I'm a beginner preparing to begin my steps towards wholesaling!

I'm a beginner preparing to begin my steps towards wholesaling!

Member since 2018 · 7 posts · 2 votes

Hello everyone! My name is Travis Hurst, and i'm on the road to beginning my real estate investment journey!

The worry I have is whether or not I have taught myself enough to begin. To start with, the things I do realize that I need to research more is everything regarding paperwork like how to make a proper purchase agreement(I do know that I will have to deal with a title company in Ohio) and where to find a decent real estate attorney. I can find that out with a little more research, but my main concern is that I don't know enough about certain terms or details. 

I know all about the basics, for example terms like equity, expense, income, cash flow, escrow, appreciation, ROI, ARV, OPM,  and other things like that. I also know about marketing campaigns, ie. bandit signs, direct mailing, door knocking, etc. I just learned about the 70% rule and debt-to-income and some other rules of thumb.

All in all, what i'm trying to ask is, are there any important terms and/or concepts that I should really get to know before fully immersing myself into wholesaling? Are there any obscure things that I may be missing that might give me troubles in the long run? Have you heard the term you never know you don't know something until you know it? I am currently held up due to possible lack of knowledge and practice talking, and I don't want to allow myself to eventually get held up due to my fears.

Thank you for reading, and thank you for the help!

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Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
8y

Start here: https://www.biggerpockets.com/real-estate-investin...

This will discuss how to navigate your fears. 

See this reply in the discussion

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  • Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    8y

    Start here: https://www.biggerpockets.com/real-estate-investin...

    This will discuss how to navigate your fears. 

  • Member since 2018 · 7 posts · 2 votes
    8y

    Thank you for the advice Nicole! I have in fact read through the entire beginners guide as well as done weeks of research on my own, and I have to say that this guide is very informative.

    I most certainly won't let fear get to me and at some point very soon I am going to graduate from just  studying and proceed with marketing and drawing up contracts!

  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    8y

    Dude,

    Seriously...

    Forget that "Start here: https://www.biggerpockets.com/real-estate-investin..."

    and forget any of these mainstream how to's junk.

    The problem with these "How To's" is  that it almost looks like they are written by people that have no clue how it is to be in your shoes.

    People that write this stuff write it  already knowing how to do it. (often they even have NO CLUE how to do it). Not a single person has written an accurate how to on wholesaling.

    Anyone ever read a wholesaling how to that said "Tell the seller you are wholesaling the property"? No? Didn't think so.

    8 out of my 10 offers to wholesale get accepted because I flat out tell them I have no intention to buy their house (when I plan to wholesale it).

    I have  just seen people that talk the talk and write how to talk that talk. It is all theory. It is like reading a text book on how to paint. Like reading how a jet engine works. Reading it will not give you the confidence nor the practical knowledge on how to do it. And without that knowledge you will not feel brave/confident enough to start.

    I WILL tell you how to start. Hold on, I am not done ranting and scolding! sit down butter cup it will be a long night!

    People like you in your position need to find a piece of content that tells you "OK if the seller asks you this: " but what if I bypass the 2.54 points of the mortgage proceedings into my IRS  bloompot horseshoe butter with peanut sauce".. and tells you exactly what to answer, in order for you to be brave enough to start (The answer is blueberry btw!).

    Then that guide needs to also have every possible  plausible question and scenario that could ever happen  with a detailed set of instruction/answer how to deal with that scenario.

    Well obviously that guide is nowhere to be found. Why? Because there can only be 1, and I have it! Why do you think I am so friggin damn awesome doing 300 and 15 flips per hour!

    No and that is why you shan't start anytime soon.

    So to hell with these "how to's" and here is the secret on how to start. Do not tell ANYONE!!!

    There is but ONE way how to start, and how to become FILTHY (rich)... JUST one way.

    Ready? OMG OMG OMG can you feel that anticipation?

    Keep in mind when I tell you this.. you will unlock the secrets of the universe and  .. well you will see..

