Wholesaling?

Question

Ok I need to build a bit of capital so I am going to do a bit of wholesaling, I know I had posted how I really feel about wholesaling online but as I said I need to make a bit of capital, to work with. How does one do wholesale just on the internet without really looking at the property, just looking at photos. I am finding quite a few motivated sellers online, I want to make an offer online (in fact I just put in an offer for a Lease with Option with terms, but I am doing that for my son who lives in Mississippi, and I live in Washington, lol but thats for a Lease w/Option to purchase, Owner Finance the deal for a certain amount of time, with a subject to clause, told my son if the owner is agreeable to the terms to go look at the property to give me a better idea of what I am dealing with). While I am talking to my son over the phone I have found a couple of fixer uppers close to my area but I want to put in an offer on them all online, get a contract if the offer is accepted also online then put it on contract, also online then sell the contract to a motivated buyer, ok now I am confusing myself here. Basically Find the house put in the offer get it on contract sell the contract, is that better? While I am online only, close the deal and have it wired to my bank account. Is that even possible???? If it is, please someone teach me, I am an old fart but I am still willing to learn. :-)

Richard Gaston · Answer

Account Closed  Thanks for the links mate including the e-book I just downloaded it. I am listening to the Podcasts, been doing it almost everyday since I first found out about them here, very informative also found other freebie podcasts as well related to what I am trying to learn. Some of the posts here I have responded to, and yes I tend to get long winded, my wife accuses me of writing a book instead of just a note lol. And if I say Mate its because I have a hobby that I do on my spare time when I am not doing anything, something to wind down seeing I don't drink lol, I do 3D Art and one of the groups I belong to I have an online friend who is in the UK and sometimes I get to talking like him lol....Shame I can not show my work here but oh well I do have some fans of my work/hobby and it's something else that I enjoy as well as Real Estate Investing, which is a field I found rather fun when I did it before and yes, like I said at another post, it is hard work but I don't mind getting my hands dirty, I think the rewards justifies that ;)

Paul Timmins · Answer

@Richard Gaston

Welcome. Time to build the foundation below. Some you might have completed.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 60 past ones to catch up on.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.

Couple good reads

• 9 Reasons You Couldn't Find A Buyer For Your Wholesale      Deal
• Don't Start Wholesaling Until You Read This: Wholesale      Advice from a Fix and Flipper
• How to Start Wholesaling: Getting Past The Education and      Into the Field

Download BP

Richard Gaston · Answer

@Summer Segeleon  From what I understood, absentee owners maybe hard to find but they are great leads if you wish to buy a Fix and Flip. Lot of times you can get a house/property really inexpensive with them, the hard part is locating them because they ARE out of state and not in your local area. I think the others here may agree with me on this one, lots of times you can get the property way below FMV if you can get the numbers right for a fixer-upper (the costs of the repairs, selling costs etc) but it can be a worthwhile investment so I may consider it myself.

Summer Segeleon · Answer

Careful! I'm new at this, but have been looking at a lot of houses... The really junky cheap ones - many of them share the same story.. " The owner is from out of town and bought it sight unseen. He didn't know it was this bad and just wants to get rid of it " ...

Richard Gaston · Answer

@Michael Kevorkian  Thank you in fact I am listening to a Podcast right now about Wholesaling: BP Podcast #058, all the Podcasts from either here or elsewhere I am listening and learning alot. I gave myself a time limit, I want to cut my hours back at my J.O.B. at 7-Eleven, the reason I am just cutting my hours back instead of quitting is the young man who owns the franchise is a very nice young man, I have been there almost 5 years and there has been a lot of people coming and going (employee wise), and I have seen their work, in fact there are a couple of others who should consider working somewhere else but oh well lol, its hard to find good help in any job, and one of the job requirements is to stock the cooler, I get 3 days off every other week (the schedule rotates, even though I work 4 days a week, I get the same days off every other week, one week I have M,T and Wensday off. Time goes in Thursday and starts all over again on Friday, so the next week I get Fri, Sat and Thursday off and it goes back and forth like that) so back to my point, when I come off my 3 days off in a row the cooler has a lot of empty spots of items that should've been stocked, the other guy just don't stock the cooler well enough. I already put my notice in letting the Manager know I will be cutting back my hours and I am hoping he lets me work the days where I can stock that dang cooler, can't buy an item if it ain't stocked lol, like Real Estate, can't sell a house if it ain't fixed up and ready to go, nothing is worse then having inventory that just sits there doing nothing. The idea of any business is making money and to make good money in any business wheather it be Real Estate or a Convience Store you have to have inventory and it needs to be ready to sell but thats MHO :)

Michael Kevorkian · Answer

@Richard Gaston listen to some of the great podcasts that are out there that help walk you through the process. Take your time and look around, check out some of the websites and resources for wholesaling and flipping and you're sure to find a lot of great, free information out there just like @John Horner mentioned.

I would highly advise getting a mentor/coach to help you in your business. Getting together and doing what your coach instructs you to do will help you avoid making costly mistakes and they will show you how to do this business the right way step by step. I am amazed at all the people who want to get into this business, have no experience and don't consider starting with a coach/mentor right away. It will really make your learning and profitability a much more enjoyable process if you do it right.

Have a look around BiggerPockets too, this place is a great resource for all things real estate but you really need to seek the wisdom and training of a dedicated professional who is there to help make YOU money.

Best of luck Richard!

John Horner · Answer

I don't think we're allowed to add links to posts.

Just google "flip 2 freedom podcast sean terry", that will get you to the right place.

Richard Gaston · Answer

@John Horner  Can you give me a link to podcasts, I am still sort of new with ITunes and haven't a clue what I am doing lol...I am still an old man remember? lmao, Internet is a no brainer, learned how to use the computer in the 80's and kept learning. Wife claims she is computer illiterate, yet she plays on Facebook (The Games) all the time lmao. But ITunes? Still new to me, now if I was a kid I would've had no problems lol...

Richard Gaston · Answer

@John Horner  Thanks bud, I will certainly do that. I heard (what did you call it, remote wholesaling?)was possible, just not sure how it was done or even how to close a deal when you're here and they are there and several hundred miles between the both of you. So thanks again.

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