New Interested Teen Wholesaler

[Bryce Hill]

Hello everyone, I'm a 17 year old in the Philadelphia area, and I've been teaching myself about real estate for the past 2 years. I know that Philadelphia has a rich real estate market and I want to start my journey with wholesaling. Any advice before I turn 18 in 4 months? I also have questions since I know there are some laws regarding wholesaling here.

- What the best method for finding deals? Coldcalling? Driving for dollars? Zillow…I don't really know?

- How do you find off-market deals?

- Is there a specific contract that sellers have to sign since it's a wholesale deal and not a regular deal?

- How long can you hold a signed contract before finding a buyer?

-  

[David Ramirez]

Hey @Bryce Hill, 

1) You don't find deals; instead, you find motivated sellers. You turn it into a deal by negotiating a price that, with your fee on top, makes sense for an investor to buy. There are many ways to market to sellers, so do some research to find out which marketing channels suit you better. What's working for me right now is cold outreach through cold calling and SMS.

2) If you want to focus only on off-market properties while doing cold outreach, you can simply pull out a list of data, filtering out on-market active properties.

3) It's just like a regular transaction; the only difference is that you're assigning your rights to execute the purchase agreement to another buyer. You get the property under contract with a purchase agreement (make sure it indicates that it's assignable), and then you either sign an assignment agreement with your end buyer or sign another purchase agreement with your entity as the seller and then double close.

4) It depends on the language of your purchase agreement regarding the closing date and inspection period. If you have a deal in your hand, it shouldn't take longer to dispose of. Don't waste the seller's time by waiting until the day before closing to back out if you don't have a buyer. Do it within your inspection period.

Feel free to reach out with any questions. Good luck!