Getting Started

[Stephanie Irwin]

I just attended my first Roddy class (how to buy home foreclosures) and I'm really new to this home buying/selling business. I'm eager to learn and get started, but I'm not sure where to start. My first question is how can I get started with not much in the bank? I know you guys have access to many investors. How can I work with an investor to start making my own money and where do I find out how all that works? What other options do I have besides partnering with an investor or just getting a loan? What are the advantages/disadvantages of each?

Stephanie Irwin

Hope to see you at Roddy Round Up- Fort Worth

[George Roddy, Jr.]

Stephanie,

Let me first say that you are not alone in this category. Many people jump into this business only to find that they have wasted alot of time, energy and effort only to end up with no deals or bad deals.

The short answer to you question is: It depends

Since you are not going to be using your money to fund these deals then it boils down to three choices: control real estate, then sell the "bundle of rights" (contract) for a higher price. Or two, find a private investor to partner with (50/50 split on profits), you find and facilitate the deal(manage the general contractor) and the "equity" partner funds. Lastly, find a private lender (hard money) to fund your projects.

Which one you choose depends on your situation and Rolodex. I believe finding a 50/50 partner will be the most difficult out of the three. The hardest part of this business is learning to PROSPECT (find the deals). If you find a good deals, the money will be easier to find. You need to get confident on how to find the deals, how to control them, how to handle negotiations/objections. That would be my recommendation to you.

Another option would be to attend some local investor clubs/meetups. Be prepared to be "sold" something, but I would go to network with other like-minded investors. Find out what they are doing, what is working, what's not.


I hope you make the RoundUp worth your time. BRING ALOT OF QUESTIONS WITH YOU.

Ft Worth- http://www.meetup.com/RoddyRoundUpFtWorth/
Dallas- http://www.meetup.com/RoddyRoundUpDallas/


George