I was wondering if some one could answer a couple questions? I am located in Detroit, MI. and am just starting out in wholesaling. I’ve read, and read, and although I still feel I know just enough to get myself into trouble I am reluctantly going to jump in and paddle for dear life. I’ve got my contracts in place, and am tring to build a buyers list as we speak, I attended my local REI club and am joining this month, properties are abundant in this area, although I know I have to find the better deals because people can find house at 35% below MV all day long up here. There are still a lot of undotted I’s and uncrossed T’s that I am sure I am missing and would really appreciate anyone taking a few minutes or longer to answer questions that arise. and wouldn’t mind me sending a few PM’s to. :help
IMHO, building your buyers list is the best thing you can do if the market is as you say it is up there. Make sure that they are the real deal, have cash and get those properties under contract.
I am originally from metro detroit but now live in California. I have a few friends who are doing very well there. Having your buyers list is good. Also, put up your signs and such saying that you buy houses, you never know who will see yours over someone elses. Also check out the county auctions.
Thanks for the advice, I have a REI meeting Tuesday and plan to distribute flyers to the other members hoping most of them will want to be advised of deals I find. Once I have a few deals under my belt and some money to play with I plan on doing some aggressive advertising to find both houses and buyers more efficiantly. I want to get out of the rat race asap. I always remember that job stands for:
As far as I am concerned, you’re in the right mindset. Being complacent never got anyone anywhere.
Makes sure you use any and all avenues to find both the deals and the buyers, not just one. Also, do some birddogging to get in with some people and to start your chip-stacking.
I am going to explore every possiblity. Last month the speaker at the REI club wasn’t speaking of me personally, but did a preatty good job describing my situation, and then went on to say that people in my situation are “wanna be investors”. I know he was mainly selling his own business which was basically mortgages, but afterward I informed him that I was not a “wanna be investor.” I am a “GONNA BE investor” and just smiled at him as I walked away. :biggrin
I thrive on people telling me I can’t do something. It motivates me to prove people wrong, and more importantly prove myself right. Thanks for the words of encourgement.
I am the same way. Nothing makes me more determined than someone telling me I can’t.
Another piece of advice: beware who you take your advice from. Be sure that they don’t have an ulterior motive. My so-called mentor told me not to bother with the market where I am right now. If I had listened, I’d still be in the profession I was in.
Keep things uncomplicated real estate is far from rocket science, in fact I think real estate is eisier than changing your own oil, I have made alot of money in real estate, but I have never been able to change my own oil