Hello all! I just wanted to introduce myself.
My name is Salathia Allen and I am completely new to Real Estate and Wholesaling. I have been just learning and researching for about 3 weeks now and I believe I am ready to start hunting down contracts.
Only thing is I don’t have good credit (only because of 2 things that are very fixable, just have to have the funds to pay them down which is a small reason why I’m getting into this) and no money to invest.
So, I am just going to take a leap of faith and get out there and start connecting! If you guys have any “first time” advice, that would be fantabulous. Feel free to PM me. Thank you!
Credit is not a factor when working on your first deals in wholesaling especially. You can pull leads straight from public records in your county, use free skiptracing services and call/text those leads. Until you get a deal this only takes sweat equity and a little bit of gas money! Good Luck!
Any update on how things are going? I totally agree with Chase. To get started, it’s really as simple as that to get contacts with sellers. Then you need to have a grasp on the local housing market, what investors are looking for in the area, and repair estimates. Put those together and you should be able to make offers with room for profit margins before you turn around and reassign the contracts.
And I now this can be a heated topic, but getting your real estate license might be something to consider for legal and educational reasons. For nothing else, make sure to do research with your state to see if you should cover your bases.
Get started as soon as possible! Even if it’s something small, start today and take steps forward! If you have time but don’t have money, pull a free list in your area and door knock it. If you have money but don’t have time, pull a free list in your area, skip trace it, and direct mail it or hire a cold caller to call it.
You got this!!
You have come to a good place to learn. Focus on wholesaling your first few deals while you build your capital. Keep taking action and keep learning. Visit here regularly and also check out Bigger Pockets.
Wholesaling is an excellent way to get started in real estate… it’s cheap, you learn a ton about sales, creating deal funnels etc. Once you get good at it and generate enough cash you can start to invest, and you’ll have a strong deal funnel you can rely on to keep creating income for you.
Welcome to the Club!
You should find a deal as soon as possible. The key is to learn how to find properties not listed on the MLS. There are several ways to do that. One thing you can do because you don’t have any money is to look for vacant houses that need work. Then your job is finding the owner and negotiating a good deal. Once you have a good deal, finding buyers is the easy part.
It is a great avenue to lead to being a full time investor.
I would suggest learning your area first, understanding local comps and repair costs…
I have soooo many people calling me as wholesalers but the majority of them have the comps too high and the repairs too low.
And most of the new wholesalers seem to disappear after a few months. If you understand what the true numbers are and stick with it for a long period you will be successful.
Surprisingly the more you dig into wholesaling you will learn it is essentially sales and marketing. So as much as you need to spend time understanding real estate and how to value a property, I would say you need to spend even more time improving you sales skills and learn how to effectively market to sellers.
Welcome and a great time to start! I agree with a lot of the advice above. Wholesaling is marketing & sales, with houses as your product. I’d suggest picking 1 marketing channel (direct mail, cold calling, door knocking) and go super hard at that and become the best in your market. Then start branching out to other marketing channels once you’ve master one. PM me with any questions!
not sure if it was already mentioned, but find distressed properties in your area. drive around and find them. then, use truepeoplesearch.com to find their contact info and call them.
Wholesaling is definitely the place to start if you don’t have the best credit. Welcome to the club!