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First most people may start out just like I did , broke ! So , they go straight for the greatest technique Wholesale ! But now days it ’ s changed a lot . If you are in a market where prices are soaring and everyone and their mother is your competition , then it ’ s going to be tough ! You also must look at where you are looking for your potential deals ? Is it on Social Media ? MLS ? Keep in mind now days everyone likes to market that they have an “ OFF Market Deal ” as they scream that out over the Internet to the whole world . So , what do you do ?
Well first let ’ s list other ways to make Money vs get Wealthy . Second thought lets just go for Wealthy ! However , before I do let me help a little with Wholesale . How about Wholesaling Notes . You may have less competition . Or look at Probate but not a list ! Check out other articles or our website about these and other ways to find deals with less competition at www . JimmyReed . net .
Now Wealth , real Wealth is really just this simple , whether you like it or not . “ You Buy & Sell to create Cash ! And You Buy & Hold to Become Wealthy !” If you just keep buying and selling you will always be working a job . Regardless if you are Wholesaling or Flipping Rehabs , it ’ s just work , a JOB !
Holding Houses or any real estate that pays you Monthly is the first step to becoming Wealthy . By the way holding houses verses holding notes both are great , but the notes do eventually come to an end . Holding assets that produce income in the right Markets will always keep you in the Cash Flow regardless if you work or not .
BUY AND HOLD
I ’ m sure you ’ re asking yourself well how are you going to do that with no money , well you ’ re not , but someone may be able to help you . That is exactly how I got started back in the late 80 ’ s . I found a partner with money to put down to get a house we could buy , fix and sell . However about 6 months in it became a buy & hold asset instead . I won ’ t go into all the details but basically it became one of my first rentals .
Now I know many will say I don ’ t want a rental , or I don ’ t want to manage property , or even the most popular “ tenants will just tear it up ”. Well I can agree with you on all of that . However , after 30 plus years of investing this one strategy of Buy & Hold has truly been how we have made the most money over time . We have had every issue you can think of from damages to drug raids even fires , you name it and it has happened to us .
So , get over it ! Here is what you need to focus on , one you have tax benefits , two you have Monthly income , and third you can refi the property several times over the years you hold title on it . Lastly you can even use that refi money to purchase more rentals . Start to build your portfolio and start creating a line of credit with the equity . So much more I can tell you , but I want to get to the bigger picture here .
After having rentals for many years including apartment buildings , duplexes etc ... I decided to kick up my Wholesale machine the last couple of years , and low and behold I can ’ t seem to find any REAL Wholesale Deals ! All those new people have driven the market up and created so much competition its just not as easy to get great deals as it use to be . However , via our Network and searching in the areas that have less competition we do find some great deals . But again , prices are nuts and the rehab has gone up all because our Market is HOT !
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