wholesaling with no money down

34 posts by 27 users

Medium 1399484959 avatar gtworks Damion Hopkinson
Real Estate Investor from washington d.c., Washington D.C.
7 Posts
0 Votes
2 Awards
Medium 1399385794 avatar mycapblue Kevin Kaczmarek
Real Estate Investor from Fishers, IN
408 Posts
181 Votes
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Kevin Kaczmarek

Real Estate Investor from Fishers, Indiana

Oct 27 '10, 01:20 AM
2 votes


That is a pretty broad question. There are several amazing whole sellers on here. I would suggest looking for a wholesale mentor. Maybe find a local whole seller whom you can be a "bird dog" for. Putting in the time to learn will give you the experience and knowledge to learn the in's and outs of whole selling.



Medium 1448324704 avatar barnardinc Will Barnard
Developer from Santa Clarita, CA
12380 Posts
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Will Barnard Verified Moderator Donor

Developer from Santa Clarita, California

Oct 27 '10, 02:07 AM


Originally posted by Damion Hopkinson:
How can i start wholesaling properties with no or little money
It takes the skill, the relationships, and the knowledge to become a wholesaler, money or no money.

The simple answer to your broad question is that it does take money to become a true wholesaler, but it does not take the full acquisition prices and it does not necessarily have to be YOUR money. (OPM)

Depending on the stratgey you use to acquire properties will determine what you need to do. For instance, choosing the REO market to wholesale will require a different stratgey and team then going after motivated home sellers and such.



Medium be logoWill Barnard, Barnard Enterprises, Inc.
Website: http://www.barnardenterprises.com


Will Barnard Verified Moderator Donor

Developer from Santa Clarita, California

Oct 27 '10, 02:08 AM


I also see this is your first post. My best advice to you is to stay active here on BP and read and interact with the membership. This will be your best resource for your education.

Get educated first, then go out and make some money.



Medium be logoWill Barnard, Barnard Enterprises, Inc.
Website: http://www.barnardenterprises.com


Damion Hopkinson

Real Estate Investor from washington d.c., Washington D.C.

Oct 27 '10, 02:50 AM


im studying so hard right now reading books, surfing the web and talking to alot of people, just trying to educate myself. im so serious and motivated right now.



Will Barnard Verified Moderator Donor

Developer from Santa Clarita, California

Oct 27 '10, 02:53 AM
2 votes


Originally posted by Damion Hopkinson:
im studying so hard right now reading books, surfing the web and talking to alot of people, just trying to educate myself. im so serious and motivated right now.
I don't think you can find a better resource than BP Nation for your education. Stick around, fill in your profile and join in the conversations.



Medium be logoWill Barnard, Barnard Enterprises, Inc.
Website: http://www.barnardenterprises.com


Medium 1399481425 avatar champak10 Champak Shah
Stone Mountain, GA
251 Posts
37 Votes
1 Award

Champak Shah

from Stone Mountain, Georgia

Oct 27 '10, 03:09 AM
2 votes


Search for "Whoelsaling" here --there is also a Group and Forum for " Whoelsaling " --

This question has been asked before by others --check all those --

Build a Buyer's List and then start looking at properties- need to learn about contracts , rehab costs, other costs and pricing wholesale
property--read Justin's blog and my comments --about costing



Medium 1399485332 avatar lauraalamery Laura Al-Amery
Real Estate Consultant from Chicago, IL
99 Posts
34 Votes
2 Awards

Laura Al-Amery

Real Estate Consultant from Chicago, Illinois

Oct 28 '10, 11:38 AM
2 votes


I agree, build a buyer's list first - then you will know what the buyers want (area and price) and then you can look for properties. I call it the Reverse Approach. Also you want these buyers to be cash buyers, so you can flip the properties to them with no money from you (you will use a Transactional Funding lender.) Good luck!


Edited Oct 28 2010, 12:34 by Administrator: Solicitation Removed


Medium 1445559008 avatar tobilove23 Tobi Rosario
Wholesaler from Yeadon, Philadelphia
31 Posts
4 Votes
1 Award

Tobi Rosario

Wholesaler from Yeadon, Philadelphia

Nov 04 '10, 09:18 AM
2 votes


The biggest misconception in realesate out there is that you need alot of money to get started.Well im here to tell you that you dont but only if you know what your doing. I have wholesaled house's with just $1 and make several thousands dollars at closing. So im here to tell you its possible just have to get the proper knowledge but that would be useless if you dont TAKE ACTION! Good luck



Medium 1399568053 avatar bpoppell Bridgette Poppell
Virtual Assistant from Lehigh Acres , FL
21 Posts
5 Votes
2 Awards

Bridgette Poppell

Virtual Assistant from Lehigh Acres , Florida

Sep 14 '11, 09:04 AM
3 votes


I would like to know how you wholesale with just one dollar , could you please send me some information on that or if you know of anywhere to find that information . Thank you



Medium 1448323191 avatar robthehouseguy1 Rob Gillespie
Real Estate Investor from Cleveland, OH
1165 Posts
450 Votes
9 Awards

Rob Gillespie Verified Video

Real Estate Investor from Cleveland, Ohio

Sep 14 '11, 10:00 AM


Damion,
That is the only way to wholesale. No money, No credit, No BS! You want to create good contracts on properties that would be desirable to others and sell them your interest in the contract. I would say out of everyone I mentor, this is the most popular request from people.

