I am extremely interested in real estate investing but I haven’t really started yet. Can someone please tell me where I can find legit information on wholesaling for little or no money? In addition, I need to get information on where I should start the research process (i.e., online, in books, etc.). Thanks.
Welcome and the best of luck in your ventures.
You have come to the right place. I would suggest that you use the “Search” function, near the top of the page under your screen name, to search the forums for answers to your questions. Everyone had to start somewhere and most, if not all of the questions , have been asked and answered in the Forums before. If you cannot find and answer, feel free to ask.
So you want to start out in wholesaling…where are you at in understanding the process?
What area of the Country are you in?
Thanks for responding to my post. :helpSo far, I understand that a wholesaler contracts a property from a seller. He or she can bring a buyer into the transaction or purchase it. Am I right so far? Correct me if I’m wrong.
I am in Baltimore, MD.
:help
Yes, a wholesaler contracts a property with the intention of reselling it quickly at a higher price.
cv, wholesaling and lease options are your best choice for getting started. Good luck.
im a bit new to things and still trying to understand a decent amount…
does a wholesaler need a license or can he/she find a house, buy it, then sell it off the bat to someone else
provided they already have someone lined up to buy?
You do not need a license to do a deal as you describe.
o ok thanks for the reply
There is so much info out there on wholesaling…it’s the No Money Down central of Real Estate Investing.
Try and find someone who has written a book that is from your area. Baltimore, MD is not an easy market. If you are truly serious about being a wholesaler you are probably going to need to move.
Tough love I know, but to be successful as a wholesaler you need VOLUME of deals. This takes lots and lots of offers and lots of assignments.
Baltimore is a bit on lockdown by some of the old regime Realtors. They will be quick to report you if you do anything outside the norm.
Also check out a guy named Gerchow for basic wholesaling knowledge.
The reason why you don’t need a license to do wholesaling is you are a Principal in the transaction. Normally, just about any contract is assignable unless expressly written within that it is not.
Bruce Willis is right in that you have to find a good area to start getting and assigning deals.
The ideal area is an area that is mid ranged- where regular folks live. Not too rich and not too poor. Right in the middle.
Here’s the reason: you’ll have the greatest amount of houses to put under contract- and you have the largest audience to sell to when you lock your deal up.
You may not have to move- just locate a neighborhood that matches this criteria with the help of your local REI club and realtors.
I’ve got a REI step by step chart you can get free on my site listed below. It’ll help you get a good overview of how you should progress in this biz.
Dennis
My question to you is… Why would anyone want to wholesale or Bird dog? There are at least 200 Hard Money lenders that I know of that will lend you money… There are ways to market to people that are 60-90 days late and there is just as much paperwork involved to wholesale as there is to just buy the property and flip it yourself. If you really think about it you are talking about houses not a Shopping mall or The Space Center… Just jump in and do it yourself. I personally have not used my own credit to buy a house in 9 years now. Make life better for yourself and make the money yourself!
That was cool just had to copy and paste this one! LOL
I can understand the lure of wanting to get the lion’s share of the profits.
Been there…
However the biggest reason to wholesale is RISK.
With wholesaling you limit risk to a miniscule amount while you gain knowledge and experience and cash reserves needed to start keeping properties yourself.
True there are HML out there, but you still need cash to get repairs started before your first draw. what if you find yourself upside down a deal?
HML is not free money, these guys will foreclose too.
All these kinks can be worked out through wholesaling. You learn while your earn so you don’t make costly mistakes later
I feel that wholesaling is a costly mistake all in itself! Think about it like this. You wholesale a deal for 5k or you pay the HML 13% and make 30k…
There is so much information out there and at your disposal…
I say the best way to get into the business is wholesaling as it is minimal risk and will allow you to learn the basics of the business.
If you do a google search for “wholesaling” you will find a lot of information and perhaps you may even run across my blog 
Don’t listen to Summit. 200 HML??? Hell…are there 200 left in this country that want your first born and your money!? Good lord. Wholesaling is a super way to not only start but keep going and doing. Also…I know some investors that are doing very well in B-More doing wholesale deals. I’ve heard that market is a tough one due to competition but investors are still doing well there. Google Steve Cook if you really want to know more about wholesaling.
I’ve been doing full time REI for only 5 years but and I just closed two wholesale deals last week making a NET of 13K. I had about 3 hours into both deals and no I’m not exaggerating. Sure was a costly mistake Summit :rolleyes
Nate-WI