I want to get started wholesaling contracts. I feel that this is the best way for me to get started w/ the least amount of risk and investment on my part. Since I’m a single parent of 3, my time is limited as to going to the court house to research properties during the day b/c I work full time. Please provide me w/ any advice or recommendations on the best way to make this happen. Also, as for contracts, do I need to use a lawyer who is familiar w/ real estate & investing? Just on Saturday, driving around, I saw about 11 vacant homes that were once occupied about 6-9 months ago. I want to start w/ any one of those, if not all of those, as a possible contract to flip. Also, which would you recommend working with-vacant properties, pre-foreclosures or probates? (I apologize for jumping all over the place…I’m trying not to forget anthing.)
My goal is to be able to get this started sooner, rather than later, so that I can quit my job and do this full time. Any advice that is given I would sincerely appreciate.
Rgchamp is right, you should get a buyers list together, However you can also get a contract on those properties and start assigning them. Either way is good! The key is that you don’t want someone like me (who lives in NOVA :biggrin) to snatch up your deals, while your trying to “get it together”. If they’re really good deals, then just get a contract on them and make it contingent upon you finding another buyer.
You’re right about this being a little to no investment & less risky method. However, what a Lot of Newbies don’t realize is that you don’t have to have a buyer right then and there. That’s where good Marketing comes in! Everything you need to research can be done online or via phone.
Using a Lawyer is absolutely what I would reccommend, if you need help understanding the contracts. However, a Lawyer is not required to do your deals.
Vacant properties, Preforeclosures, or Probate…Hmmmm. Well first of all Vacant properties isn’t a strategy. It’s more of a focus.
Example: I’m going to use the “Pre Foreclosure” strategy to sell Vacant Properties instead of occupied strategies.
Now as far as what strategy to go after, it’s up to you. There are so many Ways to invest in Real Estate.
The list goes on and on…
The key is to just pic one and work it. Find the strategy that will compliment your risk factor, your investment factor, your work schedule, etc. Focus on that strategy, become good at it, and move on to the next, if you want!
There are local REI Clubs that you can take advantage of in NOVA. I recommend you check them out. Maybe I’ll see you there. Don’t worry I’m not a Deal Stealer. lol I don’t even invest in NOVA, no particular reason, but I like Out of State Deals. I’ll focus on my local when I get a chance, I kind of got stuck outside of VA. lol Anyway, don’t go at this by yourself. Find a Mentor, get other investors to help you out. Depending on where you are in NOVA, I’d be glad to help as much as I can. :beer By social networking and taking action on all these deals, you will eventually reach you goal of “Firing Your Boss”! :flush
If you want to start sooner than later, then the best time to get started is Right Now! :bobble
I am not from Virginia, I am from OH, but it is all the same. The first guy is right about the buyers list. If you can’t make money without money, then you can’t make money with it. Remember this quote. NETWORKING, NETWORKING, NETWORKING!!!
If you don’t have much money, that is ok. When I started a few years ago, I had no money. You must have a team in place to get to the promise land of wholesaling: realtor, inspector, project manager, appraiser. A typical deal could cost $500 if it is negotiated right.
Thanks and good luck
I live in Newport News, VA and I invest all over Hampton Roads. Virginia Beach has a great Rei group, TRIG, its a great place to start building your buyers list and great place to network with other investors in your area. If you are interested I can give you more info on TRIG
Buyers lists are very important, but it’s very common for new investors to build their lists and never find a property. Not trying to go against the grain here, but the truth is if your numbers are right you won’t have a problem with buyers. The other thing is most of your “buyers” are going to be full of BS when it comes right down to it…especially if you’re finding them at a REIA meeting.