How to get Started in Wholesaling??

Question

Hey bp ! So I have been trying to figure out the best way to get my foot in to real estate having no credit and lack of sufficient funds to make a deposit.

I would love if anyone has any ideas or advice I would more than appreciate it!

I have considered wholesaling, using lenders, seller financing maybe even an FHA . Are those good ways to start?

Any information at all would be helpful . I’m located in the Madison/Sun Prairie area so if there are any investors around I would be more than happy to hear from you! Thank you for your time!

Ben Scott · Answer

I'd start by telling everyone you know that you're looking to buy distressed properties. Maybe you'll find someone in your network that wants to unload a home - whether its a problem rental or a family member's home - than you could put under contract. And network with real estate investors to build your buyer's list. Keep in mind your best attribute is to provide value to others.

Call 'For Rent' signs in an area you know and ask if they'd think about selling. If you see a dumpster and a remodel going on in your area, pop your head in and ask who owns the home and try to get their contact info.

Do what other folks won't do.

Mitch Messer · Answer

Hi @Ta'Quadre Tidwell and welcome to BiggerPockets!

Being a real estate investor has nothing to do with your credit or with the amount of funds you have in the bank. Rather, it's ALL about solving someone's problem!

You are a real estate investor when you are able to recognize, optimize, and monetize opportunities that solve a real problem and deliver valuable service to a customer/client/seller.

So the real question is this: What problems do you see in your market that you can solve profitably?

Garrett Askew · Answer

There are a ton of direct mail options. I personally found both my rentals by word of mouth. Find a community that is easily manageable (small area at first then once its dry branch out) and focus on that community. Small pieces of pie at a time.

Ta'Quadre Tidwell · Answer

That was very helpful! Thank you ! Sounds fairly simple when you put it that way. I have considered driving for dollars but I don't have direct mail marketing and it seemed like the two go hand in hand. Do you by any chance know how that kind of works? Thanks for the tips.

Ta'Quadre Tidwell · Answer

@Mitch Messer

Thanks for the reply and I never really thought about it that way. I’ll certainly think about that and see what I can come up with!

How to get Started in Wholesaling??

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