What is the first step in learning how to wholesale properties?

Question

I have recently become very interested in learning how to wholesale properties. Where can I find information on detailed steps and procedures for all the legal processes involved with wholesaling? Additionally, any general beginners advice is greatly appreciated.

Anthony Griffin · Answer

My first step would be to learn how to build a buyer's list. Without buyers, you shouldn't even attempt to flip something.

A typical "flip" has to have three parties involved in order to be successful: seller, flipper, buyer. Let me break it down a little further.

The seller is typically someone who is having financial trouble or just inherited the property. I like to call them "don't wanters". The flipper is someone like you who is looking to be the middleman in a transaction and make a "commission" for introducing the buyer to the seller. The buyer is usually an investor who is looking for a good deal on a piece of property. You are their eyes and ears on the ground so to speak.

My advice to you is to build a large buyers list, and you can look this up on YouTube, and then go out and find specifically what they want to buy. If you will take the time to do it this way, it's a license to print money.

Just my .02

Paul Amegatcher · Answer

Learn everything you can.  Also start with this link.

http://www.biggerpockets.com/renewsblog/2015/01/31...

This has some great beginning info. To quote one of my favorite rappers: Knowledge rules supreme over nearly everyone. This is true for real estate as well.  The more knowledgeable you are the more solutions you will have to solve problems for the sellers. Good luck.

Paul