Hello Everyone, I’m ready and eager to start in the Business as an Wholesaler. I have invested in material as well as read plenty of material and forums, but i’m so nervous about this new career. After reading so much material i’m still in need of help with the process of the right contract to use. how to approach motivated sellers, do I get business cards 1st. I just want to do wholesaling with a double close and if necessary assign them. I NEED ALL THE INFO AND HELP I CAN GET. I NEED YOUR INPUTS PLEASE!!!
I’m in the same situation, I’m going to go to the local Real estate meeting a hope I meet some helpful folks that’ll point me in the right direction.
What kinds of material were you reading that it didn’t answer your basic questions? Hope you didn’t pay much for it! :smile
If I were you, I would certainly check out your local REI club if you have one.
Also, check out all the great articles here at this site:
Hi Lori, I bought The simple man’s guide to realestate and the 55,000,000 secret to just try and get more than 1 persons insight as far as how they’re doing wholesale. The one thing thing to me is that they make it a little more complicated that it really seems to be, after reading the forums. I just want to know the for sure steps and get out there and make my money. I’ve been seen this one particular person in the forums and he has some material available that i’m going to get b4 i start. His name is eric medem on the forum. If anyone else has advice for me, PLEASE LET ME KNOW…I use to be apart of my re-club in illinois, but it wasn’t beneficial to me.
I bought the turn $10 into $10,000 in 30 days. Dwans cource is very easy to understand and includes all the contracts on cd-rom.
Hi Boulderite, thanks for the info. Have you started wholesaling any properties yet? Well I going to the millionairesblog website to see what eric has to offer. I.m really eager to get started and just want to know all of the specific steps to take as well as the right forms to use. So, if there is any more advice to help me get started PLEASE REPLY !!! THANX :help
Hello everyone, Can anyone recomend where to get a good PURCHASE OF SALE CONTRACT for Illinois, as well as CONTRACT OF ASSIGNMENT with an escape clause? THANKS TO ANYONE WHO CAN HELP.
HELLO EVERYONE, I’M NOT EXACTLY SURE HOW TO COMPLETE MY FORMS. THE PURCHASE OF SALE CONTRACT AND THE ASSIGNMENT OF CONTRACT. IS THERE ANYONE WHO CAN EMAIL ME AN SAMPLE OF AN COMPLETED CONTRACT TO GIVE ME SOME INSIGHT. I’VE NEVER FILLED ONE OUT AND I WANT TO BE READY WHEN I GET MY 1ST DEAL. :help
You sound like you need to get some education first. There are alot of wholesaling courses and forums out there to get you started. Anything by Steve Cook or Vena Jones-Cox would be recommended IMO. Both have excellent courses and they can answer all your questions. They also both have websites and newsletters. Google them to point you in the right direction but don’t go into wholsaling blind thinking you’ll wing it at the homeowners kitchen table. Ignorance is ALOT more expensive than education, especially in RE. Good luck.
Know one asked for my opinion but I’m going to give it to you anyways.
Take your expensive courses and throw them in the garbage. Better
yet don’t buy them at all.
Wholesaling is so simple you are better to save your money for
These are the steps
1.Marketing/finding motivated sellers
-flyers,postcards, online ads, website etc
- put property under contract with $500 deposit
subject to your business partners approval.
3.Call your buyers list and find a buyer
- Assign the contract using freely availble
assignment of contract form, I even have one I can
Anything else you need to know is freely availible online or by asking other investors in your area. I created a wholesale business that brings in over $20,000 a month from nothing, no courses or expensive seminars just research.
Check out the real estate arena.com http://therealestatearena.com they have an excellent training program that is much less expensive for someone just starting out. It includes video and audio instruction, has an active message board where you can ask questions, and has all the forms available along with video instructions of how to fill them out. I agree with gccre about the Vena Jones-Cox course. It is excellent but quite pricey for someone starting out.
wholesaleempire is correct about the steps to wholesaling but if you want the filler info of how to actually accomplish the steps check out the website above and also visit http://www.flippinghomes.com and check out the forum and articles.
I just want to say 1st. of all, THANK YOU to wholesalempire, for all of your steps and yes I’d love to have an form. gccre-for your advice. sjac1117- for the sites. kriz1204 who’s willing to share information. Yes i’m ready to get started and who ever else that has information to help me I’ll take it. Thank you all again. Thats what this forum is for sharing. RonRon :biggrin
Wow, I don’t want to dampen your spirits, but what you don’t know can tear you up financially. Between being totally ‘green’ at this, plus your fears, you could end up in a lot of trouble. What I would suggest is that you find other investors and become their bird dog for awhile, until you learn the ropes! Make sure you have a contract - I actually have used a hand shake, a trust in them to pay me, and start finding homes for them to put THEIR money in to. You need no $$ of your own, and you can get paid while learning the business.
Do some research on the homes as to value, then present to the investors who will do the final numbers and decide if it is a good deal or not. If it is a good deal, they will pay cash, or get a contract to assign. When it closes, you get whatever you agreed on. With one guy - I get 1/3 of the assignment fee. With another, I get 1/2. For instance, I brought to Brian’s attention, a home that fell within the .70% LTV. We got the contract from the seller for 88k. He added on 12k making the asking price to other investors (wholesaling to them) 100k. The property is worth at least 160-170k. Three of us split the 12k assignment fee. Hope this helps. Carol
I would love a copy of a assignment form that someone might have done to get an idea how this works.
Does the seller know that you are going to assign this home?
If anyone could email me a copy of the form or direct me to where I can get one.
Thanks for the info Carol, I’m going to try to be really smart about the moves i make wholesaling. I’m going to start out assigning my contracts to investors to keep it safe until i get the hang of it.
I almost agree with the steps but they are off by a little from what I have experienced
- Build buyers list BEFORE you look for homes
- Find homes
- Put them under contract with an escape clause
- Get your buyers through during the escape clause period
- If they like it either assign or use a back to back closing
- If they dont back out of the contract
Far too many newbies forget to look for buyers before they look for homes, the best deal in the world is no good without a buyer or financing.
If you dont have a good buyers list in place prior to looking for homes, there is a good chance that you will end up making empty promises to bird dogs, realtors and other investors. You could end up talking a big game, getting the home, then dropping because of no buyers.
I taught myself to wholesale, but I have also bought other courses, a good course will save you having to make the same mistakes that the person writing the course made.
If a guru can show me a better way to make 5k , and it costs me $500, I would say that would be a sound investment.
Hello and Thank you Eric, I have taken you up on your investors lunch already and i really enjoyed it. I’m in the process of running an ad in my local newspaper to build my buyer’s list 1st. i found an site in the chicago area that i want to work with the motivated sellers provided as well as buyers being able to see the posted wholesale deals. The concern that I have is once i contact the motivated seller and make my offer after seeing the property, what is the proper precedure of assigning my contracts from online? I’m able to list my property on the same sight once it’s tied up, but not sure about all the steps to take when dealing with properties online with buyers. I believe i can contact my list of buyers too. Do you have any advice or anyone? :help