Help me understand wholesaling, so I can start TODAY!!

[Shawn Mcmullen]

Hello BP! I am a salon owner and we have been trying to buy a house and tired of dealing with the headache of being self-employed trying to get a loan. We make the money but have to spend a lot of it right back out. So needless to say, I AM GOING TO START WHOLESALING houses to investors. I am going to ride around today and get numbers off of FOR RENT signs and start working on a buyers list. My main question is can BP help me to understand the process, tell me what types of people I need on my team (Real Estate Agent, Title company, Attorney, etc...). We are going to lay off the home search for our primary residence for a while and be able to bring at least 50% of the purchase price to the table for our next home. I figure this will be a quick way to create a cash flow.

[Rob Gillespie]

Hi Shawn! Great idea to start with wholesaling! It is a quick way to generate some coin fast without any cash or credit risk. I would not start with building a buyers list, once you find a good deal, the buyers will find you off of your advertising. Just make sure you keep all of their info for future deals.
Now you need to find the deals. I personally like fining nice homes in nice areas and taking them on lease/ purchase. Then I sell my lease/purchase deal to an owner occupied buyer. I like this method because there are so many opportunities.
I have done tons of ghetto deals too. Buy for 10k and sell for 15k. They are fine, but that market is a little played out. At least here in the Cleveland market. Good luck to ya!! :mrgreen: