Wholesaling

4 Replies

Hi Everyone!  I am brand new to the forum and looking for some direction from the more experienced members on wholesaling properties.

How do I find properties to get started with?  

First, listen to the wholesaling podcasts and read the articles.

Possible options:

Drive around neighborhoods
Auctions
MLS REO/short sales
CL
Marketing campaigns (postcards/signs/etc)
Network with realtors
Tax records with absentee owners or owners with 100% equity

Do something every day. Search the MLS, CL, drive around, etc.

Dennis

Cathy gave you some good ideas. When your starting out we think in terms of distressed properties and that is what we are told to look for, and that is a good place to start but the real money is in distressed owners. Of course one is a clue that may lead to the other.

Figure out what people might be in distress and then look where they might show up. A well know source is foreclosures, you first thought will be I can't do those, there is a ton of competition, and investors with money. True but it is still very possible for a newbie to break into this market with just a few bucks and the right approach and knowledge. I am not suggesting you start there but it is just to let you know that almost any source is not off limits with action and knowledge. 

I don't know your particular area, I do know once my company wanted to promote me to Pittsburgh when I was a young executive, but my wife and I wanted to stay in the San Francisco area so I quit because I didn't want to live in PA, well that and a few other reasons. But whatever area you chose, follow Cathy's advice and drive around looking for opportunities, and while your at it, write down the numbers of any properties for sale or for rent besides looking for vacant or run down properties. Call the listing agent of the for sales and get the info. Ask the agent if he did a CMA and tell him you know most sellers want to list at a wish price, but tell the agent you were planning to start investing in the area if you can find the right deals but first you want to learn the territory and what things are actually selling for and how strong the market is at the present time..

Thanks Cathy and Brian for the information.  I appreciate your help.  I will be out driving around next week!

Originally posted by @Account Closed :

Thanks Cathy and Brian for the information.  I appreciate your help.  I will be out driving around next week!

 all depends on if you have extra cash laying around to invest into buying a absentee owners/inheritance/probate/free and clear property lists. And from there on i would send out letters saying "I am interested in purchasing your home with cash". If you are short on money, driving for dollars (driving around neighborhoods and looking for distressed properties) or finding homes for sale by owners, would be your best choice. Make sure you have found an investor friendly attorney, or an escrow company to close deals for you ready in case you find a deal and need to open escrow. Best of luck

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