I did simplify it quite a bit, but it is really not much more complicated than I am explaining.

Now go get crackin on makin some offers to sell!!! :mrgreen:



Rob Gillespie, Rob The House Guy, LLC
E-Mail: [email protected]
Telephone: 330-800-9090


Bridgette Poppell

Virtual Assistant from Lehigh Acres , Florida

Sep 14 '11, 11:44 AM
1 vote


I was told that I have to have an approval letter from the bank is there a way you can get around that rule ? what kind of contract do you put it under to where you can turn around and flip it and is it a good season to do that in Florida , SW florida to be exact?



Medium 1399388416 avatar chris colvard Chris Colvard
Wholesaler from Dallas, TX
308 Posts
64 Votes
4 Awards

Chris Colvard

Wholesaler from Dallas, Texas

Sep 14 '11, 11:57 AM
1 vote


You are probably talking about a "proof of funds" letter. This will be required buy realtors, banks and educated sellers. You can find them or buy them. Also, you can use a private lender who lets you use a bank statement. Also, a lot of banks may not let you use the BS anymore.

You would be wise to join a local REI Club and find a mentor to help with this.

You have not stated what type deals you plan on working. Where do you plan on finding your wholesale deals?

You will need a plan and some marketing dollars. Without that you will have a hard time even finding a deal.

As far as the contract, you can use any however, it would be best to know what others are using. Once the contract is assignable, you will need an assignment to make an assignment fee when you assign your interest in the contract.



Medium 1400607109 avatar mr investor James Hiddle
Altus, OK
2883 Posts
590 Votes
7 Awards

James Hiddle

from Altus, Oklahoma

Sep 14 '11, 03:19 PM


Originally posted by Bridgette Poppell:
I was told that I have to have an approval letter from the bank is there a way you can get around that rule ? what kind of contract do you put it under to where you can turn around and flip it and is it a good season to do that in Florida , SW florida to be exact?

That's only if you are dealing with REO's which is a whole other kind of strategy.

Basic Wholesaling deals with FSBO's.



Medium 1448324338 avatar curt Curt Davis
Residential Real Estate Agent and Turnkey Provider from Memphis, TN
3586 Posts
1204 Votes
10 Awards

Curt Davis Verified Video

Residential Real Estate Agent and Turnkey Provider from Memphis, Tennessee

Sep 14 '11, 05:02 PM
1 vote


Well first I want to know, are you wanting to but the properties to keep for yourself or to flip zero down? it is easier to do no money down if you plan to flip but buy and hold is a bit more tricky.

I have done both buy and hold and flip no money down many times. It is the only way I buy my own properties to keep. Good luck, it is possible.



Medium buymemphisnow stacksCurt Davis, Buy Memphis Now
E-Mail: [email protected]
Telephone: 901-207-8977
Website: http://www.BuyMemphisNow.com
TN Agent # 00321765


Medium 1399549910 avatar cellularman Andrew Kellerman
Real Estate Consultant from Escondido, CA
13 Posts
1 Vote
1 Award

Andrew Kellerman

Real Estate Consultant from Escondido, CA

Sep 16 '11, 03:31 PM


Too bad LoopNet doesn't list properties pointing out that they have a cell site. Buying these property and then flip the cell tower. [REMOVED]this is how you can earn 2 commissions or buy a property pretty much wholesale (after the flip).


Edited Sep 16 2011, 16:05 by Moderator


Medium 1399571483 avatar yeaokwali Omarwali Jones
Real Estate Investor from Jamaica Queens, NY
42 Posts
3 Votes
2 Awards

Omarwali Jones

Real Estate Investor from Jamaica Queens, New York

Sep 16 '11, 05:20 PM


I created a topic inquiring about contract vendee's anyone ever herd of em? As I'm curious to this whole 'no money down' thing myself



Medium 1399343371 avatar destind 2 rei Renae Bliss
Involved In Real Estate from Milwaukee, WI
124 Posts
2 Votes
3 Awards

Renae Bliss

Involved In Real Estate from Milwaukee, Wisconsin

Apr 14 '13, 04:49 PM


Originally posted by Will Barnard:
Originally posted by Damion Hopkinson:

Depending on the stratgey you use to acquire properties will determine what you need to do. For instance, choosing the REO market to wholesale will require a different stratgey and team then going after motivated home sellers and such.

For a newbie like me, I have NO idea what is the best strategy/strategies, nor do I understand how to best "run the numbers"...



Will Barnard Verified Moderator Donor

Developer from Santa Clarita, California

Apr 14 '13, 08:54 PM
1 vote


Renae, the answers to your two questions are quite complex and difficult to answer without knowing what exactly you are interested in doing. If wholesaling, read the wholesaling forums, if buy and hold, the landlording forums, and if rehabbing is your desire, the rehab forums.

As far as acquisitions, you do have a multitude of options for any RE path. MLS, direct marketing, probate, and each of those have sub categories like REO, short sales, etc.

Give some specific questions associated with your goal in the appropriate threads and you will get your answers.



Medium be logoWill Barnard, Barnard Enterprises, Inc.
Website: http://www.barnardenterprises.com


Medium 1399684885 avatar jazzappeal305 Will Scrivens
Opa Locka, FL
3 Posts
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