When do I stop studying and get started

Bird Dogs, Wholesaling
1

I know studying and research never stops, but to get started wholesaling do i need to know lease option methods, sub 2, owner financing, seller carry back, assumption of mortgage, wraparond, short sale etc.

When I go to a potential client so I can flip to an investor, someone in pre forclosre or someone who just wants to get rid of their house, shouldn’t i know all these other methods before i get started so i can find another method of doing something with the clients house if not a good investor fip deal?

Even with an upside down house I colud lease option or shortsale.

Or should i just focus on wholesaling if not a good investor deal move on?

2

Hi,

When do you want to stop studying and get started? ? ? ? ?

As an investor you will continue to learn new things every day for the rest of your life! ! ! (There I said it)

Now depending on the characteristics of the first home you see that might be a deal will define what method you use to acquire the property!

And depending on what you need to sell it for and how much you want to make will define how quick you do this and by what method!

I know your thinking “Your talking in riddles” not exactly but what this says is start looking, playing the process through in your mind based on the first house you see, then determine whether you need additional understanding of use of a specific method?

By doing this you can start viewing properties and theoretically how the buying and selling process will work and what you still need to do for this deal, then you can worry about your second deal when you get to your second deal.

There is so much to learn in real estate investing that you could go to seminar classes 4 or 5 days a week for a year or two.

I can think of the largest guru universities and if you had the money and they scheduled classes back to back with a day off in between each class, weekdays and weekends you could still be taking classes this time next year!

I am a believer that you should jump in and invest as your learning.

My very first property was a “No Money Down” landlord property, a rental.

But how about just a clean easy deal of “Buy Low / Sell High” using basically conventional methods just to get your feet wet? Just a thought!

I know that’s not as much stress, hassle, head aches and sleepless nights and you don’t get to use the “End around double assignement short sale double close private public quick close method” but it could be a little fun!

That way you gain some confidence, make some money and experience the process.

Good luck,

             GR
3

When you die,…SERIOUSLY… stop studying when you Die,( and I wish you DON’T die)

4

Here is an idea that may help you. Call only on FSBO’s and expired listings. What ever they are asking, offer them 25% less. This is a great exercise. I call it the “trial offer”. By doing this you are going to open negotiations up immediately and get to their base line price need.

As you know sellers have several prices, their “asking price”, “the price they wish they could get”, and their real bottom line price. You need to learn those prices. When you think you have gotten them to tententively accept your verbal trial offer, now go do your home work to compare your offer to what the market is saying.

Next step is what I call “second stage negotiations” this is where you visit the property with the seller and negotiate down to the price that will make you a profit.

There is only one thing you need to know when trying to profit from a seller, HOW MUCH EQUITY IS THERE AND HOW MUCH CAN I NEGOTIATE FOR ME!

Charles Parrish