slightly confused about how to start wholesaling

4 Replies

i am new to the wholesaling idea in south florida. been doing a lot of research, listening, forum reading and advice. everyone makes it sound a lot easier than it seems to be. I have a lot of questions and I know it can be profitable if the right properties are found. no money to invest myself so basically bird dogging for investors I have on my buyer list which I know needs to keep growing. was told to have a property under contract before getting out there. was told to check with prospective buyers to see if they would be interested in a certain property. then was told if I give out an address without it under contract it can be swept out from under me to cut out middleman. Can any one please offer advise in the proper way to get started on my first property...thank you

You have your buyer's list.  What is the criteria your buyers want?  Size, cost, rehab involved, zip code, flip potential profit, hold cash flow with and without debt, etc...

Whatever your buyer's criteria is, find a market that matches it, and know that market, inside and out.  Make an investor friendly RE Agent in that area that also knows that market part of your team.

@Joe Villeneuve  

thank you. I have started building the buyers list with description of desired properties, location, price ranges, etc. I guess my true question is do I negotiate a property with a seller on the $, put under contract, then send out to buyers? I want to do this right and of course legal and a win, win, win for all parties involved. not worried so much about amount of assignment fee because I intend to make $ on volume eventually but more on building trust and good deals with buyers...

Yes.  Now you have to figure out what that "yes" was in answer to.  As you can tell, I'm in my usual good mood today.

Yes, you negotiate the property before you hand it over to your buyers.  Base your negotiations on your buyer's criteria.

Before I start negotiating, I always put the potential deal in front of my buyers (zipcode, no address) for their preliminary review.  If they like it, I start negotiations.  I always put in it the number I think I can get the property for...but I am for better...makes me look good when I get it.

thanks joe. I think that hit the nail on the head or turned on my light bulb. "zipcode" for preliminary feeler. that was exactly, I think, what I was looking for. thank you so much for your help...

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