Real Estate Newbie looking for ways to learn about STL wholesale
St. Louis, MO · Member since 2019 · 1 post · 1 vote
Real Estate Newbie looking for ways to learn about STL wholesale
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Developer · Charlottesville, VA · Member since 2018 · 4k+ posts · 4k+ votes
7yFirst step is to make sure you understand the laws in your area regarding assignments and double closes. They are changing and several states have passed laws requiring a license to wholesale property.
You should talk to a real estate attorney or title company that works with investors in your area to ensure you are in compliance with any laws. They will also have the proper contracts as well.
Next you need to educate yourself on the business and your market. You really need to immerse yourself and learn all you can. Attend REI groups and meetups and network with other experienced investors.
Start with finding cash buyers. You want professional legitimate cash buyers so you know you can close on the deal and do what you tell the seller you will do. I can’t emphasize this point enough. You do not want to contract a property unless you know you can close it or take it down yourself.
Different types of cash buyers are flippers, buy and hold, subject to and lease option. You need to find several of each of these types of buyers and learn what they are looking for.
Best way to find cash buyers is networking at local REI meetups, masterminds, Facebook groups, Realtors, title companies, closing attorneys, property management companies, auctions, Craigslist, and bandit signs.
You can search real estate transactions in your tax database. Look for entities and individuals that have bought multiple properties. You may need to search by the address of the buyer as they may change their name or the name of the entity on each purchase. You can also buy lists from companies like list source and there are some REI software companies that have a cash buyer search feature.
Best way to find motivated sellers is to purchase lists and compile lists from city and county for 60-90-120 days late on mortgage, pre-foreclosure, delinquent taxes, water cutoff, code violation, probate, divorce, high equity, etc. and mail or cold call.
Other methods are driving for dollars, door knocking, wholesalers, craigslist, Realtors, FSBO sites, expired listings, foreclosure sites, put out bandit signs, billboards, newspapers, other offline publications.
You can use pay per click/adwords, facebook, Linkedin, Youtube, and other forms of online and social media.
Bottom line is consistency. You need to take consistent focused action every day, answer the phone when it rings and follow up and follow through.
4 Replies
- Developer · Charlottesville, VA · Member since 2018 · 4k+ posts · 4k+ votes7y
First step is to make sure you understand the laws in your area regarding assignments and double closes. They are changing and several states have passed laws requiring a license to wholesale property.
You should talk to a real estate attorney or title company that works with investors in your area to ensure you are in compliance with any laws. They will also have the proper contracts as well.
Next you need to educate yourself on the business and your market. You really need to immerse yourself and learn all you can. Attend REI groups and meetups and network with other experienced investors.
Start with finding cash buyers. You want professional legitimate cash buyers so you know you can close on the deal and do what you tell the seller you will do. I can’t emphasize this point enough. You do not want to contract a property unless you know you can close it or take it down yourself.
Different types of cash buyers are flippers, buy and hold, subject to and lease option. You need to find several of each of these types of buyers and learn what they are looking for.
Best way to find cash buyers is networking at local REI meetups, masterminds, Facebook groups, Realtors, title companies, closing attorneys, property management companies, auctions, Craigslist, and bandit signs.
You can search real estate transactions in your tax database. Look for entities and individuals that have bought multiple properties. You may need to search by the address of the buyer as they may change their name or the name of the entity on each purchase. You can also buy lists from companies like list source and there are some REI software companies that have a cash buyer search feature.
Best way to find motivated sellers is to purchase lists and compile lists from city and county for 60-90-120 days late on mortgage, pre-foreclosure, delinquent taxes, water cutoff, code violation, probate, divorce, high equity, etc. and mail or cold call.
Other methods are driving for dollars, door knocking, wholesalers, craigslist, Realtors, FSBO sites, expired listings, foreclosure sites, put out bandit signs, billboards, newspapers, other offline publications.
You can use pay per click/adwords, facebook, Linkedin, Youtube, and other forms of online and social media.
Bottom line is consistency. You need to take consistent focused action every day, answer the phone when it rings and follow up and follow through.
- 7yDavid OunanianBusiness MemberReal Estate Broker · St. Louis, MO · Member since 2017 · 380 posts · 195 votes
Hi @Logan Talkington I'd recommend going to meetups and meeting people in the business. I host a monthly meetup and will post the link below. Also happy to help you out if you find a potential property to wholesale.
CASHFLOW NATION535 Reviews - Specialist · Carlsbad, CA · Member since 2018 · 1k+ posts · 638 votes7y
@Logan Talkington Welcome to Biggerpockets!
Research your local market - Get an idea of the home prices in your area, types of properties available etc
Network with local investors - Networking is very important if you want to survive in the real estate industry. Attend local REIA meetings and start networking with local investors. Some of your deals might also come from word of mouth so it's very important to let your friends and families know about your business.Have buyers list ready - If you have a good deal then you won't have to worry much about finding a buyer but it's good to have one to be on the safe side.
Start Marketing - In this competitive market, I would suggest looking for off-market properties. You can buy a list from Listsource and start doing direct mail or cold calling. Door knocking and driving for dollars are also great options.
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