Hello everyone I am a Newbie trying to get started in wholesaling. I am in desperate need of help because I often times get hung up on figuring out which contracts I need to use and finding a good closing attorney. (double closing). :deal I do not want to deal with a whole bunch of paper work yet I understand I need to keep track of all my expenses. Lastly trying to figure out if I need and LLC before I really hit the ground. I am pretty sure you all have heard the same questions over and over but I cannot resist the opportunity to talk with my peers and get you alls stand point. I have created a buyers list and have several names I mean hundreds and I have been looking through the paper and trying to figure out what a good deal is and whats a bad deal. I know I should not be afraid of failure. Can someone please give me some insight of what to do. I am hungry and ready to get going! Thanks in advance :help
Are you in a state the requires an attorney (like Georgia)?
I rarely use an attorney unless required…although in Louisiana I could get an attorney closing for less than a title company closing and he was superb.
Keith
Thanks for the response, however yes I am in Georgia. I had a mentor for say try and show me the ropes for the most part however he bailed on me. Felt like I was trying to be competition even though I told my mentor that I would not look for deals in a certain area where he was focusing on. I guess after the tornado that hit Mother’s Day his outlook changed. So I am trying to leave the nest and do things right without getting to lost!
You seem to be all over the place with your post and with getting started. First, as far as paperwork, what contracts and agreements are you using?
I am using Purchase and Sales Agreement as well as a Buyers agreement form for the assignment!
When I read posts like this I think back to when I first started in Real Estate.
I bought a house for $19,000, my first home with a little rental unit on the rear of the property. It turned out that my mortgage payment was $!90/month, and the rental brought in $185/month. I could have afforded more, but I found a “For Sale by Owner” in the newspaper, and I wanted to quit my hated job, and I could afford $5/month rent with no job. I had breathing room.
So Newbies who have never done any kind of deal, I want to ask where are you living? Are you renting? Why? There is great motivation in scouting around for your own first bargain home with a rental. You can be on the streets talking to all kinds of people, dozens and dozens of them, calling ads in the newspaper, going to open houses. You will be able to do this totally without fear. You are LOOKING FOR YOUR NEW HOME.
You can get totally familiar and comfortable with values in your chosen neighborhood and with real estate lingo. Get a "lil house with a rental. Start fixing it up. Now ratchet up to wholesaling, lease options, flipping, whatever you like. Just start with something simple like your own roof. Now that’s just my take on Newbie growth. Worked for me.
Furnishedowner