Wholesale deal out of state?

Bird Dogs, Wholesaling
1

Hello,

As you can probably tell by my question, I am new to the wholesale business. I had a few questions that I would love answered if possible. They are as follows:

  1. I live in CA and was wondering if I could wholesale properties in other states? Not sure how this would work since the whole transaction would be done over the internet, phone and fax. I guess I would want to hear from someone who has done this or thought about this.

  2. Anyone know if wholesaling houses in CA is a big market currently? Again, sorry for such a general question.

  3. Due to the economy, are most people wholesaling short sales and reo’s because equity is such a problem?

I think I have taken the first step by learning this business. I purchased Eric Medemar’s Ultimate Wholesaling system and am learning some of the tricks to wholesaling. I am going to work on building a buyers list. Do you think finding a mentor in CA would be a good move on my part to start this business? I am not new to real estate but don’t know anything about wholesaling. I think I could probably find someone I could work for who can help me with my deals for a 50/50 split or something like that. Would you recommend that or just dive in alone and make some mistakes and learn. :banghead

I thank you in advance for your knowledge and comments.

2

One of the big differences in this biz in the past ten years or so is the advent of the internet. We can now do a deal cross country as readily as we can do a deal in our own neighborhood. No need to limit yourself. I don’t do many wholesale deals, but I have done numerous lease options and assignments in states other than my own.

3

Thank you for your input AJ. Could you give me an example of how you assigned a deal out of state? Would most sellers be willing to work with a wholesaler to sell if they are out of state? For example, I am in California and I want to put Nevada properties under contract and assign the contract to investors in CA. Would there be a conflict of some sort and would you, as a NV resident, agree to such an offer from a wholesaler? That question is more of a what if scenario.

Anyone have a response to my #2 & #3 question above?

Thank you