BiggerPockets

Hey guys I'm a new investor I'm trying to start my journey into the real estate investment world. I have attended a Rich Dad Poor Dad seminar about a year ago and I really liked the idea o investing. I put it to the side though as I was focusing on my career as a web developer.

Now I really want to start doing Real Estate Investment. I've read many books and attended seminars and read articles on the web and I think it's time to just get out there an do it instead of trying to figure out everything before I do anything.

I am just looking for a little bit of guidance in the area of Wholesale. I know I have to find a Realtor ans get some comps on the area that I want to invest but I don't how to find a good Realtor or even where to look for one t all. The same thing goes for a broker to put my deals together and close them.

I have started building my buyers list by calling phones on FSBO houses and on Craigslist. I'm also going to start attending Meetups close to my area so I can hopefully network with some investors.

Also what should I be aware of when trying to close a deal. I'm going to be looking for distressed properties and trying to do assignment of contract to other investors. Would I have to pay closing costs or do I pass those costs onto the seller and the buyer?

I guess what I would really like is a quick step by step guide of how to do a wholesale deal from someone with hands on experience since articles and books only give you theory.

How would you go about doing the deal? Ex:

1. Find a good Realtor, get a list of properties sold for the area you want to invest in and find out the average price the houses were sold for.

2. Have buyers lined up

3. Look for distressed properties and make an offer. Get the broker to put the offer together.

4. Make sure all the contingencies are in place in case you cant get a buyer? (Will the broker help with this or the Realtor, or someone else)

5. If you get a buyer for the house assign the contract and have the buyer and seller pay closing costs (could it work this way?)

6. Collect the check and drive away to sweet success.

7. If you don't find a buyer within 3 weeks back out of the deal

Can someone evaluate this please and maybe give me some tips on what to look out for and what things to take into consideration. Anything that you wish you knew when you were starting out. I know it's a long post but I would greatly appreciate the help. :D

Thanks Jackie, I appreciate the response. How would I find properties that are not listed? Do I just drive around? And don't I still have to look through comps to see how much the homes in the area I want to invest were sold for, so I know what to offer for the house?

Thank you Chris I will read every post and article I find here and soak up as much info as I can.

Hey Antonio,

Welcome to the site and congrats on taking steps towards a new career.

To find unlisted motivated sellers you will need to master the art of marketing. You have web experience so I believe you should utilize those skills and start capturing leads online. Create a landing page that offers your services, shows value to sellers, and drive web traffic to the page.

You should invest some time and read the marketing forum here on BP.

Good luck!

Antonio I am just getting into the game myself.I have read so much info I feel it's time to get started though I wish I had your know how on web development. I have come across several great deals, I come across them often, but lack the ability of knowing how to close the deal without being taken by a more experienced investor. If any one can help me I have an investment waiting to be executed.

Thank you so much Stinson. I followed a lot of everyones advice and just got out there and did it. I am happy to say that I finally did my first birddog and it worked. My investor said that it was a perfect property and it was just what he was looking for and that he is looking for to me finding more deals for him. I love it. Thank you everybody.

Antonio,

Congrats on takin the plunge into the biz!

I am sure that is what a lot of "guru's" have said, but in my experience over the past 15 years, (most of it in wholesaling) that is not how it works!

1. Find a kick A$$ deal on your own. (know and understand your market)

2. Lock it up in a contract that you can get out of if you have to.
(60 business days to close)

3. Show a very detailed form that expalins all of the costs to cure if necessray as well as accurate comps.
(take the guess work out for your buyer, a confused mind says no)

4. Run a sexy ad to sell the property. This will build your buyers list. There is not a reason to have a bunch of people to buy on a house that does not exist. (get the house first, the buyers will come!)

5. Have a great title comapny that will handle your assignement of contract. When you assign it, the terms of the contract will remain the same. So if there is a split of closing costs, your seller pays half and the buyer pays the other.

Hope that helps simplify things. I know it is not what they teach, but this is how it works! :mrgreen:

sorry, I am getting sleepy now, the #2 is

2. Take your time with your buyers and find out what they are looking for, just like taking orders. Then go and find what they are looking for. It is always easier to find a house for a buyer than a buyer for a house.