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Updated over 10 years ago on . Most recent reply

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Jalen Thompson
  • Redford, MI
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Please help, you guys can even call me

Jalen Thompson
  • Redford, MI
Posted
I'm new to real estate I'm 19 single child, I'm highly motivated to learn about the process of wholesale/flipping houses! I want to know the actual process! How to do it, step by step by step! I'm a very detailed person. Please help. I want to be a role model to others. I'm located in the Michigan area.

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Bill Gulley#3 Guru, Book, & Course Reviews Contributor
  • Investor, Entrepreneur, Educator
  • Springfield, MO
12,882
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Bill Gulley#3 Guru, Book, & Course Reviews Contributor
  • Investor, Entrepreneur, Educator
  • Springfield, MO
Replied

@Jalen Thompson

Welcome to BP! This is a public social real estate forum, you'll get all kinds of information, good and bad. We have excellent folks here with a great deal of knowledge, we also have those that might sound like they do, but don't, you need to figure out who to listen to. And, we have some lawyers here, they contribute and provide great wisdom, obviously.

Don't be dazzled by the claims of making money, or some method being easy or the way to start out. To stay out of trouble and be successful, you need to learn real estate before trying to deal in real estate. 

Learn real estate basics first, not step by step stuff. Every property and person you deal with and every situation is unique, step by step is NOT the approach to take! That is guru stuff to sell systems or programs, not selling or buying real estate.

Think of RE investing or business as an art and science, not a mechanical process so much. There are certain stages you'll go through, marketing, advertising, showing property, negotiations, business contracts, financing, valuations, settlement and title requirements. Your role is to apply the best methodology to a situation, solve problems and profit. It is not selecting one method of operating and trying to fit all situations into that method. Those who do that are like a horse with blinders on, passing up things they can't see.

RE is hard enough to do without passing up potential deals just because you don't know the business. The starting point is learning what Realtors need to know to pass their test. It may take about 3 weeks of self study. Get a text book for agents off Amazon, older editions are fine as the basics haven't changed that much, you can find current requirement here and later on. If you don't understand something, ask questions here, you can mention me if you like, I'll address anything from any text book on RE or finance.

That is the foundation you need to build on.

After you get the basics, you'll be ready to understand and use various methods we use in RE operations and investing You'll also be able to spot those with knowledge compared to the smoke blowers or pitch types. 

Then you can listen to podcasts, advice, read blogs and internet stuff. RE laws can be serious, some stuff will get you into trouble not understanding the rules of the road, the basics will give you most of that so you'll have a better idea about using ideas or methods others might use. 

Then you'll be ready to hit the streets and start your business!  Best of luck :)      

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