How to Wholesale

Question

I am a rather new investor, and am still seeking a house to wholesale here in Colorado.  I have been to a variety of meetings and ready what I can, but still find myself struggling to find one property.  I believe if you aren't doing it, you just don't know how to do it right.  What is the best way to find a house?  Is it purchasing a list through listsource, or is it bandit signs?  Both?  Any real stories would be helpful and inspiring but I would value anyone's input!

Bara Nwokoma · Answer

I am a beginner investor so I am still learning myself.However, I have used a range of marketing to get leads. I have purchased a list through listsource, bandit signs, driving for dollars, and also looking at Craigslist.

What have you done to try to find a house?

In wholesale the biggest piece of the puzzle is marketing. Starting off you may not be good at it but eventually you will find what is right for your niche. As a marketer, you should  keep track of responses you are getting from the different areas of marketing you are using. Tweak as necessary.

Also listen to some podcasts on here about Wholesale and also click on the learn tap. Read the Beginner's Guide book. Great resources here.

Bara Nwokoma · Answer

@Ian Kayler It is tough to find good deals on sites that everyone can access. BUT! It is still possible to find good deals on there.

Since you are literally just getting into wholesale, I would also try to find a local REI club out in the Denver area. Connect with investors there and you could possibly find someone willing to mentor you.

Do you know what you want to achieve out of Wholesaling?

What is your niche? Distressed homes? Probates? Etc

I would read up on Wholesale a little more and also listen to some podcasts before purchasing a list. However, do not be afraid to go out and DO what is needed to get your wholesaling business off. I DID as I read the beginners guide book on here.

Dailey Kohtz · Answer

I'm no expert, but I would look up Flipping Mastery TV. He's great at explaining different parts of the wholesale process.

Ian Kayler · Answer

Thank you very much @Bryant Moran. I just ordered the book. I look forward to picking it up. @Anson Young, I really wish I could make it. Mondays are the one day of the week I have to work. Are there ever any other days the BP community meet in Colorado?

Anson Young · Answer

@Ian Kayler Come check out our meetup for Denver BP members on monday, and I know you will get dozens of questions answered for sure!

http://www.biggerpockets.com/forums/521/topics/194896-denver-may-18th-meetup

Ian Kayler · Answer

@Bara Nwokoma, that you so much for your help. I think I would work well with distressed properties, however I have not had an opportunity to truly find my niche. I just joined the CAREI group here in Denver, so that should bring about some connections. Thank you again for your help.

Lenny White · Answer

I HAVE TROUBLE FINDING THE TIME I AM A CROSS COUNTRY TRUCK DRIVER AND REALLY LIKE TO START BECOMING AN INVESTOR SO I CAN GET OUT OF TRUCKING AFTER 40 YRS

Ian Kayler · Answer

I have been utilizing sites such as hudforeclosed.com and foreclosure.com only to find everything on there has been picked up by other investors or is appointed a broker already.  I have heard bandit signs are a good way to find houses, I just haven't used them yet.  I just put a list together through listsource, but I have not purchased it because I am still unsure if the criteria I am seeking on there is correct.  If you have any suggestions

@Bara Nwokoma I would be happy to edit my list accordingly.  I just downloaded the Beginners Guide Book, and look forward to reading that.  However, that is as far as I have come so far.

How to Wholesale

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