Hello all! I am brand new to the forum … just found it today.
OK, here’s my situation.
My interest in real estate began earlier this year after I attended the Learning Annex Expo here in Dallas back in February. Since, I have been reading books and material, ranging from Ron LeGrand to Steve Cook, with the mindset of beginning a career in real estate, starting with wholesaling properties.
Fast foward to this September, I was let go from my job and I took it as a perfect time to take on real estate full-time. Over the past couple of months, I have continued reading materials, learning on the different methods of investing from wholesaling and rehabbing “ugly” houses to getting-the-deed and optioning “pretty” houses.
Over the last month, I decided to begin my quest in completing a wholesale deal by using the ant farming method to find motivated sellers. I have driven through numerous areas and came up with a combination of many vacant houses and FSBOs. However, after researching the owners and calling these potential sellers, I have found that all are either un-motivated sellers, “wanting” to sell not “needing” to sell", or investor-owned properties.
Knowing that I probably need more that one way to find the motivated sellers, I decided to run an “I Buy Houses” ad in the Dallas Morning News, which began today. I know I will get a lot of unmotivated sellers calling - but I thought it was worth a try.
In addition to running the ad, I am tinkering with using a real estate agent to locate / make offers on MLS properties. My concern though, is I’ve learned that when dealing with agents, you 1) can’t assign contracts when dealing with banks 2) you have to give fairly larget down payments, and 3) you have to provide proof of funds.
My current financial situation is not great being unemployed for over two months (a.k.a. - I’m broke). I didn’t anticipate finding a motivated seller through ant farming would be as difficult as it has been. I feel like I’m going back to the drawing board so-to-speak.
I thought wholesaling would be my best bet, but maybe I’m wrong. I would love to rehab down the line, but I am needing a deal soon.
Any advice would be extremely appreciated.