Originally posted by @Shonda Williams :
Hi so I’m brand new to wholesale investing just actually took action and started my journey about 5 days ago. Does anyone have any tips or ideas? Anything is appreciated thanks
There are a few hundred articles written about it
Hey @Shonda Williams 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 skills 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.
Hi Shonda, and welcome!
You are going to love this business. Its is fun but challenging. First thing first, you have to educate yourself.
mistakes in this business are costly. Believe me. Get with a hands on investor that can guide you through a couple of Real Deals. Do not fall for a Real Estate Guru, I have been down that road. A Real Estate Investor is what you need.
Let me know if you have further questions.
I agree about marketing to find homes to buy. Direct mail is a good vehicle and the first step is getting a list.
1. Decide which counties or zips you want property
2. Figure out the home values you want to consider - up to $200,000? $100-500,000? etc
3. What sort of property do you want? single family, multifamily, condos, apartments?
4. Focus in on 1 or 2 types of lists: Absentee, Divorced, Seniors, Low Financial Stability Scores?
From there you can fine tune - mailing to the people who own property you want to buy and have motivation to sell.
Does anyone know how I can find tax delinquent home owners ? And is that a good area to focus in wholesaling why or why not ?
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