NO CASH, NO CREDIT, and tons of REOs

[Vanessa Brostovski]

Hi, I am a new investor in the Sacramento area. I'm young, in college, and have no cash to put up for investments. I have decent credit but can't get a home loan, and this area has TONS of REO's and very little homes FSBO or Owner finance, and also barely any people who are selling that are not competing with REO prices. Any suggestions on what I can do to be successful and get the ball rolling? I can't assign REOs and there aren't many assignable properties here in this area. Without going out of state, what are some suggestions or resources I can look into? I am determined to get started as soon as I can but I want to be knowledgeable and resourceful! Thank you all!

[Dennis Treacy]

Here's a short cut to building that buyers list. Call every I buy house sign, and add you can find, ask what kind of properties they are looking for. Then get a web page and market to those types of sellers.
You might even call a few home improvement contractors as these guys are always looking for projects.
Now some advice for the newbie wholesaler, don't get greedy.
If you find a deal with a lot of upside, leave most of it in the deal for the next guy and you will sell the place quickly. Don't be discouraged most of the sign guys are newbie losers who bought a course and are just going through the motions so they can say it doesn't work and go back to the assistant manager job at Burger World.