Am I on the right track?

[Clinton Tegtmeyer]

Hey guys!

I’m brand new to bigger pockets and real estate investing! This is actually my first post. Anyways I’m a licensed home inspector in the state of Illinois and recently been wanting to get into investing instead of inspecting real estate. Over the past few months I’ve done due diligence research and I just am looking for justification/advice if I’m on the right track at this moment before I start taking plan into action.

So my real estate game plan is 

1- Wholesaling

2- Buy a property to rent

my strategy is to attempt wholesaling first just to ease into it and hopefully make a profit to where I can then put a down payment down for a SFH rental property.

So these are my big picture steps to beginning to attempt wholesaling. This is the part where I need you, the experts. Please comment below if I’m on the right track or if there is some advice you can give me or if I misunderstand something.

fyi- I do have some money to invest into this wholesaling business which is why the beginning steps are as follows.

step 1 - Start a official wholesaling company with a LLC

Step 2 -Build a wholesaling brand/logo/identity with a website as well as business cards for networking/meetups/buyers list

Step 3 - Driving for dollars/direct mail marketing following up every week for 5-7 per property I’m interested in. As well as find a real estate investment friendly agent and establish a pipeline of deals. Possibly bandit signing 😬

Step 4 - After finding a potential motivated seller/OFF MARKET deal I would “crunch” the number and see what my MOA would be. 

Step 5 - I would then do comps with my realtor/do my own comps around the area with houses that sold with my criteria.

Step 6 - I would make an offer.                 (All CASH 😏)

Step 7 - If accepted I would get the house under contract with a S&P AND be sure to add and or assigned when signing. As well as add a $100 earnest money, 14 day contingency clause, and lastly to add that my title company of choosing will be used (that way I can use a investor friendly one)

Step 8 - Find a cash buyer and give them the number and explain what their ROI would be!

Step 9 - Assign the contract with my cash buyer and close 😊

***BONUS STEP*** If I find a motivated seller  but they don’t like my all cash offer I will attempt to get the house under a lease option agreement. If I get a LOA I would then find a property manager and see what I could get for rent and have them manage the property for me.

so guys there it is! Lmk what you think, what I’m missing, if I got it down!