New guy that is HIGHLY interested in wholesaling

10 Replies

Alright, well my name is Chavis Atkins from Merrillville, IN and I'm a new potential wholesale investor. I come from a background of sales with Comcast and a "ambulance chaser" working with chiropractic offices marketing their services to car accident victims. In general, I always been a road warrior dealing with people. But then I got laid off and my best friend that has always been interested in real estate hit me up about a company called Renatus. From there, I have the desire and determination to make it as a REI.

So I came across biggerpockets due to one of the guys on a webinar with Renatus and he said that here there is bunch of information that new potential investors can get beforehand starting Renatus courses. Anyway, off of Renatus... I bought a e-book from a guy called Marcel Umphrey and he opened my eyes to wholesaling. Now the e-book is nice and I got information from it but my reading through these forums have added upon what I've learned throught that e-book and to get more help from Marcel cost over 1k to even talk to him which I'm in no position to do. So tonight, I'm going to a REIA meeting in my area (Merrillville, IN) to network with some people.

Now for the point of my post. I am doing what Marcel calls "Cruzin4cash" which is driving around and looking for distressed or condemned homes to contact their absentee owners to see if they are looking to sell their home. But other than that... I get the process about the contract/assigning of the home to you for a particular amount of time and looking for a buyer thereafter but there is more to it in the mix than that. Like how to even get in contact with the absentee owner (I know of mail but I'm a good communicator and rather deal with these folk the route of calling them) by phone and then the whole evaluating the deal (good deal or bad deal or ARV). It seems to even start wholesaling as a true beginner... it costs over 500 bucks to just start.

I got to get a LLC, a insurance agent, a real estate agent, a contractor, EIN, buy skip tracing stuff that more than likely not have the correct information of the absentee owner and all sorts of mess that I'm not completely clear of. As I said earlier that I will be going to a REIA meeting tonight but the people there may not have the answers I'm looking for so I want to get some real advice or 1 on 1/2 on 1/ 5 on 1 discussion on the things I need to start wholesaling around the Merrillville, Crown Point, Highland, Hammond, East Chicago and Griffith, Indiana spots. I honestly am sincere and willing to accept criticism on any mistakes or lessons I need to learn. Help please!

Hey @Chavis Atkins and welcome to BP!

You've got the general jist of things but I wouldn't worry about getting most of the things you mentioned especially an LLC right now.

You can do this without an LLC for at least your first deal or two but after that I would look into getting one.

Make sure to listen to the BP Podcasts episodes (under the "Learn" tab) on wholesaling and do a forum search on wholesaling.

Set up keyword alerts for wholesaling and whatever else you are interested in.

If you're going to your REIA meeting tonight then ask questions and network and I'm sure you're gonna meet other wholesalers, realtors and cash buyers there.

Good luck to you on your REI journey.

Welcome to BP @Chavis Atkins !

As always, it good to see another Hoosier joining this great site.

It sounds like you have a plan. Just don't over think it too much in the begining. I would suggest buying your first low cost rental or rehab ASAP and learn first hand. The education you are getting through your courses will help but nothing like first hand. I assume there are some in your Renatus group that you could do a JV with? If so, I'd jump on that sooner than later.

If you haven’t already, please read/listen to these books ASAP!

Rich Dad Poor Dad

Rich Dads Cash Flow Quadrant

Rich Dads Increase your financial IQ

The Real Book of Real Estate

The ABC’s of RE Investing

The ABC’s of PM

Rich Dad RE Tax Advantages

The E-Myth

The 4 Hour Work Week

http://flip2freedomacademy.com/ - free e-book

Flip2freedom episode 77 - podcast - LISTEN TO THIS TODAY!

BiggerPocketsPodCast

Wholesaling101 You Tube Channel

Kent Clothier - Memphis Invest channel

Thanks for the warm welcome Derrick and Shawn. I'm really ready to take off and make this a big venture. I don't have a lot of money but any means and to be honest working with very little to get started. I'm simply looking to assign contracts to buyers for the time being and I got so much time available to do so. I want to make the most of it. But to my main topic... I would like some follow-up on that. I sent you a colleague request too btw Shawn. I want to talk more with you.

Welcome!! Always good to see other fellow Hoosiers with the REI bug!

Welcome, Chavis! I'm from Indianapolis and currently live in Chicago. Networking at your local REIA is a great start -- just continue your education here and with the podcasts for sure and then hit the streets. If you're a people person, walking around neighborhoods and talking with neighbors you come across can be a good way to get some insight into the area. Good luck and don't get discouraged by all of the details!

Welcome to BP @Chavis Atkins

@Chavis Atkins

Welcome. Fill in the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 60 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul