Bristol, CT · Member since 2014 · 4 posts · 1 vote
I am a new investor and interested in getting my first deal done in the next 30 days. I am focusing on wholesaling to start with ideally no $ of my own down. Can you provide some recommendations / tips?
Thanks Tom. I believe I have most of that under control but not all that is why I am looking to start w no $ down on my end. I have good credit, no car or student loans, and pay off my credit card on time... the issue is with the $ available to purchase myself. I need a way to find cash buyers fast to start building my list and find what they are looking for before I venture into my own flips or buy and holds.
Hi, @Kristen Snyder and welcome to Bigger Pockets. There is a ton of great info here.
I'd listen to all of the podcasts you can find related to wholesaling and read as much as possible; there are tons of blogs and forum posts here on the topic of wholesaling, from experienced people who do it full-time. The "Learn" tab up at the top will direct you to a wealth of info. You might also consider joining CTREIA, which has monthly meetings and is a good place to network (You can Google them and find their website). The monthly speakers are typically gurus looking to pawn their materials, but the meetings are well attended and there are some serious investors in the crowd.
And finally, not to sound like a downer, but the goal of wholesaling a property in the next 30 days w/o spending any money sounds a bit unrealistic. It would be highly unusual to wholesale your first property in a month, and even moreso without doing any marketing. The podcasts and blogs will provide more details, but I would humbly suggest re-evaluating that goal.
Hey Kristen Snyder! Welcome to BP.
I would agree with Karin DiMauro that a wholesale in 30 days may be an overly aggressive goal. The biggest misconception about wholesaling is that it is an easy way into real estate investing. In reality it actually involves a lot of up front work to find deals because you have to find better deals than anyone else in order to have enough for your buyer to make a profit on top of your wholesale fee.
If you're trying to get into a deal quickly I would suggest reading up on BP about marketing to sellers and then put together a marketing plan that fits your budget. Then go at it. While at the same time networking like crazy to find investors and cash buyers in your area so that when you get that deal you sell it fast.
Good luck!!
@Karin Crompton - Thanks. I know it may be aggressive but I am told it could happen... if I don't have a goal I won't push for it. I may hit or miss but at least I am going for it. @Raymond B. - Thanks, I am looking forward to diving into CT and beyond. @Daniel Raposo - Thanks, I know per my message above. Just hoping I can make this all work. They say you have to fail to succeed, hoping I just fail forward versus backwards.
I hear you, @Kristen Snyder , and I have some pretty big goals for myself for this year that are a really huge stretch for me. I'm all about setting the goals that make you stretch, with the idea that, if nothing else, you will likely advance to a place you wouldn't have been otherwise. Also, about setting a goal your conscious mind thinks can't happen, and letting the subconscious go to work on finding solutions. At the same time, there's a difference between unlikely and unrealistic. The trick is in learning the difference so you don't constantly set the unrealistic goals and get discouraged.
True, it could happen. Most anything could happen. But back it out for a moment ... to wholesale a property w/in 30 days, you'd really need to find and negotiate a deal in the upcoming week, in order to give yourself 2-3 weeks to then turn around and find an end buyer, negotiate with them, and close.
There's a ton of great info and help on this website. Good luck!