My name is Sierra and I live in Washington DC. I’m interested in wholesaling properties here but I’m a little new to this. Currently I’m working on putting a team (real estate agent, title company, attorney) together and I’m hoping to start my yellow letter campaign next week. I would try to network at local REI clubs but I have limited transportation and the metro isn’t close enough to take me to these meeting places. I have so many questions about wholesaling and I think it would be helpful to work on deals with others instead of jumping in alone. Whether you want to discuss business or spread a little bit of insight, all will be appreciated.
Wholesaling, contrary to a lot of “mentors” and investment classes, is not easy cash. It takes hard work, determination, stick-to-it-tiveness and a high degree of motivation.
Additionally, you need to find a title company that will let you do a double close. Quite a few are unwilling to do such a process and that could kill your deal quick.
Call as many title companies or attorneys and see if they do simultaneous closings or double closings. You know how many times people “yes even attorneys” have told me that it is illegal then I go to the guy next door and he is willing to do it legally. lol. Its a shame that so many new guys get there minds blown by nay sayers and people that have never done this type of business. :rolleyes
Hi Sierra, I think it’s best if you learn as much as you can about wholesaling and don’t be afraid to take action. You’ll only get better as you go along. Is someone you know doing it already? You can ask the person if you can partner with him just to get some hands-on experience and agree to split the profit 50/50. Learn from someone else’s system and incorporate best practices you get to pick up here and there. This type of Real Estate business requires some work and there’s marketing for both sellers and buyers to do. Once you’ve come to discover that you’ re really passionate about it, it shouldn’t feel like very much work.