Hello all…this board seem to be very knowledgeable… I’m looking to get started by “wholesaling” and/or “bird-dogging” due to the fact that I am currently cash tight, and in my mind wholesaling is a good way to generate some cash with minimal cash expense. With all of the foreclosures on the market. I’m anxious to get started, however I am finding that agents and banks(recall the ENOUGH OF THE MLS posting?) are difficult to deal with, so would you recommend just staying with FSBO’s and abandoned properties to start out in the wholesaling arena?
:cool here is the thing yes stay with the fsbo an the like try to get them to sell on owner finance get the home under contract and sell to a person for full value who has problem credit and no less than 5 % down from your buyer
Steer clear of Foreclosures, REO’s pre-foreclosures etc. These end up being Short Sales and that is a whole other area. Wouldn’t consider it an area of wholesaling. FSBO’s, distressed owners, drive around neighborhoods for fixers etc - those are good places to start. You might want to start with putting together a website too.
Hey RacerJay - I think I responded to another one of your postings. Any which way - be careful with Texas. They have strict real estate laws you might want to check into before doing anything. I don’t know all the particulars but I do know they are strict. Call any Title Officer or Real Estate Agent and talk to them about what you are looking to do - they will be able to help.
Abandoned properties can be a good way to start. I just drove a neighborhood (in a part of town with older homes, but the area is appreciating 15% per year) and found 5 vacant properties that look run down. I’m currently assigning one that cost me <$60 in option $. Just saying this b/c it can be done!
I started by driving bread and butter neighborhoods looking for run-down and neglected houses. then find out who the owner is to find out if they are interested in selling
I have been wholesaling in Ft Worth, TX for five years. Somebody mentioned something about strict laws in the greatest state in the union. Not true for wholesaling. We have some bad legislation regarding contract for deed and lease option, but you as a wholesaler don’t need to worry about that stuff yet. My advice is to drive over to east Austin, and start looking for vacants. I am sure there are many articles on this site an others regarding how to spot them. When you find them, write down the addresses. Also visit with the neighbors around the house to see if they know the whereabouts of the owners. Then go to netronline.com to get your appraisal district’s web site. Go to that website and look up the addresses you found. That will give you the mailing address of the owners. Then send those owners a letter or postcard stating that you would like to buy their property. Get them on contract and sell them to some investors. Where to find the investors? Call every “we buy houses” sign and ad you see in your market. Then go to the real estate club in Austin. You can find them on this site. You will meet tons of investors there.
Have fun!!!
I would get a Realtor to give you comps. You may either know one, or know someone who knows one. Anyway, in return, you can take them out to lunch, use them when you want to sell properties, or refer anyone to them who wishes to sell a property.