I am in need of a partner for an advanced wholesale training class .
Dude I will save you the $$$$$$$$ right now here is the basics of wholesaling:
1.Find buyers
2.Find sellers/properties
3.Get property under contract
4.Assign property to buyer
5.Get paid
To evaluate a deal you do the MAO formula which is 70%(or less)of the ARV-Repairs-Your assignment fee=Maximum Allowable Offer and the percentage of the ARV is dependent on the market condition. The worse the condition the less percentage of the ARV would be factored in.
Now here is how to find buyers and sellers:
How to find buyers:
1.Market on online sites like craigslist,backpage,etc. You can use a headline like “Looking for investors who buy below market value” and go from there. Also you can look for those ads that say “We Buy Houses” some might be wholesalers but some are rehabbers just contact them and find out.
2.Drive for dollars. Go to low income neighborhoods and look for vacant properties. Properties with huge yard growth,mail box stuffed with mail,newspapers stacked up like crazy stuff like that. Write down the address and take it to the court house to see where the tax bill is going to. Or you can try your local online court house page and see if you can do that there. Than do a direct marketing campaign to get those owners to come to you.
3.Your local REI club is also a good source of buyers. Start networking with the members there.
4.Social forums like this is also a good place to find buyers.
5.Local newspapers. You can either advertise yourself or check those “We Buy Houses Ads”
6.Bandit signs. I’m not a fan of these but it seems to work for some.
7.Attorneys believe it or not some real estate attorneys have a list of clients that they work for and those clients are investors themselves. Get really chummy with some attorneys and see if they are willing to share their client list with you.
8.Lead generating sites. You can build a lead generating site like I have in my sig to attract buyers.
9.Property managers. Some managers might have a nice size list of landlords that buy rental properties.
10.Contractors,sub contractors are also a good source to find buyers.
There are a few more but those are some of the basics.
How to find sellers:
1.Online ads like craigslist,backpage,etc. You can also go to fsbo sites or frbo sites to see what they offer.
2.Bird dogs. Hire a property locator to help find some deals for you. Especially if you are investing out of town. You would want someone local that knows the area to help bring deals to you. You can pay them some nice change and that will motivate them to bring you more good deals.
3.Lead generating sites
4.Local newspapers both online and offline.
5.Your local REI club. Some members might have too much on their plate and might be willing to let you have the deals they can’t handle.
6.Bandit signs
7.Drive around and look for “For Sale By Owner” or “For Rent” signs
And again there a few other techniques but those are also the basics.
On top of all of this read on forums like this and others for more tips.
There I have saved you money.
krninvest, Mr. Investor said it all and for free at that. If you must learn read these forums, there are plenty of posts about who’s course is good or not here. Herbster
Just curious ---- Who’s course are you taking?
Mr Investor:
I really appreciate the information you gave me, but see…I already purchased the class a few months back. I’ve taken the online version (which basically summed up everything you just told me), but included in that price was an actual “inclass” training as well. I figured, I already paid for it, I might as well go.
REITVSHOW:
I took the class through the Wealth Intelligence Academy. I had purchased it through one of "Rich Dad, Poor Dad’s seminars.
haaaaaaaaaaaaaaaaaaaa See if you can get your $ back! Sorry to hear that.
I love your website REITVSHOW !
Thank you sooo much! I love doing the show. I am blessed to work with a lot of great people in this industry.