Help I’m New to Wholesaling

17 Replies

Hi all,

I am very new to Wholesling as well and am spending a fair amount on marketing. My big question is ..once I get a seller, what next? Do I get a contract with n assignment clause from an informed atty, do I figure out cost of rehab, do a title search or tank sweep for the potential buyer?? Please help, I have to admit I am overwhelmed by all of the moving parts, but I know I have the tenacity and follow through to make this happen.

TIA

Emma

Emma Bennett

@Emma Bennett I have no idea what a tank sweep is. But everything else is fine. Doing a title search is a good idea to confirm that you actually have signatures from everyone you need. I would get an estimate from a couple of contractors too, that way you can give the investor an idea of what it will cost for a local available crew to do the work.

Doug,

I am very grateful for your response.  A tank sweep is a search for an old oil tank underground on the property. It may just be a NJ thing! I obviously need an attorney to draw up an assignable contract or is there a boiler plate one I could access?

Many, many thanks Doug.

My best,

Emma

@Emma Bennett set up an appointment to have your contractor give a repair estimate. This piece is key yo wvaluatimg a deal. Once tou run your numbers, make your offer to seller. ARV-20-30% equity-your assignment fee. Lock it up and begin marketting the contract.

As a buyer, I usually do the underground tank sweep, but getting a good repair estimate and good comps is very helpful to me and goes a long way in building trust. The wholesalers that can provide accurate numbers I am always coming back to for more deals.

Originally posted by @Richard Loniewski :

As a buyer, I usually do the underground tank sweep, but getting a good repair estimate and good comps is very helpful to me and goes a long way in building trust. The wholesalers that can provide accurate numbers I am always coming back to for more deals.

 @Emma Bennett now here might be a great partner in the making ;-)

@Emma Bennett . Wholesaling is one of the most difficult parts of real estate, because you have to be good at marketing, rehab numbers, Contracts and so many other things.

Originally posted by @Emma Bennett :

Caleb,

Thanks for your feedback. I agree...perhaps I’m in over my head as a newbie?

 Back in the middle ages, I was a newbie.. 

I did something ingenious. I quit my amazing job FIRST... THEN I decided to go the wholesaling route... (Ughh).. that was so NOT a good idea...

(hairy) BUTT

guess what that did....

wait wait wait.. let me recall a saying I made up back when I was still a mortal...

A cornered mouse will grow fangs!

"What the hell does that mean you sex monkey you?"

Simply this little grasshopper...

It was do or die, 

step up or get off

No turning back

Ruffle the balls with feathers (just made that one up)

I went to beast mode. I stopped the 2 year "analysis paralysis" phase I was stuck in.

I got my website. I learned SEO, while I did Direct mail marketing. I listened to several people on BP how to do DMM, even when I didn't agree wit it. Did Not work. 

I said screw this pooples, I will do it my way.

Did it my way... Got my first lead my first try. Made 14K (I think...) on it...

Made me realize I was the poop! (because I don't think I will get away with saying ****).. SEE I KNEW IT!!

This, knowing I was the stinkies, gave me the self confidence to do it again, and again and again. Suddenly the God of monkey granted me immortality, (and immense beauty).

I did it a few more times.. then I graduated into flipping.

Now you ask..(other than "What the hell are you on?"

"What is the point you oh weird yet pretty one?"..

The point is.. NEVER friggin EVERRRRR say again anything is over your head. That is blasphemy.

Veni, vidi, vici Gurlfriend!! 

Now go do it!

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