Hi all! I'm new to the Real Estate Investing community/business and would like to get a couple tips on wholesaling locally here on Oahu. I'm VERY new to all of this, I don't have much of an idea on what contracts to use, to use or not to use an agent in the process, typical deposit I should put down while finding a buyer, etc. If you recommend any books/forums/local investors with great pointers let me know! My goal for right now is to gain some funds through wholesaling properties and then eventually obtaining a couple rentals in the next few years. I'm excited to start this journey and will hopefully get pointed in the right direction with the help of the BP community!
Welcome to BiggerPockets @Liam Wright
Aloha, @Liam Wright . Welcome to real estate and the Hawaii community! That's exactly the path I took -- wholesaling and then into rehabbing.
A few question answers for you:
1) Contracts - you should be able to find sample contracts here. I use very simple contracts when direct with sellers. When you're working with agents, you'll have to use the Hawaii realtor contract which is not as big a deal as you might think.
2) Typical deposit - $500 to $1000. If you're trying to wholesale an MLS property (not recommended, in general), you may need to do a little more.
3) Books/forums - Here, of course. There BP getting started guide is great. I also suggest Michael Gerber's "The E-Myth Revisited" as well as his "E-Myth Real Estate Investor" collaboration with Than Merrill and Paul Esajian.
Remember - 90% of this business is marketing so don't let all the other stuff, like obsessing over business cards, get in the way of that.
Good luck! Keep me on your buyers list if you happen to find something. :)
@Michael Borger Thank you so much for the response! I will definitely be exploring this great website and checking out the books you recommended as well. Thank you for the great tips and I'll be keeping you on my list! :)
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