Serious investor need hlp

Bird Dogs, Wholesaling
1

I have been getting all type of info from the net and I am ready to stop reading and start doing. I am interested in wholesaling first. I believe I have the steps correct but if anyone could give me a little insight. here it goes:

  1. Have buyers lined up.
  2. Find deal
  3. Make an offer(whether it is FSBO,Foreclosure,Pre-Foreclosure etc.)
  4. Get offer accepted and get it under contract.
  5. Do a double close with buyer and seller and be sure that contract with buyer states assignment fee and find Title company to close contracts. Wait until it closes and for title comp or escrow to send me check or do I get check from buyer up front.

Please Help. I am ready guys just need a push!!!

2

On step 5 you could try to do an assignment of your contract instead of a double close. If you do an assignment you can ask for at least part of the assignment fee upfront and the rest at close.

3

No, you’re not ready. If you aren’t sure of the steps (and posting a “is this right?” to a bunch of strangers clearly means you’re not), then you aren’t ready.

If you haven’t got a detailed business plan, you’re not ready.

If all you’ve done is sit at your computer and read up on the internet, you’re definitely not ready.

If you need someone, anyone, to ‘give you a push’, then in all seriousness, you probably never will be ready.

Hate to come across all rude and crude, but if you’re not a driven, self-motivated, business-minded, type A personality person with a STRONG gameplan, then all you are really ready to do is lose lots of $$$.

Raj

4

that raj sounds like a very bitter person

5

Me, bitter? What about?

No, no bitterness here. Just plain simple (though often painful) truth.

Yeah, I could have said, “you sound like you got it. Just do it!” like most do on these forums, but then that wouldn’t have been the truth. Better to come across as rude and ‘bitter’ and hopefully save someone from making a very costly financial mistake, than cheer them on to ruin.

I probably looked at 200-300 houses before making my first offer. Not because of fear to buy, just so that I’d learn the market. I ran at least half as many ‘what-if’ scenerios out on paper so that I could learn as many possible avenues (and problems) that I could BEFORE making an offer. This is a business boys and girls, and it needs to be treated as such. You really need to LEARN about the business before simply diving in.

Raj

6

tylawdaboss,
Bill Guerra’s Experience…only…
get out there, make mistakes, piss off people, do it all wrong, watch deals walk away to other investors!!! Make all the mistakes you can…that’s how you get it right. Write down all the mistakes you make man, do it differently next time analyzes your mistakes.

Try this, "Mr. seller…don’t know if I can close. maybe yes, maybe no, or just flat maybe, can you give me a week to see? Honesty, forthrightness. Those older boys really respect that. Hint there!

Ducks in a row… never. Just jump off, find the junker, point it to a seasoned (or so called seasoned investor, another learning curve of mistakes) let him say no. In fact let me give you a post on an article i wrote on my site how to make 5k again and again, that goes over just what you are talking about… but better not someone might fell i am selling something…hey I AM selling, we all sell daily. Dont like it ZZZzzz! LOL!

climbing down from soap box…
…
…
…
.The thing is if I am passionate about something, have done 155 houses in 4 years 80% all by myself, feel i have good course suggestion input. But …some freak, its stupid to me, unless someone is spamming the heck out of another’s site, that’s different and seen right thru. Again next…!
…still coming down…
Seem a bit hot huh…well you gotta get out and do some crap, wrong, right, whatever, as most do not we tend to stay conservative, and get conservative results, i have been thru it too. Just grab you contracts and knock on doors talk to sellers and investors, get mad, that helps, then funnel that energy right into helping someone, fighting forward to find that Sellers Right Solution…that’s your job my friend.

Hummm that is some good advice…maybe this writer needs to get T-ed off again! humm.

7

Great post Bill. I am a new guy and the first deal I stumbled onto earned me $500. RAJ has some good points, however he seems to dismiss the importance of asking questions and getting advice. I guess everything you need to know is supposed to exist in a vacuum.

My mentors philosophy is basically get out there and get your hands dirty, ask questions, read, plan, and screw up. Definitely join a REI club. You will do fine.