Brand new to real estate. I have my goals set.

[Trevor S Foster]

My name is Trevor Foster living in Gaithersburg MD. I'm 28 with no kids working 2 jobs. My Full-time job just happens to be with a company called Barron's Lumber, we supply and provide materials for building professionals. In 3 years I've learned quite a bit about the process of building homes, buildings etc and what materials are used as well as why their used. Also with experience in restoration, renovation and emergency services I feel like I've found my starting point and goals. 

Being as though this is June 2017 I've planned out the things I want to accomplish by the end of this year.

-2017 GOALS-

Learn the in and outs of wholesale homes and flipping houses.

Learning how to complete wholesale deals. What's the best way to find a wholesalehouse and find a buyer.

Complete 5+ wholesale deals

Fix my credit & payoff old debt

Enroll in real estate classes/pass the exam for MD,DC & VA.

Network to find Buyers, Flippers, Owners, Lenders, Private Lenders or Investors, Agents. Good people who do good business.

Fix and Flip My first house.

Buy my first home - Duplex.

$10,000 in savings

Be my own boss and financially free to do whatever I choose.

Get better as a person

*End of 2017*

2018- Buy my mother a home. 

These are my goals and I feel all are realistic and attainable this year. I'm still working a full-time job and part time weekends but all spare time is spent reading and learning. While at work I'm listening to the podcast. I'm ready to learn and then go do it. 

If anyone has any knowledge they'd like to share, all is welcome. 

Especially on starting with wholesale. I feel like this is my first step (ofcourse finding buyers maybe first). I'd like to fix my credit and generate a cash flow. Also I feel like a fix and flip maybe a little to much for me right now. 

I need to understand what I do once I find a motivated seller. As far as what type of contracts to use so I can shop the deal around to buyers. Also what type of contracts do I make will the buyer ?

Advice on any of these topic will be helpful. I'm still learning, brand new to this but ready for all that it brings. 

If you are in the D.C, Maryland and Virginia area please don't hesitate to reach out, even if you feel like I can help you in any way or form.

Thank you for reading, comment are welcome.

[Andrew Michael]

I second Russell, I am so glad I opted not to get my license (in regards to wholesaling). I would figure out a way to get MLS access or work closely with an agent though. You need to be able to run comps efficiently and learn how to properly arrive at ARV's based on the exit strategy your buyers and the property type.

Another thing, I would suggest pursuing markets other than Gaithersburg.  I was born and raised in Gaithersburg.  This is going to be a tough area to start your wholesaling business and do any real volume.  

I see one of your goals is to buy a duplex, with that in mind perhaps Frederick will be a good place to wholesale as that is likely the closest place to Gaithersburg where you will find a Duplex.

Finally for contracts, you will need a Purchase and Sale contract (original sellers) and an assignment contract (end buyers).  Your agent can help you get these but I would pay the money and have an attorney draft these up for you.