I am finally ready to start implementing a system I purchased, but I have one lat hurdle to jump…start-up money. I have the money to start my wholesaling but I won’t get the funds until August. I don’t have the credit to get a small business loan or even a credit line. So what I’m looking for is an investor willing to loan between $2,000-$4,000 with a return of about 10-30%. Does anyone know where I can find an investor like this…thanks
2,000-4,000 dollars starting up a wholesaLING BUSINESS??..for me it’s a large cash…
you can start with just $500 or less
I’m not sure cause I’m here in the philippines…we use Peso…hehe
You really don’t need any money to start, it helps though. Wholesaling a property can be done with no money out of pocket.
You find a buyer(or another wholesaler) who is looking in the area you want to invest in. Ask what exactly they are looking for and find those types of houses. There is no risk here at all (read no money out of pocket). You are then basically selling information. This can help you build up capital to start marketing more heavily.
After a while you will feel more confident in your ability to find deals and you will then ad more risk and get the houses under contract yourself, putting you in better position to make more money.
Hope that helps a little bit.
You don’t need money for wholesaling. Well, maybe $10. I do agree Scostell start off as a birddog learn from other wholesalers and investors
I lot of people say you only need $10 earnest money , but is this really true? Are there that many people out there that will let you tie up their property these days with $10 or even $100?..
I agree that $10 is usually good for a contract with an owner, I just picked up one for $1. If your looking at Hud homes, REO’s etc. you should at least have $500 and don’t forget some if not all flash funders require you to use an entity ( L. trust, LLC ) and that costs some more. Don’t forget inspections unless you do your own.
Philippines huh? Kumusta? Fellow Filipino here…
Wholesaling is suppose to be a business that you can start
with just some gas money and a little bit of marketing, $500
is a great amount, but I started with less than a hundred
bucks many years ago. I got my first deal driving for dollars
, then my next by an ugly .50 sign.
Don’t wait until August to get started. Start driving around
lower class neighborhoods and looking for VACANT ugly
houses. Each time you do this, try to get a minimum of 50
VACANT ugly house leads.
Then you can look these up, locate the owner and send them
a mail piece or give them a call…
building your buyer’s list should be the 99% of your working time…
Sir Jeff I need a mentor plz help me…i’m just 16 yrs old…
and plz check your messages
It’s good to see your starting early dude, that’s very admirable, I wish I had done the same…
P.M me and I’ll send you my Real Estate Wholesaling course for FREE to get you started off on the right foot…it includes EVERYTHING you need to know…
To answer the question…You don’t need money to start wholesaling, though if you want to start off doing any REO’s $500 to $1000 would be helpful because it will be a requirement for the banks to even consider your offer.
Um yeah… I’m 16and 1/2 too if you are giving it out to all us 16 year olds…
woodell, I think we should help each other… lets help each other to be successful…
I have been investing in real estate for seven years now. I’ve done just about a little of everything. However, I’ve found that most people who made a fortune in real estate started out as bird doggers, wholesaling. It’s a quick, non-complicated, and easy way to earn some REAL cash as well as get your feet wet in the industry.
Anyone can do it and you DON’T need a lot of capital to get started! I started with literally $32 in my pocket! LOL My wife, myself, and our four kids had just moved up here to Atlanta on a promise from a family member that I would get a job, well we all know those stories. LOL I went to a meeting, met my mentor on this very site years ago, he sold me his tutorial, I followed it to the T and I made my first $2K finder fees within 8 days.
Every time I made a little money and ventured off into some other project and lost money, guess what I did to generate more cash? Yep, you guessed it. So, yeah it can be done and done without a lot of money! :biggrin
I’d love to help you man. But I was just kidding about the 16year old thing…lol
how old are you???
just curious could tell me about this system it sounds like something I might be interested in.