wholesaling - proper order to do things and list of what I need

Alright, I think I am going to begin my real estate career in wholesaling. From everything I have read there are few downsides. Keep in mind I know absolutely nothing about real estate at the present.

That having been said. I need to make a list of things I need to do, like a checklist in order to get started in this. I would like to begin right away so here is my list so far.

  1. create LLC to protect personal assets
  2. find a good title attorney
  3. get bandit signs made and design the rest of my marketing campaign
  4. get a repairs checklist for potential properties
  5. work on a buyers list starting with agents whom I know

ok do that… … … … . . . . . .

this is mine…

if you are wholesaling you need to do this…


build buyer’s list ( as always ) or find the deals first

find the Deal ( you can follow the 100:10:3:1 ) this will minimize risk…as Robert Kiyosaki said… we should go shopping…

negotiate! … you cannot put it under contract if you cannot negotiate well…

Sell It at the right price…( double closing ). BUY LOW , SELL LOW
OR assign

Close and ENJOY the Green paper stuff!! haha

You don’t have to worry about creating a company until you do a few deals and start making money. Focus on staying in the business for right now. It takes patience and persistence at times especially if you don’t have any money.

I would begin by lining up a pretty good list of buyers who are looking for good deals. Find out what they want, what zips they are buying in, what they want to pay/what they consider a deal. How big a repair job are they used to dealing with. Do they need hard money or do they buy with cash?

Line your buyers up, get with an REO agent preferrably(agents who deal in almost nothing but bank owned homes) or any agent actually. Start making offers and find a deal. Email it to the buyers on your list who buy in that specific zip code and area of town. Include pictures, tax value, comps when you can, projected repair range with specific items you know of if possible.

IF you know what it will rent and retail for then put those figures. And of course put your sales price. If you don’t know what types of homes to target, take a look at some of the homes other wholesalers have listed and try to get something similar.

If you are scared to lose your earnest money, then I unlike some of the other people who have commented in other threads WOULD recommend you start out wholesaling other wholesalers deals. I have made money like this and it taught me alot about the process and made me sharper. You have a bit less control over the deal but at least you never have to put any money up. This way teaches you the type of homes buyers are looking for without any risk.

wholesaling OTHER wholesalers’ deals? you mean instead of finding distressed sellers, just find wholesalers?

I’ve got some money in the bank and could easily use it toward a venture of some sort but I feel like I don’t know enough about this field to be spending a ton of cash on it. I feel very likely to make a mistake that would cost me.

See, I have this plan, well, I’ve got many plans, my NOW plan, my 5 year plan and my 15 year plan.

my 15 year plan is to have purchased some rental properties and by then, the mortgages will start to be paid off and I will be cash flowing those doors big time, and making some decent money. BUT, that’s down the road and what I’m looking for right now is a way to become involved in real estate and replace my income over the next year or so. that’s my NOW plan.

I realize there are so many facets to real estate that if I try to put my hands in all the pockets right away, I will become discouraged and get freaked out. so, without worrying about how many rentals I want to own and how many apartments, etc… I’m just trying to make some coin lol.