I am calling this the Wholesaler House because I bought it using a wholesaler.
In late 2007 I had been studying the subject of real estate investing for 16 years. I read books, worked out formulas, found properties, did everything except make an offer and buy a house. I was in analysis paralysis and could not make the move from investing student to investor. I guess I was scared of what might happen.
Then I met a co-worker that had several houses and ‘helped’ others buy investment real estate. His pitch was simple: he would find the house, manage the renovations, find the tenant, and collect the rent, all I had to do was sign the papers and put ‘cash in my pocket’ at closing. The cash in my pocket would come from borrowing in excess of what was needed. Over time I would learn the business and be able to branch out on my own.
I was still scared of what would happen. Although I had a lot of theoretical knowledge about real estate investing I lacked the confidence I needed to move forward. As a result, I decided to partner with a friend who was also interested in the subject. My thinking was that this would reduce the risk to both of us.