I’m very new at this wholesale process. I have been reading books, websites, and any other materials I could get my hands on about REI for the past month. I want to start on a smaller scale, simply for that fact that I am a teacher and we are currently in the school year. However, during the summer I want to be fully in the REI mode so I can have a successful summer!!! I am in the DFW area and feel that this is a pretty good market to get started in. I would love to have someone “take me under their wing,” but I am committed to get this going without that if necessary. If I go solo, should I start with a real estate attorney and get simply contracts out of the way? Should I start with finding buyers and houses? All thoughts and ideas would be appreciated!!
I purchased a set of CD’s from this REI site about wholesaling. One of the interviews was with a guy named Steve Cook.
I love his quote, “Find a house for 50 Cents on the dollar, and you will figure out what to do with it”
I have found them for 20 and 30 Cents on the dollar. Takes a lot of yellow letters, a lot of Craig’s List ads, recruiting a lot of bird dogs, a lot of bandit signs and a lot of door knob hangers.
It takes a lot of work. I found that finding them is the hard part and selling them is the easiest part. You post an ad on Craig’s list on a fixer for 1/2 the price of houses in the neighborhood you will have to beat the buyers off with a stick.
I have a buyers list, but I like placing my finds on CL because of the buying frenzy it sometimes creates.
Some of my best deals were out of town properties that I never seen.
Using the internet to place ads & email buyers and sellers and to contact Title Companies and Real Estate Attorney’s and emailing documents to sign from 2,000 miles away is something that still blows me away.
Get an education. Get in the right mind set and Never Give Up.
Rando