I am new to real estate investing and need some guidance as to where I should start. I would like to focus on wholesaling properties.
Should I start out by trying to locate a real estate agent and Title Company that will work with me first?
I recently became a member of Tim Mai’s DoDeals.com, so I already have access to quality seller leads, but should I contact these sellers if I don’t have an agent or a Title Company yet?
I’m going to attend the next meeting for my local Real Estate Investors Association next week.
but should I contact these sellers if I don’t have an agent or a Title Company yet?
Yes, If you are dealing directly with sellers you don’t need and agent. Finding a title company is easy.
The number one place to start is to understand what values are. You cannot invest if you do not know how much properties are worth. Do you now how to figure the value of a property? Do you know what makes a good deal? Do you know what kind of discount other investors expect?
Going to the investors association is great. Make an effort to meet experienced investors and learn what you can from them. They will know the good agents, title companies, and lenders in your market.
What you are doing now is fine, but the biggest thing you need to do now is learn your market - what type of units sell for in which neighborhoods. That is the only real way to know if something is worth going after, or how to buy it to make a profit.
Thank you very much for the replies, I certainly appreciate the advise. I will apologize now for all of the questions I am going to be asking, but I am extremely determined to make this business work for me.
If you already have access to quality seller leads, than my question is what kind of seller leads? Are they distressed homeowners looking to sell? Are they looking to sell their home but under no real pressure to act? The angle of approaching these homeowners depends on what kind of situation these homeowners are in. If they are distressed they are probably upside down and so you can become an answer their problem as a short sale specialist. Either way, once you identify the type of lead, I would than team up with someone who can than solve that homeowner (lead) problem in the form of an agent or short sale specialist etc.
Education is tops!! Get a good understanding of what the property values are in your target area. Build a buyers list, throw some adds out on craigslist & your local newspaper, put out some signs. Join a local REI club and as mentioned before get some properties under contract. Take action! Don’t spend too much time over thinking, though over thinking isn’t always bad it can also keep you from taking action!