Complete beginner please Help
Hey everyone.
So I work 2 jobs And pretty much have little to no time to do anything. This weekend I came across some wholesaling videos buy a gentlemen that goes by flip man.
So watchIng his videos inspired me to give it a try. Tired of working my A** off x 2 just to get by. Now in one of his videos he says the number one thing you should do first is educate yourself in real estate.
So my question is. Going into wholesaling, What are the best and most important areas to educate myself in. And where can I find it or them.
I recommend start small. For 99 cents you can pick up the ebooks from SmartLazyInvestor on Amazon. The are short and give you actionable workflows.
Additionally, I recommend if starting out with little time, finding your buyers first. That could go like this:
Set up Google voice # with mailbox.
Take an area you know there is investor interest
Put up generic house for sale "handyman " special ad on Craigslist or Facebook REIA group - direct people to your voicemail.
Be specific in the voicemail saying thank you for calling about our wholesale opportunity in XYZ town. We work with investors to find deeply discounted properties. Leave name, cell #, and we will reach back out to you shortly.
Now you call or text these folks, sorry that house went under contract, let me know your buying criteria and I will keep you in mind for VIP access to our deals.
Now you have 5-10 buyers and know what they want. Since they responded to you ad you have a good idea neighbor and price point they will buy too (if they didn’t tell you on the phone).
The above is basically a free way to get buyers, no skip tracing, less time than searching county records or paying for lists.
Now you just have to go get houses that match the criteria. Since you have 2 jobs, I would make your target area neighborhoods along your commute. Get a second Google voice number and some paper. Take notes while driving on houses that are distressed.anything from high grass, overgrown shrubs, paint flaking, etc.
Now go research direct mail, door knocking, door hangers, how to find the owner of the house, and yellow letters. You can do much of that for free or pay. But either way, there is way too much to write here on all of it.
Also, join a local REIA and participate. This is a people business.
What to avoid: paying for gurus. I own several and a franchise of HomeVestors. There is no need for any of that to start. Once you have done several deals and have banked a little money, then you can start looking at guru purchases to augment your knowledge. Preferably after you can eliminate one job. All gurus make it sound simple. I work 60-90 hours a week in real estate if not more. Doing it on 1 hour a week is tough, and while Tim Farris and the 4 hour work week may be the goal, that requires a lot of systems and reliable people in place to make happen. Fortunately you can evolve RE into something with low cost VAs and runners to handle most items, thus buying you time for important work.
Wow thanks man. Greatly Greatly appreciate the advice. You actually answered a few other questions I had. Thanks again. I will do every thing you said. But first thing first educate myself.
Also what are the books on Amazon called.
I think I found it. Thanks again
Comping and rehab. Comping and rehab. Comping and rehab.
Being able to pinpoint the value and also familiarize yourself at least with the basics of what certain things cost (Paint, flooring, cabinets, countertops, vanities, shower tile, lighting, roof replacement, HVAC replacement, window replacement, pool resurface, etc) is crucial to being able to figure out what you can offer / what an investor will pay for the property
Then learn how to reverse lookup buyers and what they are paying as a % of ARV in certain areas and use all of those things to start making offers
Phil is mostly into STRs now not as much wholesaling but I've wholesaled 60 properties in the past 6 months and these are the areas I focus on
@Anthony Knight Anthony, I recently created a wholesaler Excel workbook for my son. Let me know if you’d like a copy and how I can send it to you.
It will give you a great kickstart on wholesaling and the way a deal works.
Quote from @Dustin P.:
Comping and rehab. Comping and rehab. Comping and rehab.
Being able to pinpoint the value and also familiarize yourself at least with the basics of what certain things cost (Paint, flooring, cabinets, countertops, vanities, shower tile, lighting, roof replacement, HVAC replacement, window replacement, pool resurface, etc) is crucial to being able to figure out what you can offer / what an investor will pay for the property
Then learn how to reverse lookup buyers and what they are paying as a % of ARV in certain areas and use all of those things to start making offers
Phil is mostly into STRs now not as much wholesaling but I've wholesaled 60 properties in the past 6 months and these are the areas I focus on
Thanks everyone for the advice. You guys are awesome
hey Barry, I use google sheets but I’d be interested in your spreadsheet for wholesaling. Reach out anytime.
Quote from @Barry Ruby:
@Anthony Knight Anthony, I recently created a wholesaler Excel workbook for my son. Let me know if you’d like a copy and how I can send it to you.
It will give you a great kickstart on wholesaling and the way a deal works.
#2 Marketing Your Property Contributor
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#2 Marketing Your Property Contributor
- Flipper/Rehabber
- Wilton, CT
Lots of awesome pointers..
I just want to add one thing...
I see a lot of people do things like:
"I have 3 wives, 38 kids, a cat, 3 dogs a squirrel and a pet rabbit, I have 5 jobs and I only have sunday free from 3PM to 3:14 PM.
What can I do to be succesful?"
I see this ALL.THE.TIME (not you don't worry.. just trying to make you understand something).
Here is what you need to do.
You need to figure out what it takes to be succesful. Once you have a list of things, you then need to figure out HOW to get that list.
If success takes $3000, 40 hours/week, a car and a suit... you need to get them.
Instead a lot of people do it the exact opposite way around.
They look at what they have and then ask how to make it with what they have. Its retarded.
As long as you understand this, and understand there are no shortcuts, there is hope!