    You start by...

    hey did you see that movie last night? Where that dog did this thing..

    OK fine fine

    You start.... by...

    just doing! THERE you go.

    Just do SOMETHING! ANything (related to what you want to do). Education does not count. You are passed tht. You are suffering from analysis paralysis.

    This is what you do to start.

    You know how wholesaling works. Stop reading and finding more info. Stop reading these stupid how to's. Do this.

    Write your OWN how to on wholesaling. (This is the best advice anyone will ever give you)

    Seriously.. do it.

    When you do, you yourself see and understand what it is you HAVE to do first right now.

    But fine... le me tell you what to do.

    Get a website.

    Learn SEO

    Get a buyers list, and contrary to popular believe, you do not need 2000 buyers. You need 3 serious buyers and that is all!

    My secret? While everyone desperately collects buyers and begs buyers to be on their list... I do the opposite. Buyers have to PROVE to me why THEY deserve to be on my list. If you can not show that you have bought at least 2 properties in the last 4 months in cash, .. yeah... you are not getting on my list.

    Why?

    OK pay attention. You as a wholesaler are as strong as .. your discounted deals you find.. AND how serious your buyers are. Missing one of these 2 points and you shall fail miserably while I point and stare and yell out my evil cackle! 

    Where was I...

    Find a good contract, and find a good investor friendly attorney (closing agent).

    These are just a minimal set of steps... but consider this..

    and I said this before when I was still like you.. a mere mortal...

    Imagine a curved stair way. Standing at the bottom you can not see that last step. Heck you cant see the step before the last.. not even the step before that step before that last. (I can go on you know..)

    But, you can see the first step.. and that second.. that third step though.. kinda vague halfway bent around that curve.

    But then something magical happens when you take that first step (because you see that 1 step clearly)... 

    what happens?

    That second step became even more clear and POOM that third step .. you can see it now...

    guess what happens when you take that second step... 

    uh huh!

    GET your website. You NEED IT!

    And omg I will slap you!

    FORGET the 70% rue and if I ever see you even think about it I will bish slap you with a 3 dollar bill!

    That rule  is RETARDED. Not even as a guide! It is useless.

    The 70% rule, or ANY generalization rule will not tell you how much rehab it needs, what location it is in, how long that buried oil tank has been leaking... undersground

    NO

    I said NO!

    If you need a complete guide on how to start investing, I will be your master of the universe. Not for not they call my the mighty MSOOTKAUG!

    No matter what you do in the world of investing, you NEED to become a wholesaler first. 

    All hail monkey!

  • Member since 2018 · 7 posts · 2 votes
    8y

    So you're telling me that explaining that you're wholesaling helps with that many offers? I try not to be a skeptic, but it almost seems too good to be true.

  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    8y

    sighh...

    2 scenarios.

    1). Yo seller. I will put your house under contract and thus you can not sell it anymore to anyone other than me or whom I choose to. The I am going to sell the contract at a 40K profit, and thus make money off of you. BUAMMUAAHAHAHAHAHAHA you dope!

    OR2)

    Hey beautiful super sexy amazing such a lovely butt you have pretty seller...

    Imagine I am a flipper. I need to bring the house to as new condition and this will cost me a fortune. Of course doing so my offer would be so X. BUT what if I were a buy and hold investor... Heck no I wouldn't put granite.. of goddess blue eyed wonderful smelling human you.. the renters would just destroy it.. refinish floors? Ohh goodness no. I will just clean up and put a renter i there for passive income. Like so there are so many types of investing niches and each investor has their own plans with different budgets.

    If you really want to sell your house fast in cash,  you would be WAY better of wholesaling it with me.

    Ohh you can trust me ... I am pretty!

    Always works!

    WHY?

    Because it friggin makes SENSE. Wholesaling IS the friggin better option for sellers!! (compared to selling it to a flipper (in most cases).

    The reason you are skeptical.. is like many people here... they

    do

    not

    use

    their

    heads!!

    Want to make it?

    Be smarter than your competitor!

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