Newbie Needs Help!

Bird Dogs, Wholesaling
1

Last night I watched a webinar by Lance Edwards about wholesaling. I had a general concept of how it works, but never thought it was worth my time. That webinar opened my eyes!! At the end he offered his education system for sale at ~$700. I have all of my capital tied up in (my first) rehab project, so even $700 is a stretch.

I am now itching to learn the in’s and out’s of wholesaling. There is just too much info out there, much of which appears to be B.S. “systems.” Can someone please share with me some affordable ways to learn step-by-step strategies? Are there any books out there that comprehensively cover wholesaling? Or a realistic system in the $100 price range?

*I tried to search for a similar question, but couldn’t find one. I apologize if this is a repeat.

2

Lance has a good reputation.

I know two flippers that just watched the free podcasts from nolimitsrealestateinvesting.com by Todd Toback, and got enough information to fill in their blanks and do two deals.

His training is several hundred dollars, if you want all the rest of the blanks filled in.

Another great resource, that has less expensive options (with some up-sells, of course), is from wholesalingceo.com by Rob Swanson. Not particularly well organized, but packed with actionable, serious information.

Meantime, both are excellent resources that I get nothing, but a warm feeling for recommending to you.

Each has a different emphasis.

Swanson is about industrial strength wholesaling. Toback is about starting fast and quick (assuming you’ve got $5,000 to work with).

Sorry, I can’t weigh in more specifically on Lance Edwards.

No training is going to be the “Hail Mary” pass, that overcomes everything, including a lack of belief in yourself.

So… don’t go with this training with the ‘refund policy’ simmering in the back of your mind. If so, you’re not really ready for prime time.

Otherwise, no training, by itself, will get you ‘there.’

I say, “Bite the bullet and just order Edward’s training.”

There really isn’t anything to lose here, is there?

Really?

3

Be careful of studying and researching too much, Mitch. When I got started, I read exactly TWO books… and neither was on wholesaling. And, then I hired someone to teach me. I can honestly say that it was the best investment of my life.

The REI info biz has exploded in the last 5 years, or so. Back in the day, there wasn’t anything out there on wholesaling. Prior to getting into it, I had not even heard that term, before. But, it’s all different these days. The boom of 2000 - 2005 brought a windfall of profits to all niches of real estate, but especially to wholesaling. The idea of no money out of pocket, no risk, no income ceiling and recession-proof investing was too much for me to pass up.

And, I didn’t.

Bottom line, you can read, watch and study every course and book out there. But, who are you going to turn to when you’re in the middle of a deal and have questions?

A few years back, I had a guy come to me who was already making $500k a year rehabbing houses and being a landlord. He wanted to add wholesaling into the mix. He made over a million dollars investing in real estate last year…

My advice? Find the funds. Add it into your your rehabbing biz. And, make even more money…

Good luck!

4

Thank you for giving me the feedback! I’m crazy excited to use this as a way to jump start my real estate investing entrepreneur career!

5

Thanks so much!! I just watched Toback’s videos (took about an hour) and it really filled in the gaps!

6

Getting a coaching program will really cost you something because the person will give you his time which is basically priceless, he will be available for you when you need his help on anything pertaining to the subject and will pass on everything he knows from his experience (in which case, you won’t have to go through the same mistakes he did).

It’s an investment you make for yourself. I mentor newbies myself and I have a few of students under my wings right now. There’s a lot of advantages in signing up for coaching. But you don’t have to do it if you can’t afford it or you think it’s not for you. What you see plenty out there aren’t BS systems, they’re just trying to market their services, which is basically what anyone would do if you have a product or a service…just like in Wholesaling.

Wholesale deals may be structured all different ways but the process and concept is just the same.

If you are not interested in paying what a coach has to charge, by all means you can still get into the game and be successful. There are plenty of free resources all over the internet. You can go out there and network with people to learn from their experience. May confuse you a lot so you will have to be patient in figuring things out yourself or better yet, do more of joining free forums like REIClub, raise your questions and be diligent in browsing through these threads.

