I’m very interested in real estate wholesaling, I’m ready to start, but I really don’t have a lot of information needed to get things up and going please feel free to give any advice and information
Hello and welcome Charles! About the only way I would recommend a SFH is for a Fix and Flip or a Quick Flip that involves no work that you can make money on. I would recommend what is called "reverse wholesaling" where you work with buyers instead of sellers. I would recommend learning about raising money legally and Partnerships. Purchasing apartment complexes is the best way to go in this economy but having the money you have to start on this is difficult to have.
Another thing I would recommend is Lease Optioning which is usually a way to be involved with mostly SFH's. That is a fairly simple way to go and average a fee of $8,000 of each home assigned. One of the best ways to go as described by John Jackson in Tarrant County (Ft.Worth in Texas) who teaches this method for about 15 years and has developed a good sales contract that gets you paid before the product sales and he usually quotes the list price to the owner in a fairly nice area.
He usually calls houses For Sale By Owner in decent areas. Telling that owner your offer that is the list price makes it easier to get the deal. Your sign usually attracts more prospects. It contains productive verbage and your phone number.
Who the hell is this guy and why should I listen? This letter was written by a 61 year old that was born and raised in Dallas, Texas. He graduated college with honors in business that emphasized real estate. Before my bad medical problems that made me bedridden about 7 years ago, I was the proud owner of a flooring sales and installation business and was into construction management before the ownership for about 35 years.
I also had a real estate broker license in Texas for about 30 years. I found BP about 5 years ago and I have learned alot from it and elsewhere plus I read a book about every two weeks. When I graduated college my father was into comm'l real estate and was a licensed broker and he taught me a little bit.
The main thing to do is to educate yourself and once you decide what you want to do, focus on that style you pick out 1 or 2 areas and make sure you know them well. Pick an area that has the most sales and closings. Do not worry about popularity by the competition. Some of those people might be your friend.
I hope some of this helps you. If you think I can help you in any eay,please contact me through this site and the reason is that I am on it just about everyday.
Start building relationships with seasoned investors so you can gain the knowledge and skills necessary to begin in this business without harming yourself or a seller. With the right relationships you will have everything you need to get started... without them your chances of failing before you get out of the gate are exponentially greater.
You'll need to begin by networking with local real estate investors to learn the language, see who's doing what in your area, and find out who to use: attorneys, lenders, buyers, contractors, sub-contractors, etc.
All real estate is local so you need to be out at as many meetings you can find. This will get you started faster than anything you can read. Look up your local investor investor meetings at NationalREIA.org and MeetUp.com for starters.
Welcome to investing and here's a post I wrote here years ago about starting out:
Hi @Charles Wilson, as a fellow newbie I highly suggest you listen to the many Wholesaling podcasts featured on the Biggerpockets podcast list. It's a great first step!:
@Charles Wilson welcome to BP. There are a number of resources here like the podcasts already mentioned. Look under the education tab above. Check out the free beginners guide. I think thee might be a wholesaling guide too. We also have a wholesaling specific forum. Go to the education tab then forums to find it.