Newbie getting started.

5 Replies

Hello everyone, I have been away for a little bit due to my baby being born. However I am wanting to get ramped up and start getting some action taken. I am looking for any local wholesalers in Lacey/Olympia that could help me with some tips to get started. I don't really have any capital to get started with but I am willing to work hard to learn. Any advice or help would be appreciated. Also I have been too a few meet ups and been around the forum and would be happy to help in any way I can. I recently started working in construction and could help with the little hit if knowledge I have gotten so far. 

Glad to see you getting started! There's plenty if people who can help you here!

My advice to new investors is to start wholesaling properties. This is the quickest and best way to get started with the least cost.

First pick a neighborhood that you are either in or close to. Driver around all the streets and look for vacant houses. There should be some. Then look in the county assessors website to find the owners. it should give their name and mailing address. Send them a letter telling them you found their house to be apparently vacant. But if it is obviously abandoned, say so in the letter. Tell them you will pay them cash for a quick close.

Many times the owners don’t update their mailing address with the county so you may get the letters returned. I use beenverified.com to get the most updated info. It costs me $49.95 a month but it is well worth it because it also gives me email addresses and phone numbers.

If you are going to buy the property, fix it up and then either sell it or rent it then you are through.

But if you want to wholesale the property to another investor, then contact a local RE Agent to give you a list of all the houses in that neighborhood that have sold in the last 5 years with all cash. This typically is investors. Then again go to the assessors website and find their name and mailing address. And again use beenverified.com to get the best and latest contact info.

Once you get a response from the seller of the vacant house, negotiate a deal to buy it for all cash. Then immediately contact all the cash buyers you just found that buy properties in that neighborhood and tell them about the house and would they be interested in buying it.

Once you have done all that with that neighborhood, go to the next one and 'rinse and repeat.'

I hope this helps.

Steve Anderson

I am doing a little bit of both residential and commercial at the moment . 

Hey @Chris Ahlemann  Here are a few suggestions to get you thinking. First, learn the process which could be explained in these simple steps:

Step 1: Market to motivated sellers

Step 2: Sign purchase contract with the seller

Step 3: Find cash buyer

Step 4: Sign contract with cash buyer for a higher price and collect 2k deposit

Step5: Close Transaction via Assignment or Double Closing and Collect your check

Second, learn has much as possible about the 5 skill needed to be a pro at wholesaling. They are marketing; estimating repairs; contracting; appraisals; and negotiating.

Last, spend 80% of your time marketing.

Hope this helps. Good luck. 

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