Wholesale Contract

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Hello everyone,

Ive been browsing around past week or so and had a few questions about wholesaling. I understand the concept of building a buyers list and placing a house under contract, to in turn, sell to those on my buyers list. But how do you find a property to put under contract? Do most people hunt for foreclosed houses ( because I read that most wholesalers tend to sell to those looking to flip)? What kind of sites or resources do you refer to when you are hunting for good wholesale properties? Once I find a place I am interested in do I go walk up to the seller and say "Hey I am a wholesaler, sign my contract, let's make a deal?", etc.

I guess what I am really searching for is what most of the articles around here tend to skim over. Articles (at least the ones I read) say get a house under contract to sell, but don't necessarily say how to do this. If anyone could provide anymore detail or information, I would appreciate it very much.

I am obviously new to this and trying to learn more about it. Of course I am not expecting to go and try my first deal tomorrow, very much still in the learning phase.

Thanks!

[Rick H.]

Absentee owners are not, by themselves, necessarily motivated. If you follow the formula that everyone one else does here on BP, you will end up like most people who experiment with real estate do: disappointed.

When I started (1978) I began by trying to get properties at a bargain purchase price by getting lists of people in foreclosure who had equity. I learned the legal rules and how to document deals. I learned how to talk to owners and explain things to them. That meant I had to study and be ahead of their learning curve. Data was available two ways: either subscribe to legal paper and read the foreclosures or subscribe to services that mailed you hard copy reports several times per week. I guess you could also go to the recorders office and look at rolls of microfiche film, too.

You have it so easy today. You can subscribe to an online service like property radar/foreclosure radar and get statewide access to search every county for less than I paid for one county subscriptions 35 years ago.

If you wanted to learn to fly jet airliners, you'd never ask a pilot/captain to give you free flying lessons. You'd devise a way to take ground school and get the funds to rent a trainer airplane and an instructor. Same with real estate investment. You have a lot to learn.

A career isn't built from sending out a few hundred yellow letters or postcards. Learn how to knock on doors and actually talk to people. After you've become effective, learn to "give good phone" then an effective closer. It is only then that you are most likely to know how to target prospects, write good copy and close deals that make sense.

I'm betting at least 90% of the people who post here and on other forums do NOT make their living as real estate investors. Out of those who do, most are not really thriving or are too new to have a history, let along staying power. My point is that there will be plenty of people with comments and opinions, however you will need to decide which ones really offer your credible advice or guidance.

Plan your work, work your plan but don't plan the results.