BiggerPockets

Hi,

My name is Tyler, I'm 19 and currently do not go to school due to funding issues. I came across something about wholesaling and it peaked my interests. I have no realty background whatsoever. I don't know if I am in over my head by wanting to learn to wholesale. I figured since I am a good "people person" and am good at marketing my name, that maybe I could try it.

I read about contracts and stuff but I don't know what contracts are needed to wholesale and how to use them. Or what it means to put a house under contract. People say that they do this without any money from their own pockets. Is this true?

Sorry for all the stupid questions. If anyone could help me get some footing on this, it would be greatly appreciated.

Thanks,
Tyler

Thank you for the reply. I have read things saying that people can walk away if the deal does not go through. Were these just some stories made up on scam sites? Maybe I have been looking in the wrong places for info. But as far as I can tell, this seems like a nice place.

It's a little confusing to me because I do not know what exactly to search for haha.

Also, is 19 (20 in april) too young to be taken seriously?

Originally posted by Tyler Finley

Thank you for the reply. I have read things saying that people can walk away if the deal does not go through. Were these just some stories made up on scam sites? Maybe I have been looking in the wrong places for info. But as far as I can tell, this seems like a nice place.

It's a little confusing to me because I do not know what exactly to search for haha.

Also, is 19 (20 in april) too young to be taken seriously?

You can walk away but you will lose any deposit that you put down and if you are working with a Realtor they probably won't do another deal with you again.

Your best bet to start is to use a flex option, put that in the search and read more about them. Basically you can get a property under contract for a few bucks and still let the owner try to sell it on their own. This gives you the ability to market the property to your buyers without tying it up under contract from the seller only to back out 2 months later without it being sold.
I would start by calling your local For Sale By Owner signs and walking through some properties. I see you live near Rochester, you can get a house under contract up there for under 20k. Tell the owner that you work with investor's that by properties directly through you.

There is much more that you will need to do, like get a buyer's list together, talk with your local contractor's about rehab projects, join a local REI club...etc.....keep searching the wholesale forum.

My quick advise to you is study the field first. Learn everything you need to know( Books, internet, BP site). That is your first weapon in doing things right and being taken seriously.

Got you beat Tyler. I'm 18 and have some wholesales closing his week. Actually, I just got back from one of my properties, had a meeting with one of my cash buyers. Even better, one of my partners, Johnny Cashflow over in NC is only 17 and already putting deals together.

Most of the time when you present yourself well. Someone may have more respect for you as a young entrepreneur.

Tyler,

I'm a bit envious...

Just thinking what a great find this forum is for everyone but especially for those of you that are still in your teens, serious and hungry - lol...you are so in the right place. If you take the advice already given about studying, researching this forum... it's a valuable resource. The bull sh*t meter does not have a reading here. Of course your education should not end here...look for a good course that is recommended by the guys here that are actually doing deals. That's it...then continue taking action.That's where the theory of knowledge is clearly trumped by the exponential learning curve of action.

Read this forum everyday..most of your questions can be answered right here by some pretty generous/cool people imo.

I myself just made the switch over last month (to wholesaling) and have seriously acquired more than enough info to get started from here before even purchasing a wholesaling course.

Good luck