Hey guys i’m pretty much new to this whole site and i’m glad i found it. I’m just wondering for wholesaling how did your first deal go? Because i read a lot on wholesaling and I recently just turned 18 and can finally start making deals. I am pretty nervous to do it on my own and i understand people usually have mentors and split the profit 50% in the beginning but does anyone know where to find one? Or at least have any advice overall advice on wholesaling? I really want to start using everything i learned now but I’m nervous to do it on my own. Thanks!
I’m new at this also. I haven’t done any deals yet but I’ve spent a lot of time reading and learning the business. The best advice I could give you for right now is to find your local real estate investing clubs and JOIN! There, you will find so much valuable information and knowledgeable people to network with. I found my local club right here on this site. I had never heard of these clubs before but I am so glad this site offered a link to them. I think there you will be able to find a good mentor, or even just a good friend who will share some information with you to help you get started.
Good luck! :beer
There is plenty of information available online nowadays, including books and courses. The point comes down to applying the information and having a “Just Do It” mentality. It certainly helps to have a mentor on your side, but you will also find out that a lot of investors are pretty secretive about their strategies. My suggestion is that you read, educate yourself via webinars, attending local REIA meetings and at some points you will have to go out there and do it! I started when I was 23 years old and I never looked back.
Some of the challenges (besides finding the good deals) is being able to keep a property under contract long enough to find another buyer.
Additionally, most wholesalers do a double close. You close with seller and then you close immediately thereafter with your buyer. It all sounds easy until you find out the title company that you have chosen refuses to do a double close.
Very interesting topic, even i am new to this field. Thanks for your feedbacks.
I’m pretty new to real estate as well.
I started learning in June, and cowholesaled my first property in Phoenix AZ last month.
Another wholesaler had the property under contract, and I provided the cash buyer.
Then I was wired $5000k.
There are plenty of sellers with properties who need cash buyers, and there are plenty cash buyers who need properties… You just need to find them.
Laura is absolutely correct on her points…get information (it is everywhere) on the kind of deal you want to do, then DO IT! Put in a weasel clause to protect yourself so that if you don’t succeed the first time or two, you have a way to get out of the contract.
But the real issue is having the courage to sign on the dotted line and get a deal under contract. That is a great decision if you know what you are doing…then all your actions and behavior are around the commitment to re-sell and you will be amazed at what could happen.
Fear and indecision will bring you to your knees…practice making more decisions and shoot for 51% accuracy or better…then you are moving in the right direction. Do not get caught up in the desire to be accurate 100% of the time…it is not possible! 51% or better has been my goal, then practice making more decisions.
Hope this helps.
It was just a couple of short years ago I decided to do Real Estate. Starting from ground zero like I did, I suggest finding vacant junkers. I advertise I buy houses on Craig’s List and under Help Wanted for bird dogs and have done a bunch of deals with their help. I use a Title company to get me property reports on each address, which shows the owners names and mailing addresses and other valuable info.
Now that I have some capital I been flooding my city with bandit signs and sending letters to absentee owners off of lists I got at listgiant.com It’s expensive sending out hundreds of letters and postcards each week, but it has paid off.
I usually avoid Realtors and the MLS but just flipped a house I bought thru a Realtor.
Its a huge learning experience. I buy every book and course I find, I also luv the free training videos on youtube. I also suggest getting some sales training, and learning people skills, you carry a clip board into a selers house and are all business the friendly personable investor will beat you out of the deal.
I believe the biggest reason I am succeeding is, I believed I cud do it, and I never gave up, even after some serious falls.
I still deal with my procrastination issues, goal setting, and delagating tasks to my helpers.
Just take action, never give up and you will be counting the cash.
Wholesaling is the easiest real estate strategy you can learn.
When I first started off I started pretty slow for the same reasons. I was scared and afraid of the unknown.
Find a program that will walk you through the process step by step. I would steer away from obtaining a mentor they are expensive and just like products their are some scammy mentors.
Go through the steps of the program and TAKE ACTION step by step.
My first wholesale deal was well above $40k, a month later another $20k Deal. The only thing I did was go through the steps of a program and took action.