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[Catherine Murray]

Hi All! 

I'm looking for a mentor with experience in wholesaling, and I want to begin networking in real estate investing. I would love to start a group for anyone who wants to learn and grow in similar aspects of real estate, especially creative financing. Your location doesn't matter. We can do all of this from anywhere. 

I joined Bigger Pockets in 2016 with a free membership and just upgraded to Pro yesterday. Lately, I've been soaking up as much information as I can about how to start in real estate, and now I have just enough knowledge to be dangerous. (Eek! This is getting scary.) 

Wholesaling has gotten a bad reputation. I'm not interested in ripping off anyone or doing anything shady. I will only work on deals that are a win for everyone involved. As investors, we have to make lowball offers. It's up to the sellers to accept or decline them. Sometimes the seller doesn't care about how much they make in the deal, they just want out. I know those situations are rare, but they do exist. So, the challenge is finding them. 

I've looked into many ways of doing wholesale deals. Usually finding off-market properties is recommended, but I've learned that it's possible to work with properties that are listed--even working with real estate agents. I have started finding properties that could work for wholesaling and I've already started connecting with real estate agents about these properties. 

I have learned a lot of terms in REI. I have a basic understanding of wholesaling and creative financing such as "subject to" deals, owner financing, etc. I have found some solid contracts, and I have access to attorneys. To start, I want to do deals flipping (not fixing) distressed properties / tear downs and lots / vacant land. (All to be bought and sold in "As Is" condition.) Where I need help is in putting it all together. I have learned a lot by reading from various sources (including BiggerPockets) and from watching / listening to hours and hours of YouTube videos. I've reached a point where I'm not finding the information I need, and usually this involves cross-referencing topics. As an example; "Flipping Land," "Working with Real Estate Agents," and "Wholesaling." I also want to clarify things like the etiquette of working with real estate agents in these deals to avoid any faux pas, and I want to be sure that I sound like I know what I'm doing. I know there is a lot I don't know here. So, that's why I'm looking for an experienced mentor in wholesaling.

I'm starting with wholesaling because it's a good way to make money to support my future real estate ownership. I'm starting with nothing. I have made my career in a helping profession, but it has left me impoverished. I know that wholesaling can be a way out of this for very little money to start. However, these deals require earnest money (usually $500-$1,000) and proof of funds. What I can offer a mentor is splitting the profits on any deals we do together. I would find the properties and bring them to you to see if we can make a deal. I would need you to put up the earnest money and show proof of funds. You would, of course, get back your earnest money if the deal works. (If you're experienced in wholesaling, then you already knew that.) If you want to buy any of the properties in these deals that's a great option, or we can flip them. Our deals can be anywhere in the U.S., and this can all be done remotely. 

If the deal is good enough, it's not hard to find a buyer. I will find cash buyers, or if you know anyone who wants to buy, we can go with your buyers. I want to learn more about how to value property and to give the sellers the highest possible amount for their properties with room for our profit, and at a price point that makes these good deals for buyers. So far, I have learned some quick ways to do analyze deals, but I haven't perfected it. One calculation is: 65% of After Repair Value (ARV) less our assignment fee. (Our assignment fee would usually be $10,000-$20,000, and we would split that 50/50.) The tricky part is determining the cost of repairs. But, that's for fix & flip deals. Valuing lots / land / tear downs in "As Is" condition is easier, but I've found that often there haven't been recent, nearby sales of similar properties available for comps. So, I would like to learn from your experience there.

To anyone who has made it this far, thanks for reading my post. : )

I hope to connect with you soon. Have a wonderful day!