Wholesaling 101

[Chris Garzino]

Is there anywhere I can find a step by step process map for wholesaling a real estate deal?

Thanks,

Chris

[Greg Baker]

@Chris Garzino  Start by digesting all of the free resources. 

1. Listen to the pod casts -http://www.biggerpockets.com/renewsblog/category/p...

2. Go to your local library, sign up for a free library card, and start reading free books  http://www.biggerpockets.com/renewsblog/2013/04/14... .  You will find even more great titles based on the recommendations from the podcasts

3.) @Brandon Turner writes tremendous starter blog posts and e-books.  I'm not exactly sure how, but if you can find a chronological list of Brandon's blog posts by title, that'd be tremendous.  I've been trying to find this myself.  There are many other great free blogs hosted by BP, @J Scott is another that may interest you.

4. Search the site - At the top right hand corner or via your BP phone app, you can search by keyword.  If you search wholesaling, you'll find tons.  

5. Once you are through 30-50+ free podcasts, 5-10+ free high quality books, Numerous targeted blogs, targeted threads based on your searches, THEN you can really start reaching out on an individual basis either through messages to respected members or by purchasing specific resources.

6. Find wholesalers in your area, it's really not hard, go on craigslist or check your local newspaper in the classifieds, you will see WE WANT TO BUY YOUR HOUSE.  Call them, let them know you'd love to dedicate your labor and time to whatever they need in order to learn.  Even if it's just weekend hours, they may be interested in having you stuff envelopes, paint, whatever.  

If you've read through all of that, I will do my best to answer your original question, although I've never wholesaled anything myself -> 

Step 1 - Market to find motivated sellers - search for threads such as Driving for dollars, Direct Mail, yellow letters

Step 2 - Determine fair offer price - search for threads such as 70% rule, rehab costs, after repair value, talking to motivated sellers

Step 3 - Make offer, get house under contract

Step 4 - Find/Communicate with end buyer - Determine fair final sale price - search for threads such as buyers lists, there are differing philosophies on buyers lists.

Step 5 - Close - search for threads such as double close

Within each of these steps there seem to be numerous, near endless, rabbit holes of information that you must learn.  Combine the research aspects with my #6 from above and you may find success!