BiggerPockets

Not a pro, but if you have the right connections, you may not need any money at all to get these deals done. $500 is a great start-up capital for marketing funds.
I suggest calling the "we buy houses" ads in the classifieds and find out what type of properties they are specifically looking for then, go on a deal hunt. Don't worry about mistakes, it's almost a certainty that they are going to happen. Good Luck!

Joseph, I understand what yo would like to do but here is what I know. I am a full time wholesale investor who does this for a living. If you just lost your job you will not be able to wholesale any property and here is why I think this. For our company or at least every bank we work with, in order to lock up the property once your bid is accepted they are going to want two things from you. 1. Proof of funds and 2. Ernest money, usually $1,000. If you do not have both you would not be able to put a property under contract. Also, what would happen if you were not able to sell the property after the 30 days are up? You will lose your ernest money and ruin the relationship with that agent. If I were you you should try doing some bird dog finding for a local investor. You should go to your local REIA and network with the local investors in your area. Hope this helps.

Joseph, I'm still sort of a newbie who has been doing this on and off for the past 2 years(mostly off) BUT I feel I can offer a few kernels of wisdom..First off, bird dogging is almost a guaranteed waste of time...it's too much hassle for not enough money(take it from me) Secondly, proof of funds has never been required from me when putting a prop under contract..If a buyer did ask for proof of funds, you just tell them you'll submit the info to your hard money
lender to see if he'll approve the deal.
You'll want at least 1 or 2 hard money lenders if you ever decide to do a rehab but they're really not necessary for wholesaling..Also, my contract doesn't stipulate giving earnest money nor have I ever been asked for it..If you tell the seller it's an all cash deal(which it should be) then they're fine w/ that....So to sum it up, YES you can do this while being out of work...just have the buyers lined up, pick a solid marketing strategy and wait for the phone to ring..

Jorge and Augie, thanks so much for your feedback. That's just what i needed to hear. I was getting ready to give up on this whole thing until I found work again. I anticipate that being soon, but I wanted to use wholesaling as a strategy to build a downpayment and reserve capital for buy and hold properties as well as income, so I can get in the game before the party is over :cool: Augie, do you wholesale a lot as part of your strategy? Thanks again guys, this really does help!

Totally agree with Augie

Work looking for work Joseph. This is your work. See what you haave to do is go out here and bust your A*** and begin to see that there is no other satisfaction like this.

Also you can team up with someone who already has themselve established and work on some kind of split with them in the beginning.

But I have been doing this for 6yrs and no money is really needed.

Not to offend Curt, but the deals I come across are not from a bank and nothing is required. Homeowners are who I am dealing with and the are MOTIVATED.

Now Joseph go out and get that first one done.

Augie, Douglas, and Russel, Excellent. Thanks guys. Those words are very encouraging, and just what I need right now. Russel, and 11k profit on your first deal?? That's amazing. Oh, and Augie, I checked out your website. That's just a great source of free info. After my first deal or my next paycheck (whichever comes first) I'll be sure to get one of your courses. Such a great response from this thread, and I couldn't thank everybody enough. Any more words of wisdom would be appreciated as well. This is a great site. :cool:

Thanks Curt. I figured as much after I thought about what you said.

I just want to first say thanks to Joseph for this post. You and me are on the same boat, and I appreciate your post. Second, I want to thank Augie, Russell, Douglas, Curt, Jorge and Corey for their input, info, and inspiration. After reading what you guys had to say, I am ready to hit the phones again, and start calling some FSBOs.

STEP #1 - Find REAL Cash Buyers.

note: Lots of 'We Buy Houses' guys don't buy houses and only want to wholesale them. Make sure they will ACTUALLY BUY.

Hi Joseph,

You can definately wholesale with no money. I never put earnest money down and I usually always only put a contract with a seller under option until I have a buyer so I am in no way liable if I don't find a buer.

As far as calling "we buy houses" places - call them all. The majority of them are wholesalers but they are all great resources. If you have a good deal have them pass it onto their buyers (they will add their fee onto the price they pass to their buyers).

I think you can definately do it. And don't give up! Even if you end up having to find a job in the mean time, keep working on looking for those deals and you will be on your way to financial freedom.

Stephanie