a million dollars, against R.E. with enough cash flow to carry the debt payments (assuming amortizing debt structure), then it is just a matter of how long until the debt becomes your net (worth).
I agree with Chris - Leverage and a friendly RE agent
Leverage.
Also I have a RE agent that has made me a lot of money. In fact, over the last 10 years, he helped ramp my business by bringing me sweetheart deals. In the last 6 months he brought me(on a silver platter) 3 duplexes. All rented, all at a very reasonable prices(Renting for 2% per month return).
Olympicflyfish, You must be in Everett, Marysville, Bangor or over on the peninsula or maybe at naval station Whidbey Island. Know the area quite well, retired military myself.
The best ting you can do in your area is joins REAPS…Real Estate Professionals of Seattle. They have VERY VERY (or at least used to) monthly meeting and some really nice guys including John Merchant of Tacoma.
Good Luck, use to live up there and got tired of rain and cold and moved south.