BiggerPockets

While I've been fooling around with REI for almost a year now without any deals. You guessed it the operative words are "fooling around". I'm retiring in 4.5 months and need additional income ($5,000- $10,000) / month to live comfortably on top of my underfunded (read stock market decline) retirement income. My goal all along was to become proficient in wholesaling for it's simplicty and although it does not generate passive income, I have the energy and determination to start there and then buy and hold when my finances permit. I've read many books, bought several programs but have not consistently implemented a plan to make it happen. I know from many posts by investors on the forum that my goals are very realistic is all about doing the work. I'm therefore making a public commitment to this forum and its high quality members, you will hearing a lot from me about the deals I am working and the success I am having. Any comments, suggestions, encouragement, true life stories, or other helpful replies will be greatly appreciated.

If there is a consensus #1 step, what would that be!!!!

Sincerely,
"Coyote" Bob Burns
Baton Rouge, LA
"Let's Roll!"

As a new wholesaler, I would learn my market inside and out. Determine which areas you want to work or designate as your "farm areas". Learn what houses are selling for in these areas. Get ideas of rents in your particular areas. Learn which areas are good rental areas, and which are war zones. My philospohy is, would I feel comfortable walking down the street at nite in these areas? if not, I don't look to market or buy there. Learning this information will also allow you to sound intelligent when speaking to a potential seller. More importantly it will allow you to evaluate potential deals quickly and more accurately. If your market is competitive, timing could be everything.

After your learn the market. I would start building your team. Attorney, RE Agent, Title Co. etc...

This step is up for debate. Some say you should start building your buyers list, then start looking for deals. Others say find a smoking deal, and buyers will come out of the woodwork. Hopefully others will chime in on this topic. I started looking for buyers first, then started marketing for deals.

While I've owned rentals for a number of years now, the wholesaling game is relatively new to me also, so take my advice for what it's worth.

Also continue to ask question here. You WILL NOT find a more competent group of REAL investors. They would rather answer questions to someone who is taking action, then to someone who is just talking about it.

Hope this helps and good luck,

Norm

Bob,

You should call me tomorrow. I wholesale in Memphis TN and I help investors buy property. My specialty is helping people like yourself Take Action.

How about posting some suggestions here, Curt?

Yeah Curt...how 'bout it???

Bob

You asked for the #1 thing. You have gotten some good responses but to me the #1 thing is to find out what range in your market place is the number one in sales right now and get your rear in gear in those areas.