Updated about 5 years ago on . Most recent reply
(Thinking of) Wholesaling First Property
Hi, everyone! I am looking at a property that I would like to wholesale. I have been reading, looking at YouTube and researching on the internet. The property is listed for $20,000 and it is through a real estate company. What exactly am I suppose to do.
From everything that I have been reading and studying, this where my mind is: I contact the agent to inquire about the property for details and what they would like for the property. Then I ask to do a walk-thru. After my walk-thru, I ask if that is the best price they will accept. Once they say "yes" or "no" then I try to negotiate. If we come to an agreement on the price, then I get them under contract. Once the contract is in place, I find a buyer. Once I locate a buyer, I then give my price, we then negotiate a price. Then I get the money from the buyer to pay the seller and then take out my fee. (I will also be including a real estate attorney and title company in the process).
Am I on the right path? Any help and/or suggestions would be greatly appreciated. Thanks!
Most Popular Reply
First of all, props to you for even starting! That’s more than most people do!
By the way, I’m in NWA, what part of Arkansas are you operating?
Wholesale opportunities on the MLS are very few and far between. I mean, it's possible, but 99 times out of 100 the deal is too skinny. You're better off looking elsewhere. I'd recommend driving for dollars if possible when first starting out, those will be your best leads, and you don't need thousands to pull a deal out. If you're really bad with people skills you should still be able to pull a deal out of 100 good driving for dollars leads. In a month's time that's 25 a week, or a little over 3 per day. Give it 90 days and you should have a couple deals under your belt.
Good luck to you! Feel free to reach out if you need anything!