Needing some feedback from you guys. I am new. In TX. Learning the wholesaling side of things right now in order to replace my current income with hopes to build wealth long term with other forms of RE investing. I have worked for myself for 20 years and currently own a business. Strong sales and marketing background too. But, I am ready for a change. Don't have the credit or cash to just buy up properties. Here are my questions:
1. Should I spend the money I do have on a coach or just get my direct marketing started? Been considering a coach such as TomK but have someone I know that works with a BP pro out of TX (JerryP).
2. Can I really make this cash flow within 6-9 months, meaning wholesaling?
3. Hearing lots of debate about Wholesaling being illegal. Apparently in TX we are good as long as it is done in a certain way.
Thanks ahead of time.
it's basically selling real estate you don't own. Some do ok. Many find it almost impossible
When I used to hire agents to work for me rule of thumb is you need 1 years of bills saved up plus marketing money. I see no difference in wholesaling. The guys that sell how to do it take your much needed money to live and market
Hi Brady, I am an investor/wholesaler in Orlando and I have over 50 off-market properties I'm marketing. With very little money you can do it too. 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 $24.95 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.
look at www.LonestarLandlaw.com
Houston contract attorney
@Brady Speers : You've been at your own business for 20 years. How long did it take you to perfect your craft? I submit you've spent 20 years of your life do not have the credit or cash to buy properties and yet you put an expectation on replacing your income in 6-9 months in an arena you know nothing about? First, I would say your expectations are unrealistic and quite frankly a bit "reality t.v. ish". There is nothing illegal about wholesaling, however, there are hundreds if not thousands of individuals operating unscrupulously, and illegally in many ways even many of those on this forum. More often than not due to lack of knowledge, and the mindset that they can make millions overnight because even a "caveman" can do this right????? Your first move should be to reach out and identify those within your community that are operating successful real estate investment businesses and begin the education process. Look my man, this isn't brain surgery but requires knowledge, systems. tools resources and a network of those who can do what you cannot while you are learning. Perhaps your business can offer some value to those you identify and exchange your value add for their knowledge or a look see into their business. There are an abundance of moving parts to any successful endeavor, and like anything else, it also requires consistency and a great deal of hustle. Jay above was correct, most find it impossible, but that is simply because they realize it requires WORK. All too many think they can get rich quick, all too many fail because of that.
check out the wholesaling podcasts.
try this one on for size.
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