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Updated over 9 years ago on . Most recent reply
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My first move..Wholesale (Seattle, WA)
Okay. So for my first move into success and invesment in Real Estate, I want to complete 1 transaction of a Home Wholesale (Seattle, WA or greater area). I want to know exactly what steps I will need to take. FYI, I do not have much money. (Honestly, about $1,100 to play with as of now)
My "plan" in simple terms was to get a hard money loan (if possible), acquire a foreclosed or auctioned home (after doing research of which would be my best option), maybe do a little quick fixing, and sell to another investor for a small profit (big profit for me). I know that many, many tasks and expenses are including inbetween those quick steps. Those are the steps I need to learn before putting my foot out. I also work full-time Tues-Fridays.
Remember, I am BRAND NEW!! I've got to start somewhere. I am willing to learn and do whatever it takes. I want it to work. I will make it work. But only with the right guidance. And with disciplined patience.
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Search for your local "real estate investment association" (REIA), and start attending those meetings. Ask these questions to the individuals whom you meet there. Also, from listening to the pod coast (many involving wholesaling), it's not the best strategy to ask another investor to simply be your mentor.
However, meet local REI's and ask what you can do FOR THEM. Ask them if you can buy them coffee or lunch. Tell them what your goals are, ask them what THEY want out of you (as presumably you'll be a vital part of their deal flow eventually). When seeking council from experienced local investors, don't come across as a "gimme gimme" person but rather, trading your time, energy, devotion to help in their business in exchange for knowledge.
In other words, once you've met a couple investors, offer to drive them around town in your car on your dime to their appointments, answer phone calls in their office, sweep their floors, all in exchange for the opportunity to learn from them. Maybe take a second job (saturdays and sundays) doing envelope and yellow letter stuffing…etc.. You see my point? Be valuable to someone whom you want to "teach you", and they'll want to keep you around.
Also, Search "driving for dollars" "yellow letters" "deal flow" in the top right section of this page.