New investor desperate for advice!!!!!!

First of all let me tell u my situation and motivation. I live in kind of a small town that don’t have many investors. The nearest metropolitan area is an hour and half away. I have no money bad credit and less experience. I want to start wholesaling but don’t how to get started until I make enough to start buying and holding. Now for my motivation it’s simple I would like to spend more time with my son who lives with his mother but I don’t hardly get to see him and it’s heartbreaking when he asks if he come to my house and I tell him he can’t because I have to work. So as u can see its why I desperately want to start doing this. I need to stop reading over thinking and get over the fear and just jump. But I still don’t know where to start. So I would appreciate any and all help. I live in southern Illinois by the way.

Couple of things here, E.

One, I’m a firm believer that where there’s a will, there’s a way.

Two, and with that being said, you have many challenges facing you… more than most who get into this business.

And three, at this point, I’d focus on creating an abundance mentality, rather than creating a wholesaling business. Because, it seems, that your main challenge is lack of funds. If you can operate with an abundance mentality every second of every day, it is inevitable that that will become your reality. And at that point, money making opportunities will present themselves to you.

“The road to abundance is an emotional road.” - Abraham (delivered via Esther Hicks)

I am also very new to wholesaling and to REI in general, so I do not have a ton of experience, I can only offer what I would do in your situation.

First, join your local REI club, or the one nearest to your location. Try to find out what are the REI opportunities in your area. Also, network. Talk with as many people as you can, let them know your interests. Maybe you can find some investors that you can start out birddogging for, or even potential partners (if looking for potential partners, be sure you can articulate clearly what you bring to the table e.g. time, willing to do leg-work, etc.).

You can post ads on Craigslist for the type of deals you want to do, and see how many responses you get. This will give you an idea of what are the REI opportunities in your area.

If there really is not that much opportunity for REI locally, look into virtual wholesaling. Google it and read as much about it as you can, until you can explain it to someone who knows nothing about it so that they can understand.

From my experience, your biggest initial expense is your marketing budget. Decide how much you can afford to spend on marketing and what is the best way to use those $s. You will need to estimate how much marketing you need to get you to your first deal, and should probably have at least that amount before you get started, (although I just got started anyway and found the money to keep going as I went along).

I hope this helps.

ok erife lets say you already had a buyer you already talked to and he has money and is ready to buy any house you send him… and you get a call from a seller of a house that sounds like the kind of house your looking for that matches the buyer you have… and the seller lives in that city you say is a hour and a half away… can you and how fast could you get to that house to see it in person???

That really is sound advice. I completely agree. It’s not what most want to “start with” in their quest for answers.

People think that the resources are the answer, instead of their own mindset, attitude, if not a healthy psychology.

Without trying to be too ephemeral here, everything we accomplish first starts in the spiritual realm of ideas. We first see the result in our mind’s eye, before it physically manifests itself. But it requires faith to start off with (sometimes having to go far enough back to have faith in ourselves).

The fact is that without the right mindset and attitude, any resources, if not opportunities, will be perpetually elusive.

It’s like the story of Donald Trump when he was effectively BK’d back in the early 1980’s. He maintained a forward thinking perspective and expressed a cockiness that coupled with a swagger, projected quite an air of prosperity. Those elements enabled him to continue attracting money for new investments and ideas, and come out of his hole; surpassing many times over the level of wealth he’d previously achieved.

If Donald Trump had begun holding up in some penthouse, started letting his fingernails grow, and wore Kleenex boxes for shoes, we wouldn’t be talking about his $7B net worth.

If Trump had mumbled “I’m not sure this is the greatest investment, but you decide if investing in casinos is for you, or not,” he would have attracted exactly zero dimes for his efforts.

Instead this guy talked like a winner. A winner with big goals, big ideas, and inspiring results, if not a great return on the risk of investing in what else, casinos!

What’s more interesting is that even when a couple of casino situations hit the skids, he was able to attract even more money for more gambling deals. It’s awesome and crazy. But it’s also about attracting money with “good” ideas and a prosperous mindset.

Great post. :beer

Very true Maestro! It all starts with getting control of your emotions. Don’t worry about the money. It will come once you truly have that abundance mentality.

Couldn’t agree more! Your lack mentality is holding you back. SO you must start from where you are at and use your son as motivation and purpose to fuel your journey. Expand your money consciousness by learning new things, align your conscious and sub conscious mind with abundance ie. if you say " I can’t afford it" that is not in alignment so continue to rep and affirm in your conscious mind what you want, and lastly work on your vibration around money strive to increase the intensify by doing things like smiling or anything that makes you feel good.
As for real estate you should start bu\y build a buyers list and build relationships with investors.

Get yourself a decent education on wholesaling. Trying to wing it usually on leads to disaster. Also join your local REIA.

I would like to thank everybody who respond you guys are right I am my own worst enemy I have a long list of reasons why I can’t so I just sit on sidelines wondering if I will ever get my chance to play in the game with the players who took destiny in their own hands. My wife is a sceptic and says she is nervous that I will lose everything and go bankrupt. I decided I’ll prove her wrong the best way for me to take action is to tell me I can’t do something. Whether I fail or succeed doesn’t really matter because I feel a sense of accomplishment for trying which is more than some people can say because they r content but not happy and don’t want to try something that would make them happy I refuse to be one of those people and so to clarify I am starting on a journey of fulfillment and in the long run I know I will truly be happier so with said wish me luck in my new venture and hopefully soon to be free life

Wishing you all the luck…!

Get yourself a decent education on wholesaling. Trying to wing it usually on leads to disaster. Also join your local REIA.
Definitely start learning as much as you can on wholesaling, however, don’t get caught up in just “learning” about it. Going out and actually “doing” it is what will really teach you the most. Don’t worry about screwing things up because you will! haha. Just learn from your mistakes and go out and try it again and again until it works.

I think Eric wants something to sink his teeth into, more so than just self-awareness theory. Positivity is a necessary cornerstone, but alone it doesn’t advance one’s earnings disposition.

Even so, Eric, you can’t make something out of nothing. Gotta have a game plan. Seek a mentor - perhaps someone willing to advise you thru a few deals for a share of your net profit. You’ll never pay a more worthy fee. Sometimes, just to get past the initial fear barrier requires a bit of handholding with someone who has confidence borne from empirical success. i bet you could find someone on this forum who would be willing to partner with you.

In the end, nothing ventured, nothing gained. dont’ sit on it forever and end up wondering “what if” til you’re gray.

Sorry “Erife” - I called you “Eric” in my last post

Get started some where…

Make some friends at your local REI club meetings, you know how to make friends right?

Next decide on your marketing budget and start sending out direct mail, put up bandit signs or just drive around looking for beat-up houses. In short get people to call you.

Bring the potential deals/motivate seller information to your new REI friends and ask them what you think you can do with this one. You’ll see and learn how they think. In the beginning it’s more important to just get calls and talk with people then it is to get a deal. You build confidence and your network and soon the stars will align and you’ll get your first deal.

I read up about REI for 2 years and got no where. When i decided to just start, I have since come a long way. I’ve only got a couple deals under my belt now, but I am excited about the next couple years!!

So true! Nothing can teach you as well as actually DOING it. You have to get out there a screw up a few times. This is the quickest way that you will learn. Also, work with as many other wholesalers as you can.

I’ve actually been taking on my own interns recently and teaching them how to flip properties. This might actually be the greatest way to learn. Teaching others has taught me so much about wholesaling in the past 6 months!