Hello everyone! I am relatively new real estate investing but have done my fair share of researching and am now looking to start up my business centered around wholesaling then work my way up to Fix & Flips, Holds, and Rental properties. My area of interest is Southern California and Missouri. I am open to private messages or replies on this thread whatever is most convenient for you (also looking for advice from fellow wholesalers in these areas). So currently I am looking for someone who is experienced in wholesaling in these areas or anyone in general that may be able to offer advice on any of the following (even if its just one topic):
1. Legality - As wholesaling is legal "if you do it right" does anyone have insight on how to set up contracts to be compliant with real estate law in CA and MO
- Additionally for CA it seems as if their Law spells out the stipulations of being a real estate broker and limits "sales/exchanges/purchases etc. of property sales contracts" to 7 within a calendar year and anything over that requires a license. Has anyone faced a hiccup like this or had to deal with litigation if you have no license and do multiple deals ( ≥8 contracts) in a calendar year?
2. Advertisement - Any advice on the following or links to resources would be greatly appreciated for MO and CA
- Generating motivated seller leads
- How to correctly market contracts or advertise to the general public without a real estate agent or brokers license
- Direct Mail
- Social Media
3. Any advice or links to resources would be greatly appreciated for MO and CA:
- Starting my buyers list
- Difference between Hard Money lenders and Soft Money lenders
- whats considered a good deal on points and interest
- Knowledgeable Real Estate Professionals (Wholesaling specific)
- CPA in CA
- Attorney in CA
- Escrow agents or companies in CA (familiar with double closing)
4. Any links on how to evaluate rehab cost
- I've seen articles on here for a quick and dirty way of estimating based on cost per square foot, does anyone use this method?
Any information on any of these topics even if you can speak to one and not the others would be highly appreciated.
Thank you all and best of wishes!
My wholesaling business is picking up here in Los Angeles. It seems like you have more than enough knowledge to start getting your feet wet with wholesaling. My advice when getting started wholesaling here in Los Angeles:
1. Only listen to Wholesaling Podcasts (3 hours a day). (Flip2Freedom & Wholesaling Inc are my favorite)
2. Find an Attorney who knows exactly what you are trying to do. (PM me and I can shoot your a referral). They will provide the only 2 contracts you need, Purchase Agreement and Assignment Contract.
3. Call Escrow companies and find out who double-closes and who assigns.
4. Build a massive buyer's list (150+ to start) very easy to do in LA.
5. Go get a deal. Cold Call (aggressive-offense & cheap), Direct Mail (expensive & passive), Social Media (medium cost and efficient).
6. Dont worry about loans, taxes, or anything else until you get a deal. PERIOD.
Progress not perfection.
If you get through those steps and it is still not clicking for you but you are still committed to wholesaling, get a mentor. They will get you in check.
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