Where to go next?

Question

I have read almost all the articles, a bunch of threads on the forum, and outside sources to get started with different creative ways on investing. Now it is more of where do I go next? I am a very step by step person I need to know where to go.. I am looking into wholesaling due to lack of finances and not so great credit.. I understand how it all work for wholesaling, now what would be the first step? and how would I know what contracts to gather if a deal gets placed? I really don't want to get into these mentorship programs where I have to put so much money up front. so how would I be guided on a step to step way to getting my first Wholesale deal.

Gary Parker · Answer

Get your real estate license.

Gary Parker · Answer

Raden Mantuano assuming you can properly advertise for and purchase a property, market. One way or another market then attend a local real estate club and start talking to buyers. keep marketing. Read on this forum how to market.

Ned Carey · Answer

I don't understand the uestion exactly. You can learn just about anything you need to know here on BP Get a book on business law and read about contracts. I am sure the library would have some. The book for the classes that real estate agents take will be good to learn about contracts. Nolo Press has many good self help legal books and a very good website.

Tom Goans · Answer

Raden Mantuano, Education is critical to enduring success in any business - especially in real estate. How well do you know the laws that you will be working within? How well do you know the governmental procedures and requirements? How well do you know accounting and other basic business fundamentals? Have you met with licensed professionals to plan your business and future? Being the best prepared and informed will help to make your real estate ventures easier and more profitable. It can also help you to have an enduring future. Be Paid While You Learn A great way to be paid while you learn is to work with someone who has a long and successful history of real estate investing. They will teach you the fundamentals, and lessons learned from mistakes, and you will learn tips and better methods. After a period of time, ask the investor to be your partner in your first several investments. This could allow you to become an owner without much or any money out of your pocket. You will also continue your education.

Aaron Yates · Answer

Hi Raden Mantuano, I am venturing into wholesaling as well. I already have a small portfolio of rental properties. One thing I would suggest to you is learn how to evaluate properties and repair costs. There are some good spreadsheets out there to help you do this. I have been working on one that will allow more accurate costs instead of ballpark estimates. You may also want to find a local and trustworthy contractor to get your quotes and pay him for his services. I myself am a hands-on kind of person and since contractor quotes are all over the place sometimes, I need to know the costs of things myself such as materials and the quantities needed. Many contractors, in my area anyways, like to mark up the cost of materials. Keep that in mind when researching contractors. If you have any questions I will help any way I can. good luck with your venture.

Raden Mantuano · Answer

Ned Carey thanks Ned!!! I guess i must work on the first step! is there anyway I can learn to utilize on how to do deals? and learning what contracts to use?

Ned Carey · Answer

Raden Mantuano without knowing where you are and your skills and resources it its tough to know the next step. There are tow key types of knowledge you need: specific real estate deal knowledge - how to do the deals. What contract to use falls in that category. Next is knowing you market. You need to know what makes a good deal and what prices are in your area. For the first type of knowledge keep reading here. There are contracts in the FIlePlace under the resources tab above. Read those contract ans try to understand them. Ask questions here. Next go out and look at properties. It has been said until you look at 100 houses you don't really know your market. OK 100 is just a made up number but go look at listings, open houses, auctions, FSBO, you own leads from marketing, wholesalers deals etc. You will start to learn the market and at some point you will say "hey this one is really a deal. This is a slam dunk compared to what I have been looking at." Along the way build your buyers list but If you have a genuinely good deal then just posting it on Craig's list or auctioning it will sell the deal. Good luck - Ned

Raden Mantuano · Answer

what would i do to get a buyer's list? i heard going to the court house look for courthouse records etc.. or is there anything else ?

CK Hwang · Answer

Hi Raden, personally, the next thing I would do is to start putting together a buyer's list so when you land your first deal, you will know who to sell to. As far as forms go, they forms you need can easily be purchased here http://store.car.org/ But personally i don't think you will need them as most investors buying from a wholesaler would likely have their legal team in place to handle the transaction.