Introduction and Questions

Hi all,
I’m 51 and starting from scratch, zero, zilch. No job, bad credit and not enough money to live on. I was homeless for a while last year. There, that’s out of the way.

I’m trying to understand this process of wholesaling. Let’s say I have buyers lined up. I learn how to use MLS and Zillow to locate properties. I match a buyer up with an REO property/house. Then what?

Who do I go to next? Who is going to assign me a contract with no money down? Is that why I need a hard money lender? Am I missing something?

That’s all for now. Any help appreciated!

No money, I feel for ya. You’re going to have to get a home under contract from the homeowner, about $10 usually. MLS and Zillow probably won’t help you because listed properties require $500 plus for earnest money. When you have a seller under contract then contact your buyers and assign the deal to them for your fee. On a listed property its more difficult. IMO make sure you have a buyer that will come through. Always get buyers first. Herbster

10 bucks is all you need. If you have the mentality that no one will work with you because you don’t have any money, then they won’t. I see many investors constantly working wholesale deals with 10 bucks to get the contract signed. If you have a list of buyers then your good. Keep building this list, but also make sure that you have people contacting you with homes for sale instead of looking for them. This will make life a whole lot easier if they are calling you with your home for sale. You will need some marketing money for some marketing materials to make this happen.

Thanks for the replies!

I have a couple of questions…

  1. Should I focus on FSBO’s?

  2. Who pays the title company?

Yes FSBO’s and do some door knocking. Title company is paid out of the proceeds and is negotiable between buyer and seller. Herbster

The title company is paid out buy the funds that the cash buyer bring. Me, I only knocked on doors when I was a newbie fresh in the game. Get your marketing out, and you will be able to screen calls, pick and choose the best deals for you as a wholesaler. :guns Get out there with guns blazin.