NEW INVESTOR
Hey guys I am a new investor within the DMV area and I am looking for some advice on how to get started with wholesale deals within my region. I am 21 years old and I am in search for my financial freedom.
Hey @Azeez Saba, welcome to BiggerPockets! Definitely start jumping into the community here and feel free to ask any questions related to Real Estate investing!
I'm new to investing as well and would love to get started in the Florida region. I'll follow this thread for input. Thanks! :)
My advice to new investors is to start wholesaling properties. First pick a neighborhood that you are either in or close to. Driver around all the streets and look for vacant houses. (Not by using Google maps because they can easily be outdated pictures) There should be some.
Then look in the county assessors website to find the owners. it should give their name and mailing address. Send them a letter (not yellow letter because they are getting dozens of them) telling them you found their house to be apparently vacant. But if it is obviously abandoned, say so in the letter. Tell them you will pay them cash for a quick close. Write it up as a personal letter.
When you do all that, then contact a local RE Agent to give you a list of all the houses in that neighborhood that have sold in the last 5 years with all cash. That typically is investors. Then again go to the assessors website and find their name and mailing address. Also do a name search on the assessors website to see how many other properties they own. If they own several they are obviously investors.
Once you get a response from the seller of the vacant house, negotiate a deal to buy it for all cash and get it under contract. Then immediately contact all the cash buyers you just found that buy properties in that neighborhood and tell them about the house and would they be interested in buying it. If you negotiate a good enough deal that pays you then complete the transaction with the investor to buy the house you have under contract.
Once you have done all that with that neighborhood, go to the next one and 'rinse and repeat.'
I hope this helps.
Steve Anderson
#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
Operating in Florida as a "wholesaler" is different than some states. Florida Chapter 475 spells out legal requirements. It also states that operating as a broker without a license is a third degree felony.
John Thedford are you saying that Florida doesn't allow wholesaling? Does a wholesaler here in Florida have to use transactional funding and a double close?
#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
You must have some form of ownership. See Chapter 475 state statutes.
I am in Orlando and I am doing wholesaling all the time. I use a title company that uses my buyers funds to pay for my purchase. That is only needed when I am doing a double close. If I'm assigning my contract there is only one closing and my buyer provides the funds. I never have to use transactional funding.
@Azeez,
First can I say, I wish I started at 21 years old.
You're going to go far!
I have been doing buy&holds, wholesales, and fix&flips. I would be more than happy to share my experiences with you and even network with you.
Feel free to PM me if you'd like to connect.
Adam Adams
I am a title agent with an investor friendly title company In Maitland, FL. We can use end buyers funds to fund the transaction, as long as it's not a short sale and the end buyer is using cash or hard money. Let me know of any other title related questions you may have.
Thanks!