New to wholesale and REI where do I begin???

Question

As you can see, I'm a complete novice with a bunch of questions and I'm just looking for a little help so I can get started making deals. It would be greatly appreciated if anyone would be able to help answer a few questions about starting to to dabble in wholesaling.

So I'm pretty sure I understand how to generate leads and crunch the numbers. However, say I find what I believe is a great deal after crunching the numbers. Also, I'm pretty sure I know how to verbally make an offer and deal with a homeowner. But if they decide to accept my offer I'm going to need some paperwork, some official forms to fill out and be signed so that I can actually get a property under contract. Where do I get these forms that make everything legally binding?

Secondly, once I have a property under contract I have to transfer it to an actual buyer. Where do I find these buyers? I'm assuming I should already have a few investors that I've already spoken to and know what they're looking for on speed dial correct?? Where do I find these investors that use wholesalers to find their discounted properties?

DeAnthony Whitney · Answer

Alright thank you @Anson Young

Anson Young · Answer

DeAnthony, thats a BIG subject for sure, at least 1/3rd of a book's worth :-)

Quick version? Find similar properties that have sold in the last 6 months, no further than .5-1 mile away, try and match as closely as possible the year built, bed/bath and square footage. Same neighborhood and same "model" built is ideal, but not always achievable. Try and get as close as possible. Find 3-5 of these similar properties. Now you can average out the prices, or compare/contrast them to your subject property (if yours has one more bedroom, its worth more, but smaller so worth a little less, etc)

Good sites to do this on are: redfin, zillow, realtor.com

DeAnthony Whitney · Answer

@Anson Young that was great advice I was cautious about where to start as well but this is helpful. Quick question so how do you get the ARV?

Anson Young · Answer

John, for the first part: paperwork. The contract can be your state real estate contract (find it online), or it could be the 2 page contract you can find at office depot. Either way you go, read through them thoroughly so you know what the important parts are, and if you have to explain anything to the seller. Contracts are pretty easy to find, harder to understand for sure.

2nd part- wholesaling - You will want 6-12 investors already talked to and ready to go, you DONT want to be scrambling last minute trying to sell a contract with all of your dates and deadlines on the contract ticking down. You really dont want to hurt the seller in any way due to your inexperience. Finding them? Networking locally and here on BP, find out what they are buying and where, and go find that for them!

hope this helps!

New to wholesale and REI where do I begin???

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