Hi everyone, this is James Carr, I live in Las Vegas, Nevada. I am fairly new to investing, but have some HMLs in place to purchase properties from me to do fix and flips. The question I have is what is the best way to find a property that I can wholesale to the buyers I have in place? I know a distressed property is one area although I do not know how to find those types of properties. I know you can work on buying from a person that needs help in which I can work with them to get the property, maybe an REO, but how do I get those properties, or lists? I can buy anywhere in the United States if need be, but I need to know how this gets started. I am looking for someone to work with that would like to take the time to show me how to get this done?? The seminars are all nice, but there is never a solid plan of how it is done. Always vague answers like just keep looking (where do you look), and when you find a deal put it under contract ( how do you put it under contract if someone does not do assignment contracts). I have been told to use realtors, but usually they do not want to give a 10 day due diligence in order for me to get a contractor and inspector out to the property to make sure it is a worthwhile deal. I know none of this is impossible, because it gets done everyday. Are there any realtors in Las Vegas, or in Arizona, Texas, or even Florida that would like to assist me in finding properties. I am looking for fix and flips to do too. I would just like to do some wholesaling to build a little more experience for myself and make some contacts to start working towards my fix and flips. If anyone has any suggestions that would be helpful. Thanks for your time.
1. Spend your time building an understanding of marketing...without marketing, there is 100% probability of failing in any business
2. Spend time building relationships with some seasoned investors in your area. You're not ready to jump out on your own. There is much more to it than is shown on TV. You should understand marketing, how to build rapport on the phone within minutes, how to evaluate a property (value, repairs, days on market, etc.)
3. Understand that education is expensive. Those who have paid the price and have even a moderate level of success don't give away their knowledge or time for free...you'll have to pay for it, usually by giving away equity in any deal you find through your marketing.
4. There is a reason that greater than 90% of the people who get into this business today will be out of in 6 months or less. It takes more work and commitment than most can imagine. Ask yourself what you're willing to do to achieve your goal. A business can never be built on convenience. Assuming you have a day job, get ready for very little sleep and be prepared for the learning curve which can be expensive if you don't have the right mindset and partner.