Hello.
Well I recently went to a seminar about the Real Estate Business That I saw on the TV. I went and everything was exciting ad great infromation. But once it came toward the end all they wanted was for you to buy all the infromation and to pay for a three day trainging for $2000.00 Dollars which i didnt have. They claim to have say that you dont have to use your credit or you own money! I mean its hard right now to find a job. So I was woundering If there is a way to do the wholesaleing real estate on your own? If so, how do you go about being the middle man to make deals with the seller and the buyers. Getting your investers lists, finding property closeing and all the layers stuff. Im very Intrested but very new to it. Needs Help hope someone can guide me. Here in NM. Thank you very much
I try to keep up with the latest trends and education for my business and about two years ago Rob Swanson put out his “Wholesaling CEO” course that goes for about $100. He’s got a couple of upsells of course, but the basic course is solid and informative. He shares the exact answers to the questions you’ve asked here. Otherwise, honestly, there’s too many nuts and bolts for anyone to really offer what you need on a forum like this. This forum is better for broader discussions.
Another great source of great information for wholesaling (using options and assignments) is ToddToback.com
I’ve got both of these guy’s courses and they both are fantastic for starting on a shoe-string without a job. I get nothing out of telling you about them, other than a good feeling.
Sean Terry is also very good and lots of people steal from him. However, in each case, in order to get all the nuts and bolts, you’ll need to consider buying a training course. Just saying.
Have fun.
Thank you for your insights…however I really do have to spend money to make money. Right? I mean I get the Idea and concept of wholesaling. I just need the jump start. I Have two Investors right now. How do i find property? go to the banks or foreclouser sites? hummm… Im ready to jump in to the water. and gety wet. but very afraid of the cold water. I guess ill learn on the way.
Well, OKAY…
There’s just a ton of sources for deals, but where you are determines the most likely opportunity.
- Go find the low-end neighborhoods (a notch above the war zones) in “Beatertown”…
a. Map the farm boundaries…
b. Drive the entire farm…
c. Note addresses of the beaters on every street in your farm… (take a picture)
d. Locate all the “out-of-area/town/state” owners in your farm… (Use a title company, or the county recorders office to gather this information)
e. Mail/contact all the “beater” and “out-of-town” owners and tell them you are buying houses in his area, and would like to know if they would consider selling for a fair price…
f. Makes offers on the beaters…
g. Tie up the beaters…
h. Assign/Sell/Close on the beaters.
Additionally, you could look up all the low-end listings and make offers through an agent. REO’s and short sales are a specialty, but the bottom line is relationship building with the gatekeepers on these two niches.
Many deals that show up on the MLS were once pocket listings. Craigslist is a great place to look for pocket listings.
In order to do step “h” more efficiently, I would…
- Advertise a phantom “Cash Buyer’s House” online and collect names/numbers…
- Contact as many wholesalers as you can find…that may have a buyer for your deal [or have a house they will pay you a referral fee on if you bring them a buyer] (Google “wholesaler + your farm area” for some names)…
- Look up ownership of all the houses that have sold for cash in your farm in the last year or two (especially low priced transfers) and contact them to see if they’re interested in more deals (offer a referral fee)…
- Pass out cards to everyone you meet…
That’ll get you started.
omg thank you so much but what would my fee be? range or what would be a good price for a referral fee?
I would aim for a minimum of $3k per deal at the beginning. As you find better deals; capture larger amounts of equity; and become a more reliable source of deals; you will ask for more. However, you might also be splitting wholesaling fees when you bring buyers to the table for other wholesaler’s deals.
Check out this link for ideas (or go to flippingjunkie.com)
http://www.reiclub.com/forums/index.php?topic=49241.30
It’s not unusual for low-end rehabbers wholesalers to collect $10k to $15k assignment fee on one one deal.
I have so many questions. First do I have to Meet and Greet the Seller and Buyer? Can I do everything from home? Do I have to pay for the closing fees or am I involved in the closing business Im just stuck on the closing part.
These are interesting questions.
- Do I have to Meet and Greet the Seller and Buyer?
- Can I do everything from home?
- Do I have to pay for the closing fees or am I involved in the closing business.
It’s all the rage in guruland right now to sell you and me on the idea that we can just flip and wholesale houses in our underpants.
I’m not going to say this is impossible, because I’ve done other things in real estate that would seem impossible from most anyone’s viewpoint. That said, it takes a lot of work to get to that stage of operation. And of course the gurus promise to solve those issues with their “auto pilot” riches program. pfft. :beer
Until you’ve got some mileage on your tires, you need to get going the old fashioned way. What’s that?
Find a farm (as I’ve already explained in an earlier post) and…
- Look for beater houses…
- Contact the beater house owners…
- Make written offers to the beater house owners…
You can tailor your offers so that the sellers and buyers pay all the closing costs if you want …and just keep making offers until you get an accepted offer with all the terms you need to have at this point. Later when you’ve got a little more money, you can relax your standards and actually close on more properties.
You need to be in front of as many sellers as possible so that you can learn to read people, recognize motivation, and simply learn how to sell yourself. People like selling to people they like. They’ll screw themselves (so to speak) in order to make sure you don’t get a deal from them…if they don’t like you.
Real estate investing is ALL about sales and relationship building, even if your a cash-only, bottom-feeding, pig/vulture type of investor. People need to like you …at least like you better then the other bottom-feeding pig/vulture they’ve talked with.
So go pick a farm, cultivate it, and make money. You already know just from this thread alone what you need to do to start. So go do it.
:beer
yeah thanks its feared ground out their for me but in order to learn i must just go out and do it right? Whats the big mistake to avoid out in the farm?
The big mistake to avoid is sitting here thinking about the big mistake to avoid. You’ll recognize mistakes if you’re willing to make them, not avoid them. Just saying.
Yes, I would keep far away from Real Estate Guru’s, of course their going to ask you for $2,000 for their real estate course, same information they teach you is widely available for free on youtube or this sight, they will use that $2,000 of your hard working money to fund thier own deals. Keep far away…
When you find a property that you think might be a wholesale deal how are you analyzing the numbers to find out if it is a deal or no deal? Not to sound like a commercial but you need automated systems that will take the guess work out of real estate investing.