We apologize, but the forums are closed for new posts. Click Here To Join The Unemployables Facebook Group

Welcome, Guest. Please login or register.
December 06, 2022, 09:05:34 pm
Home Help Search Calendar Login Register

Welcome, Guest. Please login or register.
December 06, 2022, 09:05:34 pm
Home Help Search Calendar Login Register

Author Topic: Where/How To Start?  (Read 2559 times)

Offline MitchL

  • Member
  • *
  • Posts: 6
Where/How To Start?
« on: October 18, 2013, 06:30:54 pm »
javascript:replaceText('%20:help',%20document.forms.postmodify.message);

Here's a quick rundown:


I am an underwriter for a capital investment firm - I know when I see a good deal. I want to really get moving and use my skills to my advantage. I want to start wholesaling. I have no idea where to start.

Long Version:

A few months back I watched a "webinar" from Lance Edwards. I can't get past it! I'm very tempted to buy his "system" but we all know how much help that'll be... Anyway, my dilemma is that I know when I see a great deal. However, I'm not 100% sure where to always find them.

The bigger question I have is.. once I find a deal and put it under contract who in the world do I try to sell it to and how?? I'm sure there are a hundred answers to this, but what are some of the more effective techniques? The details of how to market the deal is a huge gap in my knowledge.

I'm fired up and ready to pull the trigger. I want to get this going now! Everyone says to join your local RE Investing Club. I fully intend to join CFRI (one of the larger clubs in my area). I'm really not sure who to talk to at these events.. Any tips here would be much appreciated!

Finally, I really think a mentor or accountability buddy would make a world of difference in getting me going! Do any of you have a mentor or accountability buddy? Where did you find them?

Thank you all for any of your advice!!!


Offline Randoskie

  • Member
  • *****
  • Posts: 1282
Re: Where/How To Start?
« Reply #1 on: October 18, 2013, 07:03:20 pm »
I'll be your buddy, I'm feeling good. The Investor Mike Collins says, find a house at 50% of value
and you will soon figure out what to do with it.
The difficult part for me is finding the deals, once I've found a great deal, I advertise on Craig's List and it's like a feeding frenzy. I've sold most of my deals in less than a week, a few in 24 hrs.
Most Everybody that calls is a cash buyer and you better take their names and number and build friendships.
I've found deals by placing I BUY HOUSES ads on Craig s lists, recruiting bird dogs, bandit signs and direct mail to absentee lists. I am frustrated by the analytical minds that over complicate this easy process.
Some of my bird dogs that have a little knowledge are dangerously inept, they want to know what kind of debt to profit ratio BS I'm looking for. I tell them to just find me vacant and underwater houses. One girl told me she wud only work with real investors. I said oh really, I bet I've done more deals than you have, I wont repeat the expletives she spouted at me.
I just noticed today that I was meeting homeowners and buyers feeling confident and at ease,
 no dry mouth, no stuttering. Not like the first few, it was scary.
I would like to help you get going, stop over thinking everything, just jump in and find some deals.
One step at a time.   Rando

Offline javipa

  • Member
  • *****
  • Posts: 2350
    • Profitable Investing Strategies
Re: Where/How To Start?
« Reply #2 on: October 19, 2013, 01:53:07 am »
I think that's great advice rando.

Today it's a lot easier to determine values.  When I started, I had no access to the MLS, and there were no private outfits that provided transfer histories and comps.

Can I tell you my story?

OK...

Lately there's been a boatload of competitors for our wholesale deals.

I've got fellow wholesalers complaining that these 'something for nothing' gurus are hitting the circuit and attracting all sorts of competition.

My partner and have experienced this too.  However we have more than one pipeline.  The pipeline that doesn't seem to be effected by the guru circuits is the low-equity houses that we can literally buy for 90% of retail, and sell for about 105% of retail in about a week (or even less). 

On a $300k house that's a $45K profit spread. 

Anyway, I love this business, and your posts are always encouraging and helpful.
"149 Ways (Plus One) To Find Motivated Sellers..!"  -Free Report-
>>> Click: http://sub2marketdomination.com/how-to-find-motivated-sellers-2/

 




SMF 2.0.15 | SMF © 2017, Simple Machines