BiggerPockets

I would spend some time reading the wholesaling forum here on BP you'll learn a lot about wholesaling here.

I think you should keep the $1,000 in your pockets instead of lining someone elses at this point. You will want to search the forum post but you might also be able to work with someone that may need your help to keep their business going.

If you want to wholesale you don't need to purchase a course, it's basic. You find sellers that want to sell fast and willing to discount. Then you market the house to groups that want to buy houses.

We are always looking for those that will do what it takes to buy and sell houses.

I agree with mostly all of the previously mentioned advice on this post. You don't need to spend lots of money to get educated, be diligent about interacting on BP. Also there are many great blogs on wholesaling on here. Steph Davis to name one has a weekly blog on wholesaling REO's which is chock full of great info. Wishing you loads of success...

Wholesale = Build your database

Like what the others say, this website is a wealth of information. Look around.

In addition, explore the power of "asking". Find your local REI club and join up. Introduce yourself and ask for help. It worked for me.

Wholesaling is not hard in my opinion but it does take some research, education and an action plan. Well on second thought I can see how this might be difficult for some folks but I didn't think it was hard.

1) Research who you can team up with to dirddog for

2) Research and educate yourself on how much repairs on a house would cost the average investor

3) Attend as many of your local investor clubs as you can to learn along with reading this forum as others have said

Here's what I did:

I called the "We buy houses" ads in the paper and asked them if they would be interested in training somone at no cost to them to find homes for. I found only 2 interested to meet with me. I offered to buy lunch so this way we could meet face to face. I picked the one who I felt had the most experience in which I could benefit from.... of course while he made money at the same time.

He took me around to 3 properties while he looked at them and made an offer on them to show me about how much the cost of the rehab would be for his crews. After that I started looking at foreclosures and found a couple of properties for about 1k to 1.5K a piece birddog fee.

I felt at this time I could find and write contacts for myself then assign those contracts over or do double closings to gain a larger piece of the pie.

Then I felt I could rehab one myself but I didn't know how much the costs of the repairs would be for me as everyone has different levels of costs based on their contractors.

So I started writing down all of the names and phone numbers from the sides of vehicles such as Joe Johnson painting or John Doe's Remodeling. I obtained access to some foreclosed properties through a realtor friend of mine and had the contractors meet me at these locations to give me bids because I was interested in buying these homes. I also made sure these homes needed major work including foundation issues.

Now I had a database of contractors, I knew how much to write the offer for and what the numbers needed to look like to turn a profit and presto. I did my first rehab back in 2002 with 14K profit. It's not a smoking deal but 14K isn't bad for the first one. Second one was 21K.

From there I started attending one of the best investor clubs in this area and adding to my database for contractors, investors and hard money lenders.

Wow... everyone here pretty much "hit the nail on the head." I completely agree with every post on here and would just like to reiterate that going to your local real estate clubs can be a huge help.

I started by attending one of these meetings and picking up as many flyers and business cards as possible. Not only did I get a good sense of what buyers were looking for by noticing the similarities in the properties that were being marketed by the wholesalers, but I knew where to start if I was going to do this myself. I also checked out their websites to see what kind of marketing they were doing online and how their sites were set up.

Once I went to a few meetings, read material on wholesaling, and networked with other wholesalers, I teamed up with one of them and learned the business for free. After a couple of months I sold one of their deals and earned a referral fee (a nice one too!). This was the best way for me to break into the business since I was still working a full time job and could not afford to drop everything and jump in head first.

After I felt comfortable enough, I started doing it on my own. We still work with each other (most wholesalers do), but it's nice to be out on my own. It's a great business and a perfect way to get started in real estate. Once you make some money, you can start buying some of these deals for yourself to flip, lease-option, or whatever.

I wish you all the best in your real estate endeavors! Oh, and have a great time while doing so.

Eduardo Thank you for the good information

Very motivating stuff here. Taking notes on everyone's tips and will (hopefully) soon have some tips of my own to share. Thanks everyone.