I'm looking. Into wholesale for rehab investor. And I'm not sure where to start.
Should I first find a deal and then should get a buyer? Or should I aim for both at the same time?
I'm looking for the safest route
Thanks in advance
On most of the training I have received, I have been taught to start building your buyers list first, find out what type of properties each of your buyers are into, how much of a reno are they looking to take on, price range, etc and thengo out and start looking for those deals.
by the way as a whole seller what contacts so I need? As in beside a mentor. Do I need a realtor, lawyer etc?
Honestly man I know this sounds crazy but just jump into it. Doesn't really matter. You'll get different opinions from different investors saying find buyers first and vice versa. I found leads first and then buyers. Honestly I wish I would have established a buyers list first just so I could seek out certain properties but hey it still worked out. Just put your foot in the door first.
"Feed your faith and doubt will starve"
I'm by far not a pro but I did do the massive action part already. 725 mail pieces and 100 phone calls later no deals well had two but they fell through. I can say find the deal first. If it's truly a deal it will sell fast. I've gotten probably 12 buyers just from Craig's list and believe it or not fom some of the return phone calls. I mailed to absentee owners and ran across a few investors.
Based on my experience, in a rising market, whoever gets the good deal - makes the money. Find a good deal and the buyer will show up. I update BP on what's happening in my real estate business on a weekly basis. Click below. As you will see in the link, a lot of times, we don't have a buyer for a deal...but when we get a good deal, the buyer is easy to find.
@Juan Soto it's good to have a mentor on your first few deals and split the money 50/50. If you learn how to do comps, research properties, check out market value etc... Then in the beginning you really won't need an agent. Find out in your area if you have to use attorney or title companies for your deals (do that by calling around). Hope this helps good luck
thank you all for your cooperation and wisdom! I will sure put them to good use
@Juan Soto I have seen this question come up a lot.. In my opinion you need to start looking at deals, get educated on your market.. Finding great deals and executing on them is the difficult part of wholesaling! If you have a great deal, you will have a buyer!
You want distressed properties in good working class areas, with good schools! Best of luck!!!
A newbie with 10,000 buyers still has no check.
A newbie with a deal has a check coming their way.
Its all about the deals deals deals
Welcome. Time to build the foundation below.
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Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.
Couple good reads
- 9 Reasons You Couldn't Find A Buyer For Your Wholesale Deal
- Don't Start Wholesaling Until You Read This: Wholesale Advice from a Fix and Flipper
- How to Start Wholesaling: Getting Past The Education and Into the Field
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Great question. I was thinking about the same thing. I have been reading Than Merill's book, the wholesaling bible. I am half way through.
planning on attending a local REI club in June to network and ask investors/buyers what they are looking for.
Just remember a LOT of investors never attend these clubs. I can only speak for my own market but I've only sold one deal to a person who attends real estate meetings. The big dogs who are the best buyers are usually too busy doing deals to attend.
Title reports / data tells you everything. Because it is real data on actual sales in your market. Hands down the best thing to follow for trends, and finding buyers.
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