Wanting to take the first step into investing.

[Sharif Mensah]

Hello everyone I'm new to BP, I found this site by trying to do some research on a 'Guru' I had just been watching a Youtube video when I saw Josh Altman giving a speech about attending a free webinar where it could change my life I did attend but I wasn't sold on his program. Okay so I know if it seems too good to be true it more than likely is. 

Though I do believe attending his webinar started to push me in the right direction, I had only planned on getting into rental properties after I found the right job to help me buy my second house and turn my first property into a rental property until I gain a significant value to sell it. Now I did wind up getting a program for 300 dollars from Cody Sperber. I know from reading most of the comments on here about gurus this will be frowned upon, but I decided I will give it a try for 30 days and return it if it's not beneficial.

One thing is bugging me the most is people saying all the time that you do not need money nor credit to get into wholesaling properties. Of course it is appealing to me because at the moment I don't have money to fund a deal nor is my credit as good as it should be to find another property more than likely. One thing I can't wrap my head around is, can you actually start wholesaling with out having an LLC, people to work with such as an attorney, accountant, real-estate agent etc? I mean there has to be some start up costs for setting all of this up I would assume and I would like to see if there is a realistic amount of money I need to put together to at least getting a business started. I have thought about asking relatives that might be okay with partnering up with me for funding. I'm also looking into trying to join my local REA, and trying to look for ways to find a mentor. So can you really start wholesaling with someone else's money like they say?

[Brett Snodgrass]

Hi @Sharif Mensah,

Here's a breakdown of a way that I've found works well for getting a mentor that can add a lot of value to your business and not cost you an arm and a leg. 

1. Set up a keyword alert for your specific area on here.

2. I'd then create a post on BiggerPockets saying where you are from and that you're looking for advice on how to find an ethical mentor in your area.

^This will help promote you with other people who have keywords set up for your area. (But make sure you don't say, "I'm looking for a mentor in my area, any takers?" As that will get you kicked off for solicitation)

3. Then I'd be on the lookout for established wholesalers and investors in your area that pop up from your keywords.

4. Once you find a few that look interesting, take them out to coffee. Make sure you interview them and get a feel for them. (working with them is a mutual agreement)

5. If you like them, and they seem like a good fit, then ask if you were to find some deals, if you could bring the deals to them for them to buy and then offer a 60/40 split (they get 60%) if they'll agree to walk you through the process of closing on it/selling it. And state that you'd obviously do a lot of the leg work, you'd just need to be shown what to do.

6. Then offer, if they have any other needs in their business, that you're really hungry to get involved and to learn the business, so if they needed help answering phones, cleaning toilets or whatever, that you'd love an opportunity to work with them and help out.

7. Then actually do it, if they offer you something.

8. Begin looking for deals via free resources, (here's a good guide to get you in the right direction: https://www.biggerpockets.com/renewsblog/2014/04/2...). Also consider driving for dollars, posting signs at coffee shops, etc.

9. Learn how to run comps and analyze deals the best you can (search on the BP blog for 65% rule for wholesalers) and then when you think one might be a good deal, bring it to the investor who has agreed to purchase the property, and ask him to confirm your comps and give you feedback.

10. Then if he likes it, boom: you now have a real estate mentor and you just rinse and repeat moving forward.

Hope that helps.