new member

[Account Closed]

hello everyone on BP my name is Linda Lane My husband and I are on here to interact with everyone possible and lean as much as we can. On that note We work job we don't really enjoy any more so we need real strong honest advice now. We want to do wholesaling to make cash for us to get started in rehabbing. So what I need to know is if there is anyone here in NC and willing to help us get started? This is what we have gotten done so far.  We have found houses to give offers to buyers we have one waiting to work with us. I found some houses for the sell. We know the sellers. Here is the problem how do we get contract set up and is there other paperwork to file in wholesaling? biggest question do we need an atonery and do we have to file in the courthouse? This is what we need help in.

[Stephen Barton]

Hi there Linda & @Account Closed. The first thing you need to find out is if your state is a Title Company State or do you HAVE to use Attorneys to close real estate transactions. Once you get that sorted out I would suggest becoming a PRO member here so you can zero in on someone who is actively wholesaling in your area and ask them for contracts. A good investor who actually has a heart will send them to you for free. As beginners we make more of a big deal (regarding contracts) than it really has to be. 

Now, you need to ask yourself the "why" question. Why, do you want to wholesale? What is your end goal? Sure, you want to make money like the rest of us. Honestly, I thought that I would get into wholesaling to make massive amounts of cash but the reality is that unless you are already established you are going to spend thousands of dollars before you make thousands of dollars! True statement!

You have to get your name out there and the only way you can do that is spend money. You market to sellers, real estate agents, investors, or anyone in your area who is actively buying and selling real estate. I wanted to get into real estate because I wanted a stable income- which I do NOT have as a wholesaler. I am wholesaling to build capital in order to buy rentals. Unless you are incredibly lucky or just an absolute animal then you will find that you make about as much as you spend each month. It is just reality. I have been doing this for two years and I am just now starting to see real income for my business. Yet, I am not even making more than $20,000 a year because I am just keeping the money in my business instead of pulling it out and spending it.

If you really want to make money then I suggest looking at getting into rental properties. I know someone who is 25 years old and is now sitting with 5-6 rental properties. He is getting stable cashflow each and every month whether he wakes up and goes to work or just stays in bed all day (which he works all day). That is the lifestyle I am pushing towards. Money that comes in without me having to do hardly a thing. You could also look at flipping where you just make all of the money. 

For you guys starting out I would suggest finding someone in your market who needs a little help putting on lockboxes on a property, or going to take pictures of a house. Just find someone who can mentor you. That is what I sort of did, only I just started wholesaling on my own using the "Fake it, till you make it" method:) and once I found my mentor the rest is history. Find a deal and then find your mentor- even if they are just temporary find someone you look up to and someone willing to walk with you during your first steps into this new path you have chosen. You can do! You just have to want it more than the next person!