Checklist for a fist deal!

[Hemant Bhagwat]

Hello,

I am new to this forum and REI world. Have been a passive listener for just a few weeks. As you can imagine, I am very nervous about making the first deal and trying to build my "team" locally.

Can you please advise some of the points that I should look out for? Or does anyone has a checklist of what to do - for example: form LLC, get attorney, etc.

Any advice is appreciated. Thank you.

[Addiel Flores]

Hi guys... I am excited to enter this post, I'm a wholesaler so i can supply you with a great list to start with as a wholesaler.

As a wholesaler, your going to need two things; The Buyer and The Wholesaler. So mainly you are going to focus on getting those two list as big as possible. The more you have the less pressured you'll need to feel to sell the home or get a deal.
Seller:
1. Lists from listsource.com or your title co. any major list company that supplies Absantee, probate, and enharatance will do. About 200 a week.
2. Send out your list to yellowletter website to do your list. You can do them yourself, just google yellow letter to see the format. It's very time consuming and you'll probably be able to do 100 a week, depending on your time. Stamps and envelopes should be added to your budget. (letters should be colorful and big to stand out from regular mail.)
3. While the letters are being sent, go to dropcard.com and get 1000 cards with "we buy homes" with your # of course and drop out 21 a week. Drop them at Lowes, homedepot, major events, auctions, yardsales, estate sales, restaurants, etc. 1000 a month.
4. Driving by homes once a week should be on your list to do. Strive for 30 addresses a week.
5. Bandit signs should be your next task to do on a weekly basis, 25-30 a week. Take them down on Sunday if the city is not a candidate for bandit signs.

Buyer (you will be doing these things even if you don't have deals yet.)
1. Get business cards that represent your business!!
2. Make a simple website to add to your cards.
3. REI Club, attend them and be a regular. You need to show yourself as a Professional Wholesaler, this is not your hobby and you are not "trying this out until you get enough money to be the buyer". That's what you might be thinking, but you don't want to portray that to a potential buyer. 5 a month
4. Attend auctions, give out your card, take flyers of your current deal if you have any and start making yourself known. 1 a month at least.
5. Bandit Signs for your deals, keep and make good connections to the Buyers that contact you. 10, 4 blocks near the home
6. Co-Wholesale. Once they buy the home, their name will appear on the title and you'll now have a new name to add to your list. (if needed)
7. Research the cheapest sold homes in the last 6-12 months, get the address and find the names. If you start seeing the same name, that's a GREAT candidate for a serious buyer. 10 a week
8. Join online investing groups such as Facebook and other social media sources. Start being active in the forums to get your name out and be known. That way when you have a home to offer, you are considered professional and serious about your business. 5 comments or contributions a week.

There are certainly A LOT more to add to your checklist, but I believe these few are a great way to start up with. Do them consistently and you will soon start getting motivated sellers and buyers ready to work together for your deal.

One important advice I have for any wholesaler wanting to start is:

That is how you will increase dramatically when you look out for others before yourself. Along the way you will get rewarded for your hard work ethics and trust worthy business.

Hope this helps. Don't give up!