I am a COMPLETE Newbie! Professional advice is most appreciated!

[Shelly Floyd]

Hello All! 

I am extremely grateful to be among the best and most experienced real estate investors out there.  Thank goodness for BiggerPockets!  I am completely new to investing and want to learn as much as I can (the right way) before making my first deal.  My main focus starting out is wholesaling. After looking over forum's, books, blogs and pod cast's, it seems like someone new in this industry should start there.   I want to know everything I can about wholesaling, so your advice or suggestions are most appreciated. 

My questions are:

1. Should I get a real estate license?  I have read mixed reviews about this topic.  I know it is part of everyone's personal journey to figure out what is right for them, but I am wondering if it is necessary or better to have one if wholesaling is what you are starting with?

2.  What lead generation tactics/websites/squeeze pages do you use? 

3. Do you use the same contract when wholesaling and just change home/owner information?  Or is every contract completely different?  I know that I will need to have a real estate attorney to make sure the contract(s) are legal for my state (Texas). 

4. I am confused on how to get funding using OPM with using no or little of my money to make the deal. 

5. Are there classes to learn contract terminology, writing, implementing, etc. 

6. I am also confused on the contract sales. Once you get a contract signed and you have control to sale the property, do you already have a buyer in place?  If so, what keeps the buyer from going to the seller directly?

I know it's a lot of questions and I truly appreciate you taking the time to answer them.   Thanks a bunch and I am looking forward to making a connection with you!

[Linda Osborn]

@Shelly Floyd Welcome to BP! 

Here is my take on your questions:

1. As always, I think this depends. It is always good to have an agent on your team, but depending on how you intend to find motivated sellers, having a license is not always a benefit. There are things you can do as a wholesaler working for yourself that can be ethically questionable when you are an agent. Plus, if you have your license, you will need to work under a real estate broker for the first four years as a minimum, and different brokers have different rules about what they are comfortable allowing you to do. So if you decide to go that route, make sure you choose the right broker. 

2. I am in the process of creating my website, but it is a real estate agent website, not a wholesaler website. Most wholesalers I know still do a lot of "old school" marketing....like regular yellow letter or post card mailings to motivated seller lists, or bandit signs (where allowable by law....technically not allowable in Austin, but you sure sell a lot of them, don't you?). Maybe you'll get someone to respond who has had some success in social media or other newer marketing platforms. 

3. You use the same contract, but there are certain areas of the contract that you need to fill out different than an agent or "normal" buyer would. 

4. Yes, there are, but I don't know of any right now off the top of my head. Start attending local area meetups about real estate investing, and meet some other wholesalers / investors. It is always best to learn from others who have more experience than you. But, it is very important that you understand the contract and how to fill it out correctly. 

5. Once you have the sellers signature on the contract, you own the right to buy the property. Once you have the contract in place, the best way to safe guard your interest in the property is to record the contract. And if you have a viable buyer before you have the house under contract, you do not want to let the buyer know the address or owner's names until you do have the house under contract!

You have just started your journey. There is a lot to learn. Much of it can be learned here. More can be learned by attending area meetups and meeting others who do or have done what you want to do!

Hope this helps!