From Birddog to Wholesaler.

[Account Closed]

Hey,

Robert L here ( a recent college graduate that is quickly realizing the potential RE has to build wealth). Right now i'm looking to acquire knowledge & mentorship, since I'm long on time. Any young wholesalers out there that'd like to share their stories on how they started out with little cash outlay (<10K) or those Wholesalers that started out as birddogs.

Any input will be absorbed and appreciated

Thanks to such a great community.

[Ned Carey]

Welcome Robert Lapp Since you are looking for a mentor check out this blog post
http://www.biggerpockets.com/blogs/3225/blog_posts/26426-mentor

I have done many deals that I paid less than $12K for the property. In one case paid that much and wholesaled it for $70K.

Now if you don't have the $12K in the first place you can still do deals. When I am dealing directly with property owners I often give only a $10 or perhaps a $100 earnest money deposit. If you are doing a deal where you assign your contract, that $10 may be the only money you have to come up with.

Is this easy - NO. Can it be done, yes

I will give you the short version of a specific example. I was at a investor meeting. An investor stood up and gave a pitch of his deal in an area I knew. He said $5,000. When I went u to him after the meeting I thought he would be swamped by people interested in buying it. I was the only one.

I said is the price really $5,000. He said "Yes in fact the seller will take $2500." It was so cheap because it was fire damaged. I put it under contract a few days later. I settled on it myself for a total cost with all closing costs $4,000. I was going to fix it up and rent it. After a few months I decided to sell it and got $17,000 for it.

This is a deal anyone could have done. If necessary it could have been financed with a credit card cash advance. I got it because I was paying attention and took enough action to be at the meeting, talk to the seller afterwards and followed up to finalize the deal. I repeat - anyone could have done this deal.

Good luck - Ned