We live up here in the Northwest where technology is pretty much accepted here. Craigslist does well up here so we have a multitude of buyers and sellers here. To reiterate what justin0419 said some places Craigslist does well and some places it doesn’t you have to find out if it does in your location. So to answer your question yes I have done deals from Craigslist but that is not my ONLY source of deals. You have to have multiple places to get deals. Those locations will come from your marketing, (Like I mentioned previously) Business cards, word of mouth, door knocking, Bandit Signs, driving around…etc.
If I remember correctly you were thinking about becoming an agent rather than having a set wage (Walmart?). Now this is just my humble opinion being a Real Estate agent is good but I wouldn’t jump right into being an agent rather than having a set wage. If you are use to having a set wage, mentally, you are going to have to get use to NOT having a set wage. What do I mean by that? I mean that every friday you will get that paycheck in your hands and every friday it comes in like clock work if you have a set wage whether you perform or wasted your time by the water cooler. If you don’t have a set wage that is NOT going to happen. All of these Real Estate Investors on this forum can tell you. If you DON’T perform YOU DON’T EAT!! Especially if you do it fulltime and don’t have a set wage. If you are going to become an agent great but do it part time and ease into it if you have a set wage already. Learn the business from an Agent’s perspective, (Laws, Ethics…etc) and continue to learn the business from an Investors standpoint so you will know how to deal with Agents when the need arises. (Because it’s a totally different mentality…Agents vs Investors)…Speaking of eating…I have work to do…(Smiles).
Im not used to a set wage. This is my second job and first job out on my own. However i deff agree with being an re agent part time. I wasnt meaning id quit my job and be an agent. Its a step by step process and im not gonna take it too fast. I just need to get extra income and find a way to get out of the 9-5 normal working world. Im just an entrepreneur by heart.
Pretty much all of the advice youve given me rolyn i agree with. And plan on doing.
And i wont depend on craigslist for houses. I know better then to just do only one kind of marketing
As a broker I would say having a license is ok however not required… It certainly makes research more convenient however the cost associated with obtaining and hanging a license would be better spent in marketing and doing deals… And frankly the people I help who are real estate agents “fight” with themselves a lot over how to do deals.
Cost I pay annually to have a Brokers License
State license fee 300.00
Board of Realtor fee 550.00
MLS fee 780.00
Lock box fee Priceless… sorry
Not to mention the cost of fingerprinting classes and testing
You are more than welcome to PM me but I rather you post and then we can all comment on it. I’m sure I can answer all of your questions but that would take away the purpose of this website also there are a LOT of Investors on this site that has done more deals then I can ever do. Not only that I can learn from them as well and get some insight that I never even thought of. Multiple minds going in one direction is much greater than two! Good Luck, and again if you have any questions post it and we will answer it for you.
Rolyn: yea well i like contrasting opinions so ill deffinitly post questions on this website, the reason id want to pm you is for more specific info on a topic that i didnt get from here, or more or less to just get your opinion of something that i posted but you never saw.
Michael: well ill take your advice. Thats basically it. If i can invest without a license i will. If it compliments my investing strategy and helps me earn more money, then ill get a license. But starting out ill take your advice.
Btw guys, i know its silly but im quite happy that ive gotten 44 posts on this thread. Shows that yall took an interest in me and are willing to give me advice and help me succeed. Yall are awesome
Lol michael. Well keep on talking. The more you talk the more i learn
same with all of you! I like hearing yall talk.
So question… When i find a house that is good for wholesaling and i have a buyer, what do i do? How do i get a contract woth the right clauses in it? Will i be using an attorney or agent?
I have these gaps in my mind. These missing steps. I know how to do step 1/3/6/7/8/10 but not the missing numbers. Thats one of the missing numbers im trying to figure out. Help?
Honestly, how many times have you convinced a vendor to sign a one year escape clause that can be based on marketability of the property for a $100 or less consideration with your “ugly” house estimate deductions on your wholesale offer??
Give me one actual example of when you’ve done this. Accepted offer by vendor, ARV, turnover of property, turnover cost, price flipped to purchaser.
I can give you hundreds of examples of sellers signing it… My vendors never do… A vendor is someone I hire on my behalf to perform a task or someone I pay a fee to for goods and services…
If a seller wants to sell the only way they get to sell to me is by signing my agreement… This business inst about us getting to buy houses…
And I would do this for? To prove my credibility?.. Or to prove that it can be done?.. Which shall it be? Both are silly and rather ignorant…
Happy house hunting…
Michael
PS I am not accustomed to using white out on my agreements… They are worded in the fashion I choose for the best protection they can offer me… People who change how they do business for a seller are weak… Our job is to buy houses within our business model not to adhere to the wants of the sellers.
BTW I actually go over every paragraph with the sellers…
The last time I cared what someone said…hummmm I cant remember… I find this fun actually, you have me thinking how many times has a seller signed it… I had a superior Court Judge Sign my agreement as written… Made 75k on that deal… The last time was a few days ago… There was a time when a seller took it to her attorney and he rewrote it… Cost her 4k… She was mad that I wouldn’t accept her modification…
All of my students have their sellers sign it… A lot of people sign it… Isnt really an issue when you find someones motivation for selling…
Feel free to bash some more… Did you catch my last name? I like arguing… Makes me feel alive…
Lol your last name… Quarles, quarrels… I didnt get that at first.
I always wondered how one would go about proving something like that. I can think of a hundred ways someone could lie about signatures, pictures, checks, so really you just have to go by an honor system.
Your best bet dave might be to try putting the clause in your contracts and seeing if you can get any sellers to sign it.
Or you could just develop a relationship of mistrust with michael for no other reason then yiu think his clause is too unrealistic. And ill remind you that lack of evidence is not evidence if absence.
Michael is right. A person that is not motivated will probably not sell under those circumstances. On the other hand if you do find a motivated seller…a TRULY motivated one they are not going to care what they sign they just want to get rid of the property. That is the only goal for them. I had someone call me yesterday on my voicemail and said: “You better call me in 3 hours or I’m going to sell the house to someone else. I want this property sold NOW!!” Now I never have spoken to this person so at first it kind of “Took me for a loop” But I called back and it was a great deal on a property. The reason for the motivation was the city was cracking down on him because the property was vacant and smelled really bad so the neighbors were complaining. He was just sick of the headache he called his property and was willing to sell it at a good price and it is in a good location.
Your marketing will come up with these situations as long as you keep it going. Whatever form of marketing you do make sure you have a budget for it to continue. If you don’t have a marketing budget right now and you want to start out with no money then drive around and look for vacants, (There are telltale signs, old phone books and mail in the front yard, tall grass, broken shades, overlapping bushes) Write down the addresses and look up who owns the property and then mail them directly a lot of times if the property is vacant they have their mail forwarded.
When i find those deals, and i got a buyer for it, how do i put it under contract? Where do i get the right kind of contract? Do i use an agent and/or an attorney? What?
Easy! google “Real Estate forms” You are looking for a Purchase and Sale Agreement. Put in your clauses in there (Perferably Inspection) and then have a Real Estate Attorney look them over…just in case.
And what would be the judges motivation for letting you option his property for a year for a $100 consideration instead of listing with a realtor? Are you offering something else of value like doing repairs to his house?
Gee, thanks for the motivation. I’m already a real estate millionaire. Perhaps you should start putting in offers that get accepted instead of working for min. wage at Walmart.
