Just starting my research need advice

5 Replies

Hi my name is Amanda I just recently stumbled upon investing in real estate especially wholesaling. I really want to get involved in wholesaling real estate in my area. I live in New York on Long Island in Suffolk county. I have long thought about becoming a real estate agent and when I started researching becoming a real estate agent I stumbled upon real estate investing. Now that I've been doing my research on wholesaling properties I feel like there is always questions it sounds so simple but yet seems so difficult especially when you know nothing about real estate. My question is, I understand the process of wholesaling a property you make an offer to a seller who is eager to sell and then you take that offer and flip it to an investor for profit all well and good where my questions come in; How do you learn about the contracts a sellers agreement where do you find those contracts? Do I have to go sit down with the lawyer first before I get a contract is there certain ways that contracts need to be worded or is there one standard contract across the board for wholesaling? If I do have to sit down with a real estate attorney how do I find a reputable real estate attorney that is willing to work with such a newbie in the investing world? And how do the closings work? I get that you go to the closing agent but how do I find a closing agent to work with and what really does the closing agent do? do you have to pay a closing agent? I feel like I understand the process of wholesaling and doing research on properties but what I'm lacking the most is understanding the legal aspect and covering my *** in the process. I guess what really makes me nervous is the paperwork because I'm such a novice that I'm not sure I know what I should know about the contracts and the closings. I think this website is great and all this information is great it is very overwhelming and I really want to get started I have an uncle who does real estate appraisals and I'm going to sit down with him and talk to him about this I'm not sure if there's some information he may have that I don't. What really concerns me is I understand the process but I feel like I lack the knowledge in real estate to pull it off. I am definitely a go getter and I want to build a better life for myself with financial stability which will allow me to retire early and not work as hard. I'm a nurse a firefighter and an EMT I give to my community so much and I run myself ragged for little money but good gratification however what I'm looking to do is turn my life around financially. I could definitely use all the advice I can get before I make my first deal.

Go with your "I have long thought about becoming a real estate agent" thought first. 

In New York, just 3% commission can be hundreds of thousands of dollars - PER sale! Cheers...

as I said in my post I am a nurse a firefighter and EMT I know that it takes a lot of time 75+ hours for real estate school and then 150 hours or so underneath the broker. I'm not so much looking for a career change as I am looking to create financial wealth.  I am looking to go at a "more of my own pace" for faster turnover with smaller gains that will build over time. Not only that but to become an agent there are a lot of fees associated with testing and such and that financial pillow is not available for me to do right now.  Real estate investment seems to fit more into what I am looking to do at this time although someday I would like to get my real estate agent license in combination with being an investor. I appreciate your comment and will take that into  consideration for the future. 

@Amanda Dolan if you want to get into real estate investing, it's my opinion the best way to get started is to attend quality local meetups. 

If you see any mentions about getting rich quick, or any other garbage like that it's probably not where you want to spend your time. Hanging around legit investors and observing will teach you a lot. 

While you are building your network, make sure to improve your credit, and available cash. A lot of people talk about "no money down/no credit" but it's always better to have both.

Hi Amanda Dolan I'm new to wholesaling myself in fact I'm 2 weeks in. I just mailed my first batch of letters. You could find contracts you need online. To my knowledge you wouldn't have to sit with a lawyer first but to close on the deal a lawyer or a title company will get the deal closed with the seller and your buyer. A lot of ppl use a title company to close. You could look up a investor friendly title company to work with that's in your area. Again, I'm new myself and when I started asking question I felt like ppl would try to discourage me from getting involved. So with that being said if you believe this is the direction you want to head in then do it. Do a ton of researching and don't give up. This site is great and very helpful. I just ignore the replies that is only advise to discourage me.

Hi @Amanda Dolan I also considered RE school and becoming an agent, but I found my plight to my financial freedome was better served by becoming an investor. I have a great RE agent and property manager with a wealth of knowledge and experience. This makes things easier for me. So I encourage you towards the straight investment side. I have a doctorate degree, thus I think I have enough formal school and certainly don't want any more. With all of your jobs, it seems you may have had enough formal education as well.

Best of wealth building to you.

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