Understanding the Market

[Logan Lum]

I'm trying to get my feet wet with wholesaling and I want to understand better the process of "analyzing deals", and "understanding the market". What exactly does this mean and how can I practice these things? Also, not sure if this is included in those processes, but what is a good guideline for determining what price I should be trying to get a house under contract for? i.e. if a house is selling for $250,000 what price should I be trying to lock it under contract for and the price I should try to sell it at?

[Jerryll Noorden]

Quote from @Logan Lum:

I'm trying to get my feet wet with wholesaling and I want to understand better the process of "analyzing deals", and "understanding the market". What exactly does this mean and how can I practice these things? Also, not sure if this is included in those processes, but what is a good guideline for determining what price I should be trying to get a house under contract for? i.e. if a house is selling for $250,000 what price should I be trying to lock it under contract for and the price I should try to sell it at?

 Some will tell you to get a mentor, others will tell you not to.

There are many kinds of people out there. The really good looking ones, (those will tell you screw mentors... for wholesaling), and the not-so-goodlooking ones, smell a little funny, bad teeth and are mean to baby kitties, that will tell you to look for a mentor.

See... looking for a mentor or not doesn't depend on the niche you are trying to get into... unless you want to become a doctor .. or a licenced engineer or some lame profession like that.

See you needing a mentor or not depends on YOU! Not the niche.

Are you goodlooking? Yes? No need for a mentor. Are you smart? No need for a mentor. Out of the box thinker? No need for a mentor.

Dude, in all seriousness, if you are a go getter, get poop done (sorry... I can't say "$h#t"). Especially when it comes to wholesaling I defitneiyl wouldn't recommend a mentor. All these mentors man.. they will teach you unethical bullcrap that will get you in trouble.

It is really not hard. All the things you mentioned is all you need to know. I don't care about market analysis.. that is irrelevant.

You simply need to dissect it and bereak it down to the most simplest of its components. When you unravel wholesaling like that the steps will present themselves. Don't be intimidated and don't over complicated..

But mostly... never train your brain "dependence". You get stronger wiser and better by solving problems, not running out for help.

We do wholesaling our way, not the "standard" way and look how good looking I have become. If I had followed all the gurus, I would be as fugly as Jerry Norton right now.. EEEWWW

Hints...

1. Do not go near the 70% rukle nor any other % rules. Its stupid, wrong and misleading. 

2. Don't  go for foreclosures, absentee owners, probates or liens.. heck in fact don't go for any lists. They are lying to you. Those don't get you "motivated sellers".

3. Focus on giving value. First to the seller, then your buyer, then you come in last.

4. Focus on Reputation.

5. Focus on integrity

6. Be honest

7. Be transparent

8. And best of all, rely on YOUR intelligence and common sense.