Finally, don’t just settle to educate yourself by reading and watching. Act on what you have learned bit by bit until you piece the puzzle and see it for yourself.

7

I HIGHLY recommend you going to YouTube and looking for Cameron Dunlap’s Vacant House Gold playlist. There’s a sales pitch at the end but there is a ton of useful information before you get there. You could also check out Ron LeGrand’s Wholesaling Course.

Altered due to rules violation

8

Dude, I haven’t bought a single book on wholesaling and all I did was google what I wanted to know and youtubed countless hours of “trainings” and classes to figure out what I had to know and I think I know more then enought to get started and the rest will be first hand experience, sure I think a mentor to guide me would be ok too but I learned pretty much 90% what there is to learn about wholesaling alone, of course there is other strategies and stuff out there that will also take up some time but you can learn eveyrthing for free, don’t need to pay ANYONE, just do some freakin research and stop being lazy.

9

@Jimmycheaphomes : There is a BIG difference between “being lazy” and having the good sense to look for structured direction. I’ve never considered my attorney lazy for going to law school as opposed to searching the web for answers to everything.

10

I agree with JimmyCheapHomes, you don’t need to spend that kind of money on a course, just read the forums and research online on your own. Everything you need to know, you can find online for free

11

There’s a difference between hunting and pecking through disorganized, bits and pieces of information, and plowing through a systematized, step-by-step approach to achieving the results you want.

Yellow Letter has it right.

I don’t want to get legal advice from someone who’s primary source for information is the internet. I want the guy who’s spent some money and time getting a professional education.

So, I am happy to buy someone else’s experience, research, and education, than waste my time and energy doing it all myself.

I ask myself, “What’s my time worth?”

You might ask, “Do I want to spend months, or years stubbing my toes; being frustrated; losing money, and remaining half-broke, figuring it all out on my own, or do I want to spend a few hours, and a few hundred dollars, cutting to the chase?”

You might also ask:
“How fast do I want to make money?”
“How much money do you want to make?”

The answers will depend partly on whether you’re happy with a “home depot,” self-education, or you are willing to cut to the chase, and model yourself after someone already achieving the results you want …and paying the price for that guidance.

Personally, I don’t have the time or patience, to hunt and peck, and learn from scratch. I want the hows and whys today, and I want it from the guy who’s done it already, and I’m happy to pay for the short-cuts.

But that’s me. I’m always in a hurry.
:beer

12

Has anybody heard of Jackie Lange? She wrote a book called “Real Estate Profits on Steroids”.
It’s a simple easy to read book and even furnishes the contracts you need for locking the house up on a contract and also includes the Assignment of Contract.
I got the book for a few buks on Amazon, this book has been invaluable to me. The explanations are so simple a 10 yr old could do it.
However, it wont do u any good if u dont get out there and take action. I talked to a wanabe wholesaler recently, he had all the books, contracts and had paid some money for boot camps and courses and wanted my help. He knew everything about wholesaling but confessed to me that he was afraid. I told him I was afraid at first and how difficult it was to talk to sellers and buyers and how I had to carry bottled water with me cuz I used to have severe dry mouth. I got him working for me as a bird dog now and I will try to help him anyway I can.
Just saying, if you cant force yourself to fight thru the fear, and take action, you got nothing.

13

Time of course is the most valuable asset. With courses and even on line research the investment in time is what is so important. Coaches can cut this time dramatically. Right up front I am a coach and I do own a real estate investment firm.

The best idea that I have for anyone really wanting to work is to partner with your coach. What this means is an agreement is reached to pay the coach from the profits of your first deals. A smart coach will never take all the profits because everyone needs money. That is my current thinking with one additional point. There needs to be some money up front - not a lot but some to demonstrate you understand this is a business.

Well there is one more very important point. Your coach should teach you how to build your business and not just do transactions.