Need Help Starting Out!!!

[justin0419]

Chuck,
Check out your local home improvement stores.  Browse the aisles with a pen and paper.  How much does the cheapest carpet and pad cost per sq ft?  What about floor tile?  Price bathroom vanities, medicine cabinets, kitchen cabinets, countertops, sinks, sheetrock, window a/c units, water heaters, shower walls, etc.  Start to think about what can be done to make something rentable by being cost efficient.  Hardwood floors in good shape, but faded and scratched can be painted with floor paint for about $25/gal.  It's cheap and a lot faster than refinishing.  Things like that will get renters in without breaking the piggy bank for rehab costs.

[ChuckFromMichigan]

all right gotcha will be doing that this weekend.

[Alan Brymer]

This isn;t a thorough answer, but I'll give my thoughts on being a bird dog.

If you mean locating properties, telling someone about them, and getting a fee of $1000 or less, I don't see the point.

If you actually make offers and get contracts to buy that you can use to wholesale deals to investors for a fee of $5000 or more, I would absolutely start out doing that.

And you could always refer sellers who turned you down to other investors to seal the deal and get paid as a bird dog as a Plan B.

[redhawk]

Chuck
I am from Michigan too. The rental market is very depressed as we will loose population growth statewide in the upcoming census. Investors in rehabs and flips is the same everywhere.Your idea to bird-dog to investors is a good one now because the houses that the others have described are abundant beyond description. I have been in the real estate rehabbing business for 10 years and I normally track 10-20 REOs per month in my county, now I am tracking 125 REOs this month and as soon as the banks discover that the government is not going to help them any further there will be 250/mo. I recently bought a house for 12,500 and fixed it up for another 12,500 and found a tenant/buyer for 75000, on a house that would have sold for more than 125,ooo in 2006. If you find them we will buy them.
redhawk

[ChuckFromMichigan]

thanks RedHawk  im going to shoot you a PM

[cacoca]

greetings everyone, I am from so cal and have no experience or knowlege in real estate and work full time in retail with a minimal college backround.  I was introduced to the idea of Assignment of Contract buy an organization.  How would I go about making money using an assignment of contract.  Should i join an investment club first?  Keep in mind my real estate vocabulary is at the level of a 9th grader.  I dont even know what equity means in term of real estate.  Thanks.
 

[ChuckFromMichigan]

first i would suggest reading here on the forums about wholesaling find all the wholesaling topics you can and read them from start to finish.another clever way i learn is to find a person that posts here alot that you like the comments they post that are helpful and click on there name and read every post theyve made plus there are alot of tools on this site to help you understand the vocabulary and abreviations.

[cacoca]

first i would suggest reading here on the forums about wholesaling find all the wholesaling topics you can and read them from start to finish.another clever way i learn is to find a person that posts here alot that you like the comments they post that are helpful and click on there name and read every post theyve made plus there are alot of tools on this site to help you understand the vocabulary and abreviations.

Is wholesaleing the same as Assignment of Contract?

[ChuckFromMichigan]

yep it sure is its actually 1 type of closing strategy meaning a way to get the deal done. others include back to back closings,pocket llc's,lease options,subject 2's and etc once you get into these forms and read you'll understand what im talking about.