Where would I find a mentor who can coach me through my RE deals. I just started Short Sales and I’m looking to do other creative deals in Real Estate. Looking for someone generous enough to take me under their wing.
Thanks!
Kaye
Good Question. I’m a Real Estate agent myself however I would like to get into investing as well, I have found many abandoned properties. I’m now working on finding the owner, but once I find the owner, I’m screwed.
You’ve found a good property and the owner and it’s at this point that you’re screwed?
Why is that? (I am trying to help you…)
What do you do at this point? What don’t you do? I am curious what is going on at this stage that is troubling you.
For me, figuring out how much to offer and protecting myself from being obligated to purchase the property rather than assigning it. I have found a few properties, but I’m working on contacting the owners. I had to hire a skiptracer to locate them, just waiting to hear back now.
What is your intended exit strategy? Assign the deal? You want to be a wholesaler?
For now, I want to do wholesales, but I’m also interested in fixing and flipping when the market gets better, and fix and hold for long term investments.
well, since you guyz didn’t answer shortsale princesses’s ad… I guess I will
I would recommend TC Bradley or Mark Evans DM. Not sure if you heard of em` but they are great.
Lamar, I just sent you an email requesting contract information, and just read your message on mentoring.
Thanks once again.
Pat
Don’t let not having a mentor get in your way, most newbies know what to do, you just need to start doing what you know. If you can find a mentor that’s great, but don’t wait around. Wholesaling real estate is as close to no risk, no cash investing as you will ever get. I have done many deals and I am far from a rocket scientist.
Hope you find what you are looking for, Just Ask!
Eric,
Thanks for replying… If you don’t mind me asking. What did you study to get started in wholesaling? And, where did you get your contracts from if you don’t mind me asking?
Contacts are easy to get…just ask for a business card. Now good contacts that are actually worth holding onto…that’s another thing altogether. I mostly get my contacts from the local REIA meetings, from any open houses I hold, at any networking function I attend…almost anywhere. I even meet people beore some event I attend and just strike up convos on real esate. You never know who you’ll meet and what line of business they’re.
Example: I just went to a REIA meeting. It was at a new location so I’d never been there. There was a couple that pulled up a few spaces down and the gentleman got out and started a convo with me. Come to find out he’s into researching real estate for investors and he comes from an area that I was looking to break into (Southern Florida). So far he’s been a wonderful contact. He’s even brought deals to me without me asking about it. As I’ve been told by many investors…Just keep networking!!! Network and the leads will come.
As I believe REI Student was looking for contracts, you could probably search the internet, or follow some of the links from this website, under real estate forms I believe. You may have to pay, but it’ll be worth it. I got the Carlton sheets program, and that came with many forms…but of course it wasn’t free…
The Carleton Sheets’ Toolkit is pretty handy. I like how there are two versions of the contracts (sellers and buyers).
You really dont need any special forms as realtor you can use your current board forms with the addition of a assignment of contract form.
I started wholesaling after working with some investors who were doing it, then I watched what they did an duplicated it. As a realtor I think wholesaling is the only way to go because you get paid to break into the typical transaction cycle
Most realtors
Great deals on homes—>Investor y
You are left with your commission
Wholesale realtors
Great deals on homes—>Realtor---->Investor
you get commission when you buy (some times, many foreclosure companies wont pay if a realtor is buying the home)
Plus you get paid when you sell or assign
I just bought a home home this week for 12,500 that went into foreclosure at 92k, most realtors would have called their investors and tried to sell the home for a $400 commission. I will buy the home and sell it to an investor for $30,000 or so. Not a huge difference LOL $400 vs $17,500
Where are you located that you are able to purchase a home for 12.5K?