New to Real estate wholesaling

New to Real estate wholesaling

Columbia, MD · Member since 2015 · 4 posts · 0 votes

My name is Gage Ealey, I am 22yrs old. I am currently finishing the final semester of my undergraduate degree in Electrical Engineering. I come from a working class family. Growing up I always knew I didn’t want to work a normal 9 to 5 job for the rest of my life, but instead have financial freedom. I have always been interested in real estate but never really had the exposure to how the processes truly works. As I get closer to my graduation date (May 2015) I have been doing lots of research on the real estate market and the different ways of investing. My search has brought me to biggerpockets through the real estate podcast. My hope is to gain as much knowledge as possible and hopefully begin my real estate investing before graduation. I am currently mainly interested in the wholesaling business and think the Baltimore/Surrounding area in which I currently reside would be a perfect market to start in due to the low cost. My passion for learning, resilience and competitive nature I believe will help insure my excess in this business.

My goals for the real estate business is to establish a solid foundation and understanding for the market and how the wholesaling process works. I hope to gain some experience through possibly finding a mentor and contributing to their business in any way possible, as means to gain a much knowledge and experience as possible. I then hope to have some sort of first wholesale invest under contract by May 2015. Then continue to build up a portfolio as well as networking and gaining experience.

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  • Investor · MN · Member since 2014 · 137 posts · 19 votes
    11y

    Gage, sounds like you have your head on straight. I would encourage you to start listening to the podcasts here on biggerpockets. 

    http://www.biggerpockets.com/renewsblog/category/p...

    Also, start searching and posting on the forums. The forums have tons of information, and individuals that are happy to help. To find out whats going on in your area set up keyword search from your profile and it will alert you when individuals are talking in your area.

    Lastly, find a local REIA or BP meet up and start meeting people in the business. RE is about making relationships. With that being said, when talking to other RE investors see what you can do for them. Make phone calls, drive for dollars, put numbers into a spread sheet, knock down a fence... whatever it is bring value to them. By doing something will show you are interested and will be on the job training.

    If you have any questions I am more than happy to help,

    Walter 

  • Urbana, IL · Member since 2012 · 1k+ posts · 425 votes
    11y

    Great goals and great introduction. Glad to see your interested in real estate. Do some more research on wholesaling and what it takes to be a good one.

    One bit of advice, don't 'possibly find a mentor' go out and find a mentor! Locally is ideal. Take people out to lunch or coffee, pick their brains. Its cheaper than a college education and if you stick with it you can make some good money. Best of luck!

  • Columbia, MD · Member since 2015 · 4 posts · 0 votes
    11y

    @Walter Pape 

    Thank you for the advice I greatly appreciate it. I have been listening to the biggerpockets forums and found it to be extremely helpful. 

    I will deff will contact you for any help and again thanks for your help and hope to talk to you with good news soon.

  • Columbia, MD · Member since 2015 · 4 posts · 0 votes
    11y

    @Steven J.

    @Steven J.

    Yeah steven i deff hav to find a mentor in my area as quickly as possible. Question.

    Do you think that I should possibly reach out to some of the bandit signs I see around town and try to obtain a relationship with them as cash buyers now or once I have a property under contract.

    Also Im a lil nervous about putting home under contract without having a guranteed buyer. Is there any way to protect myself from being in a position where I am obligated to buy  the home or getting sued for breaking a contract. 

  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    11y

    @Gage Ealey  Welcome to BP!

    That is refreshing. Most new investor's goal is I want to be successful right away. That will never happen without the foundation

    Regarding a mentor you have already found one it is called Bigger Pockets. Although you may want to check out this post  

    http://www.biggerpockets.com/blogs/3225/blog_posts...

    Check out eh local real estate clubs. There are a lot in the Baltimore area. The one I like best is the BWI Meetup - Google will find it.

  • Agent / Investor · Clearwater, FL · Member since 2014 · 573 posts · 281 votes
    11y

    Gage, 

    In the contract if you don't perform all you risk losing is your earnest money, the amount you put down when the contract is signed. Try to get a property under contract for as little as possible so you aren't risking losing too much. 

  • Investor · Chandler, AZ · Member since 2014 · 303 posts · 101 votes
    11y

    @Gage Ealey 

    If the deal is really a deal, you shouldn't have any issues finding a cash buyer. Remember...you make your money when you buy, not when you sell.

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