All Forum Posts by: Robbie Reutzel

Welcome James!

Congratulations on taking the first step!  

From my perspective as an investor, attorney and broker, I can tell you that agents will want to make sure you are serious and ready to pull the trigger if the right property comes along.  Most agents will need you to provide a pre-approval from a bank or a proof of funds.

As far as strategies, depending on the market, off-market deals generally go to investors using cash or hard money.  I am in Massachusetts and Southern NH and that is certainly the case here.  Off-market deals are great but you have to show the agent that you can actually close.

What I would suggest is network with other investors and agents.  If you tell them you are a beginner, some will be happy to help you along the way.  Offer to buy coffee, beer or a meal. That usually works.  

Best of luck!

Congratulations @Bill McCafferty!  That is awesome.

@Ryan Faller

Here's a good place to start:  https://www.biggerpockets.com/renewsblog/2015/01/3...

Also:  https://www.biggerpockets.com/renewsblog/wholesali...

I think the most important thing to note about wholesaling is that it does not have many of the benefits of other real estate investing.  There is no long-term income, depreciation etc.  Most newbies are attracted because of the low barrier to entry but realize you WILL pay with either time or money.  If you don't have any money you're the one who is going to have to be using your time to source properties.  It can be a full-time job.  

Most newbies also don't realize the skills necessary to do a wholesale deal.  First, you have to have the marketing skills to get a motivated seller on the phone.  Then, you have to have the negotiation skills to buy the property at a very steep discount so that you can make an assignment fee and the end buyer still has meat left on the bone.  Then you have to have a buyer's list with legit cash buyers who can actually close.  

Wholesaling can be a great business but the ones doing the best treat it for what it is, a transactional business.  You're only as good as your next deal and you constantly have to be sourcing deals.  

Don't get me wrong, wholesaling is a great source of income but most newbies don't treat it seriously and get the expected results. 

To answer your other questions, yes you can start with no money but you will have to be using your time instead.  I would rather pay the money!

It is true that you can find all the information you want online especially on BiggerPockets but also realize that, if you find a legitimate coach, to walk you through the pitfalls, it is well worth it.  Especially for something like wholesaling where accountability and mindset are of paramount importance.  It can be a brutal business.

Jut my .02 cents.

Do with it what you will.

Good luck!

@Trevor Kelly, most HMLs will charge somewhere in that range depending on experience level and project.  @Ann Bellamy May be able to provide assistance. 

Good luck!

@Doug Haisten

You sound very frustrated and I'm sorry to hear that.  I have never had an issue with the calculators.  I did have to play with them a little before I could get them to work accurately but now they work great.

I have always found BP support to be prompt and helpful.

I hope someone answers your questions.  The calculators are a valuable resource.

Good luck!

@Tyrik Hasan Blocker, you need to use a bulk skip tracing service to do this for the most part.  There are some free services like www.thatsthem.com that are ok but not very accurate.  There are many bulk services including bliptrace, needtoskip, skip genie and a bunch of others.  You will have to pay for these, of course.

Good luck!

@Luke Olson 

There are quite a few sources.  RCA is one, and there are list vendors.  I think Listsource has it although I have not used it in years.  We use RCA which is expensive as well as relationships with big data sources that are proprietary.

@Omar Khan

He gets hundreds of people to attend his events and a few usually join each time but really it's the difference between making money investing and making money as a guru.  I would bet his educational company is much more profitable than his investing business at this point but I don't know for sure.

@Vee L.

They're not bad.  You'll get a good background.  I've been to several.  Dave hasn't been teaching them for a while now. Realize that a lot of the bootcamp is an up-sell to the $50K coaching program.   

I'm not as negative on coaching as some are around here but that's obviously a high price-point.

Good luck!

@Derrick Henley

 We’ve been doing this for years. The biggest thing is to know your state specific laws. Be honest and direct. We usually say “this is so-and-so from so-and-so company we noticed on the public record that your lender has filed an order of notice on your property” ( or whatever document starts the foreclosure process in your state).  Be prepared to get screamed out hung up on etc.  These sellers are the most difficult to deal with. I like to give him several options. Short sale carousel retail sale etc. pay for moving costs all that stuff. Come from a place of helping them and you’ll get some good deals out of it. What state are you in?