Open letter to anyone who is looking to get into Real Estate Investing through Wholesaling from someone who is still learning also

[Thomas Culbreath]

I know this might seem strange that someone who is somewhat new to wholesaling is offering advice, but as I am now potentially approaching my first deal I would like to offer some advice to anyone willing to read this.

Like many others who were looking to get into real estate investing but didn't know exactly where to start stumbled across this thing called "wholesaling contacts", I thought "wow great this shouldn't be that hard". I was completely wrong and never realized the countless hours I would spend just trying to understand the basics. There's so much information out there and a good portion of it is on BP, but yet people still get lost somewhere along the line and can't figure out what to do after they have spent hours on YouTube, forums etc.

I'm just here to say you will always have questions and when they are answered you will have a question for that also unless you just get out there and actually do it. I soon found out that I was answering lingering questions myself and things started to me sense. You will also find yourself to be nearly an expert on contracts to the point where you think you could get Michael Jordan to sign a 1 year deal to play another season(well maybe I'm exaggerating). Another thing you will notice is you're spending more than $10.00. You will spend money on gas, bandit signs, yard signs and whatever advertisement you decide to promote with. You will spend hours, weeks even months trying to get a particular house on contract. Now as I wrap this up I'm going to offer a few pointers

1. Always be honest and upfront about everything. They key is to building a relationship with your end buyer and trust from the seller.

2. Know what you are talking about! Don't insult your end buyer with a deal that wouldn't make any sense. If a house after repair value is $100,000 don't come to a potential end buyer with the house on contract for $80,000 and it needs 25k in renovations.

3. Understand renovation cost. It's rare to find a distressed property that only needs 10k in renovations so you thought.

4. Always follow up with a potential seller, financial situations can change month to month or even a week.

5. Make sure is a win for everyone involved in deal. I would short myself before my end buyer.

6. GET OUT THERE AND DO IT. You are going to make mistakes like I did, it's bound to happen. A seller will ask you a question you should know and you don't, But if you stay on the forums you will fall victim to the never ending cycle of questions.

Hopefully this made some sense as I am still considered new to wholesaling. I just understand the time and effort it took me to make the little progress I have made so far. If anyone else has anything to add please feel free to post below.