I want to wholesale and I am extremely scared and excited. Any advice on how to start?
Make some offers.
I’m a new wholesaler too. Don’t be scared. Just be sure to do your homework on the property that you are interested in. Make sure there is enough equity or profit in that property that can be made by an investor. (you want a win/win situation) Develop a good relationship with the seller. If all goes well and looks well, make sure you have a good buyers list (cash buyer preferably so you can move quickly), put it under purchase contract, assign it to the new buyer, get paid and move on. You have finished your first deal and you’re no longer scared. :biggrin
Hope that helps! You can do it! Think Positive! :bobble
Thanks so much. I am going to take into consideration what you guys have told me and get out there and make some $$$!!! Good luck to you guys, also!
Or if you are scared at the risk you can always start as a birddog until you get more confidence. Good luck!
What are you scared of? Sure, it’s new territory,… but… the absolute worst thing that can happen is you get a no to an offer. And if you get a deal the absolute worst thing that can happen is that you don’t find a buyer wich means you lose ernest money (wich i dont use). So, depending on if you use much or any ernest money, losing it is the absolute worst thing that can happen. Not much to be scared of at all. Be like Nike and “Just do it”.
When people use this blanket term “do your homework”, what does that mean exactly? How do you do your homework? Does this mean just asking the buyers questions?
Do your homework simply means, get as much information as you can on the property. Know the deal you are getting into. Wholesale is a simple process but it requires getting lots of detail. Hope this answers your question.
What about finding the motiviated sellers for newbies? What responce ratios are seen for bandit signs, and direct mail post cards? Thanks.
Honestly there is nothing to be scared of, if you do things in the proper order
- Find Buyers
- Find houses
- put them under contract with an easy out clause, and assignable if possible
- Get your buyers through
- If they like it then get some non refundable dep money equal or greater than what you will lose if they back out.
- if they dont like it, then back out using your easy out.
That is a verrrry basic wholesaling outline