Looking for any advice , currently looking in Long Island NY area . Would appreciate any advice in getting started in the process . I have no expectations , The work doesn’t scare me . I’m just looking to educate myself in the process in order to get started. Thanks .
The most important step in wholesaling is knowing how you’re going to close your deals. If you get a property under contract but don’t have an end strategy, then deals will go stale and you’ll lose a lot of accountability and that will make you fail before giving you a chance to start. You’ll have to research assign contract closing, or double closing and decide out of the two which one you feel most comfortable with. A lot of people do contract assignment because they don’t have the money to do double closing, so thats always the best option especially for starting out. After finding out your exit strategy, call all the title companies around you and find the one that can help you through the closing process and manage the closings efficiently. Those are the two biggest steps you’ll need to accomplish first because without accomplishing them, everything else doesn’t matter. The rest is just investing the money to get leads and then getting a buyers list ready to send all your deals. I would also recommend either meeting up with another wholesaler and seeing if they would allow you to use their contracts, or meet with a real estate attorney to type them up for you so you don’t leave anything out and lose a deal. Good luck!!