17 YEAR OLD WANTING TO KNOW THE ROPES OF WHOLESALING RE

5 Replies

Hello all, as you have read in the title I am a seventeen-year-old in the Houston area looking to get into real estate investing, More specifically wholesaling. I have done some research on this topic and have figured this to be an option that I am willing to proceed with as according to others, does not require much capital. Due to my lack of funding and inability to receive conventional or bank loans I believe this is a category worth learning. For the BP community, I do have a few questions and would love some feedback. All tips and insight are welcome, thank you all.

1. What have you found to be the best and most effective ways of finding leads

2. What general area would you begin to scope for future leads in the surrounding area

3. What forms of marketing are ideal to find buyers and sellers

4.Is there a particular type of house to look for in searching for a deal

5.What are some characteristics to look for in a great deal

6.What should you be on the look out for when going door to door or driving for leads

7.What type of legal issues/mistakes would you try to avoid

8.What title office would you use in the Houston area that is familiar and friendly with wholesaling

9. What do you find most effective in creating buyers and sellers list

10. What have you found effective when you were estimating repair costs

11. what type of contracts will suffice when closing a deal and what additional clauses must you add

12. How do you effectively evaluate repair costs'

13.What to look for when doing due diligence

14. What type of payment methods should be used in this process

15. lastly what mistakes would you avoid after completing this category of deals

ps: I appreciate all who answer even some of these questions. As you can tell I am a very beginner and I do understand these resources will not be handed to me on a plate. I am willing to learn this strategy game of real estate investing and prosper. Again I appreciate all of you who interact with this post. All insight and tips are welcome. Thank you!

-saeed

Welcome to BP! it's exciting to see young people getting involved in real estate, and more importantly, thinking about their futures.  As to your question, I have no experience with wholesaling. Lucky you though! You have found Biggerpockets and it's filled with information from people that have experience in every niche of real estate that you can imagine and those you could never have imagined! Do a search for "wholesaling" "wholesale" "how to wholesale", you get the picture. Also, have you checked out the podcasts, webinars, blogs, etc. to see if there's anything there? 

Get onto the forums and participate, ask questions and pick peoples brains. Good luck! 

@Saeed Aijaz Good job on thinking about your financial future at such a young age. I wish I did that instead of playing video games all day lol!

1. What have you found to be the best and most effective ways of finding leads
- Direct mail and cold calls

2. What general area would you begin to scope for future leads in the surrounding area
- Class C and B working class areas. Don't bother with Class A as they aren't motivated sellers. 

3. What forms of marketing are ideal to find buyers and sellers
- Sellers: See 1. Buyers: Networking at investor meetings, reaching out to BP members

4.Is there a particular type of house to look for in searching for a deal
- An ugly one! (distressed)

5.What are some characteristics to look for in a great deal
- ARV and rehab cost

6.What should you be on the look out for when going door to door or driving for leads
- Have thick skin when you get rejected 20 times in a row. Keep moving!

7.What type of legal issues/mistakes would you try to avoid
- Nothing specific.

8.What title office would you use in the Houston area that is familiar and friendly with wholesaling
- I'm not over there, but you should just start calling them and ask if they work with wholesale transactions and double closes.

9. What do you find most effective in creating buyers and sellers list
- You asked this already :D

10. What have you found effective when you were estimating repair costs
- Take lots of photos and educate yourself well about these expenses. 

11. what type of contracts will suffice when closing a deal and what additional clauses must you add
- That's a long post but has been addressed on BP. Do a search.

12. How do you effectively evaluate repair costs'
- Educate yourself about rehab costs with books, videos, mentors

13.What to look for when doing due diligence
- You don't do that

14. What type of payment methods should be used in this process
- Not sure what you mean. 

15. lastly what mistakes would you avoid after completing this category of deals
- Not educating yourself enough about the business before jumping in. I suggest you attend investor meetings and start networking. Also read everything you can about wholesaling on this forum. I will say, it'll be difficult to convince sellers that someone your age can perform.

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