Houston, TX · Member since 2019 · 6 posts · 1 vote
How do you find properties and what kind of factors do I take into consideration before giving an offer wether it be the property itself or the neighborhood or the area. How do you go about finding investors to get the deals assigned to them? And how long can you keep the buyer at wait in case you can't find an investor and also what type of properties are the easiest to flip
I know it’s a lot of questions all bunched up but I thank y’all in advance if you took the time to answer
Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
7y
@Nestor Maldonado Your question is basically, how do I do this? Show some effort. Read a lot, find out what you can on your own, and then come back and ask a more specific question.
Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
7y
@Nestor Maldonado Your question is basically, how do I do this? Show some effort. Read a lot, find out what you can on your own, and then come back and ask a more specific question.
Investor · Austin TX · Member since 2016 · 1k+ posts · 2k+ votes
7y
@Nestor Maldonado I would suggest you do a lot more research and learning about wholesaling in general. Your questions lead me to believe that you may need to spend some more time educating yourself. Its a lot better then jumping in before youre ready and losing money or even worse getting sued. Just my 2 cents
Real Estate Investor · FL · Member since 2011 · 586 posts · 360 votes
7y
One piece of advice I will give you, there are no shortcuts. Wholesaling is often sold as the quick and easy way to get into real estate without using any of your own cash or credit. Hundreds, if not thousands, of people come on this board every year looking to get rich quick, I would guess that 99% never do a single deal. All of your questions have been answered numerous times on these boards, take the time to research.
Milwaukee, WI · Member since 2017 · 49 posts · 12 votes
7y
@Nestor Maldonado
Your questions are major concerns and the fact that you know the steps shows you know the theory of it all. I suggest get a notebook, dedicate so many pages to each moving part, such as finding/ marketing to the owner/seller, doing contracts, having a title company/ lawyer, finding/marketing to buyers, etc. pick some you tubers and watch there free content dedicate yourself to these you-tubers. They have live questioning and you could dig in and figure it out piece by piece. Get on BiggerPockets like you just did and ask more questions. Watch or listen to all of BiggerPockets podcasts on the subject. Get books on it from local library. Consume yourself like your in school full time. Just know when you feel comfortable to take action all those moving parts are no more theory it’s now practical. The action you take is when the handsome learning begins. I hope this helps for I myself is in the practical part of it and will forever be learning. Also, remember not everyone started walking at the same time, there is no rush, just put your time in. These houses and peoples situations aren’t going anywhere.I think Brett Snodgrass Is in Indiana. He did blogs and podcasts on BiggerPocket members help me out with this info.
1. Even with systems in place, you will spend a great deal of time, working. If you have ever heard of the statement "Entrepreneurs are the only people willing to kill themselves for 80 hours per week, so they don't have to work 40", this statement defines wholesaling. As much as we all would love this to be 8-5, it rarely holds true. Sellers/Buyers will call at all times of the day and night, 7 Days a week.
2. You must develop very high levels of patience, if you don't already have it. More times than not, the houses will just not be for sale, regardless of how much money/time you have spent on marketing. Sometimes you will get a house under contract, the buyer under contract only to find out there is a title issue, that you missed or was not told about, and you watch that deal evaporate right in front of you. Sometimes you will have buyer successfully bounce you out of the deal. Sometimes you will have the seller ghost you, and not show up to closing.
3. Your commitment to learning, can never waiver. You should want to learn as many strategies as possible, intimately. The more you know about what investors want, the more deals you can do. If you only focus on those deals that provide equity, you are missing several other options, where equity is not required.
4. You should commit 75% of your time and money, to marketing. This is not just marketing for properties, you should be marketing for buyers. You should commit time to learn as many marketing strategies, as you can. Don't settle on just the most talked about, sometimes they work, sometimes they don't. It's important for you to test all, to determine what works best for you.
5. You need systems to manage the properties, phone numbers, mailing addresses, notes on those you have talked to, reminder notifications to follow up, scheduling of appointments and tracking existing contracts.
Houston, TX · Member since 2019 · 6 posts · 1 vote
7y
@Latesha C. @John K. Thanks guys didn’t expect to get some answers once I saw that everyone was telling me to research on my own but I really appreciate you guys taking the time to answer, Not that anyone’s feedback didn’t help they’re still right I need to learn on my own some more, really appreciate how you guys said I still had to learn more and even gave me some tips on how to do so and what to expect