I have read a couple of REI books and have some more I plan on reading and taking notes on, and while I would love to invest in RE, I understand that I need at least 10% and upwards of 25% as a down payment to invest in properties, as zero down investing or having a seller work with me is a very far away possibility to begin purchasing RE. The problem I have though is that I am only 18 and entering college, so I don't have much money to spend. I am currently saving and working jobs to earn money, but it's a far ways off before I actually own properties of my own.
My question then, is how can I get into wholesaling properties? Do I actually need a down payment for me to hold the property until I can find a buyer for the property, or is there some mechanism that allows the property to be kept on hold without me having to pay a large sum to acquire it, while I search for a buyer?
@Garret Brady The money you need for wholesaling is to do a marketing campaign :
direct marketing- lists of motivated sellers, sending letters
Driving for dollars - driving to find properties that look distressed
bandit signs - signs that tell people to call you to buy their house "We Buy Houses"
When you find a deal the you can put the house under contract for 30 days in which time you will find a buyer that has the money to pay for the property at closing. Then you can take a % between what you buy it and sell it for or an assignment fee. You need to have buyers before you go crazy trying to get houses under contract. The good news is, that if you can find a good deal, there will always be a buyer. There's a lot more to this but these are the basics. Read the blogs, forums and Listen to the podcasts on wholesaling to get more information on this process, there is plenty
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing