how to start

8 Replies

First, spend the next couple months reading everything you can here on BP...

As for step-by-step blueprint, if you want to wholesale, there's really just one important step -- find deals at far below value.  If you can do that, the rest will fall into place...

First-time investor and "Wholesaler" don't match. If you are a newbie, you need to focus on something simple. Buy a 3/2 Single Family House. Wholesaling has become romanticized by TV shows, and barber shop talk. It is highly sophisticated work, requiring experience, money, and a lot of work. In my opinion, you cannot break into wholesaling until you have some experience-some "stories to tell". Why on earth would someone with money ask a Newbie to spend it for him?

However, I would agree with J. Scott on one point. If you find a good deal, you can sell it.

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@Jonathan Powell  

Welcome. Time to build 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 over 90 past ones to catch up on.

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

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 all the cash buyers (rehabbers) you will need.

Couple good reads 

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

I will say ignorance is bliss. When i started i came across 3 days 1 sold, the last one. On all those deals i learned more and more i did not have any knowledge other than basic concept. Out of that i obtain a private lender, knowledge of what buyers are looking for, how liens can kill a deal, How to look for lien judgments back taxes, reconsideration process to reduce loans etc... you will learn just leap out  make the adjustments necessary

Originally posted by @Joseph Ball :

First-time investor and "Wholesaler" don't match. If you are a newbie, you need to focus on something simple. Buy a 3/2 Single Family House. Wholesaling has become romanticized by TV shows, and barber shop talk. It is highly sophisticated work, requiring experience, money, and a lot of work. In my opinion, you cannot break into wholesaling until you have some experience-some "stories to tell". Why on earth would someone with money ask a Newbie to spend it for him?

However, I would agree with J. Scott on one point. If you find a good deal, you can sell it.

 What do you mean by a 3/2 single family house? I'm sorry but I'm a newbie. 

Originally posted by @David White :

 What do you mean by a 3/2 single family house? I'm sorry but I'm a newbie. 

 3 bedroom/2 bath.

That's a standard entry-level house in many areas of the country.

Originally posted by @J Scott:
Originally posted by @David White:

 What do you mean by a 3/2 single family house? I'm sorry but I'm a newbie. 

 3 bedroom/2 bath.

That's a standard entry-level house in many areas of the country.

Wow! Don't I feel stupid lol. Thanks for the clarification. I have another question for you. In another forum I believe you recommended becoming a realtor as the eaisest way to get into real estate. I cant find your forum post as to why you recommended that option. Could you elaborate on that again?