Wholesaling budget for a youngster?

[Robert Wright]

I'm sure that I have soaked up enough information to start making action steps to get into the wholesale real estate business. Im 20 years old work at a 7 to 3:30 job have 600 dollars saved up and I try to save 100 to 150 a week from my paychecks. My question is from my financial situation what are some of the next ACTION steps I should take who do I need to talk to and which marketing strategies should I start with bandit signs, website, direct mail etc.

[Jackie Lange]

Skip the signs. That is not targeted marketing and it is not worth it to potentially get a $500 per sign fine. With signs you waste a lot of time talking to people who have no equity but still want to walk away from closing with $10k or more.

You need to use targeted marketing to find wholesale deals. Your best bests are code violation lists, dead meters and vacant houses which were bought at least 15 years ago ( 30 is better).

But, before you start looking for houses to wholesale, you really need to build a buyers list. Ask potential buyers what area they want to buy in, what price range, if they do fire-damage houses, how long it will take them to close once you find them a great deal, and where they prefer to close.

Armed with this information, you can further target specific areas where you know your buyers want to buy. It makes it a lot easier to negotiate with sellers when you know you have 3-4 people who want to buy in that area.

Get at least 10 buyers on your list THEN start looking for properties to wholesale.

You can also recruit bird dogs to help you find deals. My best sources for that have been Mom's from the Mother's Day Out program at our church and recruiting people looking for part time work on craigslist.