BiggerPockets

Ok, this is a thread for anyone who wants to follow my wholesaling adventure. I am making this so everyone can see exactly how I'm going through this and once I make my first deal, I'm sure this will be an amazing resource for new comers.

I'm going to be detailing as much things as possible as I go through this experience until I make my first, maybe second deal. If you'd like to comment on what I'm doing, please cite the date so others may know where to look at when you respond (when this post get bigger anyway). I'll be editing this post every time I have something to share in my journey. Here's what I got:

-1/6/12

What I know in my humble begging:
Theory, tons, and tons of theory. I've read tons of books and advice on this forum. You know what I've learned? Everyone's advice is just about the same when it comes to "how do I wholesale". I think I keep wanting to learn more theory so I know I'm going to do well and you know, there is a time when you'll reach as much as you'll be able to learn and then you just have to jump into this. And it is scary to jump for me. All you need to know to jump in this is this:

1. Build a buyer list
2. Market and/or go out and find potential houses. Usually vacant and beaten up houses.
3. Once you find a house try getting the seller under contract for a substantially discounted price. (.65ARV - repairs - profit)
4. Find a buyer and "assign" your contract to him/her. The buyer is from your buyers list!!! When you assign your contract, you will charge him an assignment fee or finders fee. It's all rhetoric.
5. Close by turning in all the paper work to a title company.
6. Wait for your money.

So take it from me, and follow me, and JUMP!

Right now, I'm going to be building my buyers list. I'm looking to get about 15 buyers on this list before doing anything. I'm going to be looking for "we buy houses" advertisements on bandit signs, craigslist, the Yellow Pages, and the news paper. I'll be calling these people and asking them if they want to be on my list using a pre-made script. I'll be back once I get about 10-15 people on my list and give more details on how I did it. And for anyone going through this stage, I myself am nervous to even call up these people, so you're not alone if you're nervous too.

By the way, I'm being guided the ebook (which is on here in the resources area) "Real Estate Profit on STEROIDS" by Jackie Lange. Just in case you wanted to know. Why her book? Meh, no real big reason, it's simple and in a guide format so why not? Thanks guys/gals. Wish me luck!

Two threads worth reading:
http://www.biggerpockets.com/forums/93/topics/54108-buyer-s-list-how-to-

http://www.biggerpockets.com/forums/79/topics/6100-how-about-a-course-or-book-on-wholesaling-but-something-

Those threads will have lots of links to other threads that also happen to be worthwhile reading.

This is great, I too have started the process of wholesaling. I'm two weeks in and building my buyers list as we speak. I am going to follow this tread and post as well.

If you call the "we buy houses" signs you will just get other wholesalers who have no deals. This is only good for finding someone to have lunch with and talk about you you arnt getting any deals.

Wholesaling is hard. I have assigned a property once in the 5 years I have been doing real estate. These deals are really rare. I do not have a "buyer's list," but know most of the guys who are buying with cash. I also know of almost every property that sells. If it is a good deal an investor will beat you too it. Also, most deals in my area just work for the end buyer and there is almost nevery any meat left.

Have you thought about becoming a realtor that works with investors. There are not many that are any good at this. I think there is a lot of money to be made here if you are good. I think the money in wholesaling is in selling books and courses. I am thinking that I should come out with one some day!

Excellent Thread @Alex Jefferson, and if you do not mind, I am starting too in wholesaling in 2012, and wish you all best of luck, and to post my progress too!

I am taking a slightly different approach, I am not concerned about my buyers list (although I have collected cards from every re-habber, I could in the three different REI meetings I have attended in the last 3 months - Dec. did not count!) I plan on finding a great deal first, and I am sure the buyers will follow.

There is truth to what @Jeffrey K. has mentioned about the "We buy Houses" signs... think about it! (Jeffrey isnt Vandaley from a Seinfield episode? LOL!)

Happy Wholesaling! - Keith

I'm with Jeffrey on this one. It's possible to make a living wholesaling, but most people won't be able to do it, and those who can probably aren't making a great living.

Just my experience...

Hey all, I have updates, but I'll be sharing them Friday.

I see there is much caution for me to be going into wholesaling. Well I think I'll peruse it for say 3 moths and see how it goes... I'm also going to be looking into Steve L's awesome recommendation too so I think I'll be updating all that on this same post for anyone looking out.

Thanks for all of your caution everyone, but this post can be a case study for everyone instead of an opinion. At least in my market. And this will be great to see how Steve's idea pans out in my situation as well. Thanks

-Manuel

Manuel, I want to commend you for having the courage to get started.

I want to add that, if there are houses in your target market and there are people living in them , wholesaling IS possible.

I don't believe that giving it a try for 3 months, seeing if it works and if it doesn't work just giving up and calling it a day is the right attitude to have as you get started.

You must go into wholesaling with the attitude and belief that failure is not an option. You will achieve, no matter what the cost or the time, or die trying. If you are not yielding the results you are looking for, then , change your approach and change it indefinitely until you do achieve the results your looking for, but never give up nor give in. Endure all opposition, negativity and persist through obstacles and the results will follow.

Just my .02 cents.

Good luck!!

Hey Manuel,
I am sort of like you. I am a newbie. I feel that wholesaling is a very valid option to getting into real estate investing especially when your BROKE. When posting onto this and other forums just remember to take any and all advice with a grain of salt. Wholesaling may in fact be HARD, but so is getting up and going to a J.O.B. (just over broke) everyday and having to put up with a BOSSHOLE supervisor and lazy coworkers for the next several years of your life.

Like Jeffery K. said wholesaling is HARD, but he didn't say it was IMPOSSIBLE. In the end, you have to use your own mind. Only you and GOD know what your limitations are, and when you find what your limitations are reach out and extend yourself pass them!! :-)

In the words of Master Yoda, (Empire Strikes Back). When Yoda told Luke to lift the X-wing Fighter out of bogue using The Force, Luke's reply was "Okay I'll try". Yoda's reply to this was, "Try"!?! There is no try. Either or do or do not. Check out Youtube: Star Wars Empire Strikes Back: Yoda Luke Skywalker. I live that scene!!!! Hope you can use this tip!!! Don't give a try of 3 months give a TRY of 3+ years!!!!!!