Rental Property Investor · Dallas, TX · Member since 2018 · 35 posts · 19 votes
I have been reading books, watching educational videos and listening to podcasts on wholesaling. Now I feel it's time to take action on what I've been learning about. What would you say is the first step to taking action to start wholesaling? Do I need list of buyers first? Get leads first? Have contracts ready? I'm just a newbie ready to make that first jump and learn as I grow.
Any advice is appreciated. I am located in Dallas, TX.
A list of buyers does no good if you don't have deals. When you find true deals, finding buyers is like rolling off a log.
You need a purchase and sale agreement for the seller to sign, but what reason do they have to sign with you? Do you know how to find deals, how to comp them when you find them, how to estimate repairs, how to negotiate with sellers?
There is much to learn before you start and the best way is through networking as @Bart H. commented. All real estate is local so what you read and study may not be correct in your area. Attend local REIA meetings, any investor meetings you can find on MeetUp.com, local landlord association meetings. Find out what contracts they use, which closing attorneys, how they comp (Trulia and Zillow are NOT comp sources but give TONS of inaccurate information).
If you ever stumble across a true deal, there are many many HomeVestors franchises in Dallas and they will be happy to buy all of your deals.
Raleigh, NC · Member since 2011 · 721 posts · 343 votes
8y
Some say that getting your buyers list is first. Others say to focus on sellers. Whichever you feel is best, go for it. In this market I'd go for the sellers first.
I have been reading books, watching educational videos and listening to podcasts on wholesaling. Now I feel it's time to take action on what I've been learning about. What would you say is the first step to taking action to start wholesaling? Do I need list of buyers first? Get leads first? Have contracts ready? I'm just a newbie ready to make that first jump and learn as I grow.
Any advice is appreciated. I am located in Dallas, TX.
Find a deal, buyers will come out of the woodwork if you really have a deal.
If I was getting into wholesaling, I would start networking. Get to some events meet some people, join a couple of local FB real estate investor groups, and just find a deal.
A list of buyers does no good if you don't have deals. When you find true deals, finding buyers is like rolling off a log.
You need a purchase and sale agreement for the seller to sign, but what reason do they have to sign with you? Do you know how to find deals, how to comp them when you find them, how to estimate repairs, how to negotiate with sellers?
There is much to learn before you start and the best way is through networking as @Bart H. commented. All real estate is local so what you read and study may not be correct in your area. Attend local REIA meetings, any investor meetings you can find on MeetUp.com, local landlord association meetings. Find out what contracts they use, which closing attorneys, how they comp (Trulia and Zillow are NOT comp sources but give TONS of inaccurate information).
If you ever stumble across a true deal, there are many many HomeVestors franchises in Dallas and they will be happy to buy all of your deals.
Rental Property Investor · Dallas, TX · Member since 2018 · 35 posts · 19 votes
8y
@Karen Rittenhouse this is so true and thank you for this advice! Right now I am driving for dollars to find deals. I'm a beginner in the whole process but I am learning. I learn better when I just jump out and do it. I've read many books and listened/watched several podcasts. Now it's time to put what I'm learning into action.
Real Estate Broker · Indianapolis, IN · Member since 2015 · 112 posts · 64 votes
8y
Hey @Eldrick S., I just got started about 4 months ago and I would said that driving for dollars is a great way to get started. It gives you a much better understanding of your area and helps you know/talk knowledgeably about it. It is very helpful!
Austin, TX · Member since 2015 · 92 posts · 45 votes
8y
I'm in the same boat - started taking action towards my first deal.
I forget who exactly said it (either Grant Cardone or one of the guys from Wholesaling Inc) but I've taken to heart the idea of "filling up your pipeline to the point where it is about to explode".
To me that means going all out, cold calling as many homeowners possible, to the point where it's difficult to keep up with the appointments. Best of luck to you!
Rental Property Investor · Dallas, TX · Member since 2018 · 35 posts · 19 votes
8y
@Reggie Wright I have an area of Dallas I am looking to target. Right now I am driving for dollars in that area. Do you think placing up "I buy houses" signs help?
Austin, TX · Member since 2015 · 92 posts · 45 votes
8y
Are you talking about bandit signs? I've never done bandit signs but I've heard they are effective. They are usually illegal in the area they are placed so you will have to consider that aspect as well. Is there anyone else more knowledgeable about bandit signs in Dallas that can chime in?