Houston, TX · Member since 2016 · 9 posts · 1 vote
Hello, I'm Sunny Vuong. I live in Houston, TX. I wish to be a Real Estate Investor, specifically a wholesaler. I have watched videos with people saying "You can buy and flip a house, and get money by the end of the week! It's that easy!". However, I know it is not easy because there are little things in between buying and selling a house that matter a lot. For example, where can I get these "contracts" and how do I fill it out, or understanding about taxes and closing costs.
My question is: What are the little things that really matter that I should understand?
Very Similar process like buying a home, except to resell and not live in it. People buy foreclosure home in good to great condition and turn around and flip it. I would do it in the PREFORCLOSURE stage before it goes to auction. (headache)
Good afternoon, Sunny!
There are a lot of little things that you need to have knowledge on when it comes to wholesaling.
You can put properties under contract all day long, but you should really understand the legalities of the contract (make sure you know the terminology, etc)
Also, you should really think of yourself as a problem solver, & not a wholesaler looking to get a quick buck.
A lot of motivated sellers are going through some hardship, & nothing makes me more upset than when a seller has just told a wholesaler their situation & the wholesaler follows up by asking "Sooo how many bedrooms / bathrooms are in the house." You need to have compassion & consideration for the people you are dealing with.
Other little things:
•You have to know how to evaluate the deal, you should know how the numbers work.
•Know if the house has any liens on it.
•Know how to do comps
•Know how to offer a win win win situation. A win for yourself, a win for the seller, & a win for the buyer.
•Make sure you're offering a deal that won't burn the other investor...
There are ALOT of little things, but educate yourself EXTENSIVELY, but DONT get stuck in "analysis paralysis" .don't buy into the fake guru programs/ the get rich quick schemes.
Let me know if you have any other questions, that's all I can think of off of the top of my head...
I WISH YOU THE BEST OF SUCCESS, YOU CAN & YOU WILL DO IT. believe it.
-Trey