Starting out wholesaling - 1st step to taking action? - Dallas,TX

[Eldrick S.]

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.

[Karen Rittenhouse]

@Eldrick S.

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.

Good luck to you!