Homeowner · Virginia Beach, VA · Member since 2008 · 91 posts · 9 votes
Hi,
my name is Tiese, or you can call me "TC". I'm a single parent of 3 whose desperately trying to get into wholesaling. I work in the accounts payable travel dept. I'm thankful for my job, but hate it. I know wholesaling is the way for me to get ahead, especially being a single parent. I'm trying to find someone who can mentor me on how to do it...but that's like trying to find a needle in a haystack. My immediate goal was to be able to do one good flip so that I could quit my job by the end of summer, but I just don't know.
If anyone has any suggestions or advice, I'd truly appreciate it.
TC, Welcome to Bigger Pockets! Hang in there, and educate yourself to the fullest by reading the wholesaling and creative financing forums here. Ask specific questions and we wil try to help. Join your local REI and ask the experienced investors questions and build a buyers list. Decide what marketing you can afford and do alot of it. Our own PrimoCoach is in your area, maybe he will help as well. Good luck!
Welcome, you live in a great area for real estate investors. Mike, gave you the best answers to get rolling quickly (the wholesaling forum and networking at your local REIA)
Also, do you have any experience, have you read any books, are you familiar with how wholesaling works?
Thank you Mike & Jason for responding.
Well, the way that I've learned about wholesaling is through a book that I bought by Lance Young. It is very good, but it seems like it's an "intro" to everything. I have not done any transactions as of yet. I've been listening to so many webinars over the past week and a half that I don't know which direction to choose. I will take your advice as to looking into the other forums regarding wholesaling. I've asked my realtor about wholesaling, bankruptcies, short sales, vacant properties...and she has told me that it can't be done. AND...that flipping, in general, at this time, will be hard b/c the property will have to sit on the market for at least 90 days b/c most people have an FHA loan...it's just too much that I am really confused now.
But, I truly thank you both for responding to my post.
TC, I know what you mean when you say you are so "educated" that it is hard to know where to go in reality. My advice is to just pick an area to go into, and take action. The goal is to get the phone ringing from sellers who are motivated to sell. When the phone starts ringing, that's the end of "Analysis Paralysis" :D You could:
1. Start a direct mail campaign to a particular area of homes that you are familiar with. Send a series of letters and postcards to them, eventually you will get calls from the ones who need to sell.
2. Put out bandit signs in several neighborhoods.
3. Buy or otherwise obtain some lists of absentee owners in areas you know about, and send letters or cards to them.
4. Contact landlords with For Rent ads in the newspapers and on Craigslist, and signs in yards, asking them if they would like to sell. Some will want retail, but some will be motivated and might take lower offers.
Do this even if you don't have a great buyers list yet. When you start geting calls and making offers it will be good practice even if you don't get the first few deals. Like they say, if you get a good deal, you will be able to sell it. Put out bandit signs or run ads in papers and CL to get buyers as well. If you can't make a good wholesale deal, then try to lease purchase the property yourself as a backup plan to wholesaling.
As for the Realtor, don't let him/her rain on your parade. Most (not all) Realtors prefer a "cookie cutter" sale, which means: buyer finds Realtor, Realtor shows homes, Buyer writes up PA, buyer gets loan, deal closes, Realtor gets paid. If you are looking for creative deals it means more work and maybe wasted time for the Realtor (can't blame them), so they tend to focus on buyers who buy conventionally. You should be looking for deals yourself. Doesn't mean to fire your realtor, just use them as only one buying strategy. Good luck, Mike
Thank you Jason & Mike,
I will take everything you have suggested and apply the method that is best for me, financially. I do understand what you are saying about my realtor. I will really only associate w/ her when it comes to purchasing a home for myself. I listened to a webinar that gave a suggestion of getting the list of landlords from the Housing Authority for potential buyers. That they may either be interested in purchasing properties or getting rid of a property that they already have at a discount. What do you think about that? For me, that was very inexpensive. I don't have a budget for mailings or signs, right now.
Landlords are my favorite group to target.....if you don't want to pay for a mailing list, you can have your Realtor email you all of the absentee owners in a particualr zip code. The only problem with this, is that you have to comb through each individual property and it is time consuming, but still free.