Where Do I Start?

Question

Hello BiggerPockets! my name is Tyler, I'm a young man with the desire, courage and willpower of a thousand. although I have read the beginners guide and read a lot of blogs and listened to podcast's on wholesaling, I just don't quite get how I should start. Where should I find my deals? how do I go about "purchasing" the house from the seller? Is it smart to just go after foreclosed houses and houses in rough shape? or is there a different approach? Any advice will be greatly appreciated. I just need to step into the door and I know it will start flowing from there. I just. Need. That. Initial. Push! Thank you all for reading! Happy investing and happy life!

Shawn Holsapple · Answer

@Tyler Nelson welcome to BP!

It great to see a young person so energized about REI.

As @Christopher Salazar mentioned, Sean Terry has a ton for FREE info and is very inspiring.

His episode 77 about goal setting was profound for me 3 years ago.

If you haven’t already, please read/listen to these books ASAP!

Rich Dad Poor Dad

Rich Dads Cash Flow Quadrant

Rich Dads Increase your financial IQ

The Real Book of Real Estate

The ABC’s of RE Investing

The ABC’s of PM

Rich Dad RE Tax Advantages

The E-Myth

The 4 Hour Work Week

http://flip2freedomacademy.com - free e-book

Flip2freedom episode 77[http://www.flip2freedom.com/a-3-step-formula-to-a-successful-balanced-and-insanely-profitable-2012/] - podcast - LISTEN TO THIS TODAY!

BiggerPocketsPodCast

Wholesaling101 You Tube Channel

Kent Clothier – You Tube Memphs Invest channel

Christopher Salazar · Answer

I asked this question to Tim Gordon and he told me to spend 2 weeks listening to Sean Terry's podcasts. I did that and I learned so much great info for free. I still listen to them just to sharpen my skills and learn more every day. Good luck!

Peter MacKercher · Answer

I would suggest going to all the REI meetup in your area. Adventual you should make some contacts with some people doing really well. I would ask them if they had or were interested in an ampersand ship or internship. So you can get your feet wet and see what is going on. Just my thoughts i'm looking for someone to take under my wing in St Louis to do that very thing with next year.

Patrick Britton · Answer

"It's a contact sport.  The more people you contact, the better you'll do."

that's from the movie The Boiler Room and is spot.  Thus, start making as many connections here as possible, go to as many REIAs as physically able and explore your options.  You don't need to decide what you'll do immediately, it will evolve and grow over time.  You may find that wholesaling is a good way to go, or maybe not.  Everyone is different and we each have our unique skill-sets.  Are you good with math, marketing, negotiation, house valuation, estimating repairs, doing repairs, and/or managing tenants, etc.?  how confident are you in legal matters and documentation?

no one is master of all.  so try to do what you're naturally good at and go from there.  but save yourself time and money and don't bother paying some some coach" or "guru."  you'll learn 10x more here and at your local REIA than any guru.

best of luck

Bill Gulley · Answer

Read the forum post:

Conflicting Opinions on Wholesaling!

Especially the first paragraph! :)

David White · Answer

Thanks for the links and your book recommendations.

Morry Eghbal · Answer

Dear Friend, consider getting your real estate license. Getting that license will give you a good start and gives you a lot of knowledge for a long life of successful investing.

May the Lord bless you.

Troy Fisher · Answer

Tyler, those are some big questions... but let me ask you the biggest question of all... What are your goals?  Without knowing what your goals are it's very easy to get lost in the noise of everything that revolves around real estate.

Now to answer your questions:

• Depends on your budget.  Low budget-> Drive 4 $, Big Budget-> Direct Door Mailings
• Get a real estate purchase boiler plate from your states Realtor Website, or hire a RE 
• Attorney to draft one for you.
• EQUITY!  FIND THE EQUITY!  If you want to make money you have to do it when you buy.

Stephen Barton · Answer

@Tyler Nelson this is one of the best ideas I have heard yet. So good in fact, I may try to start adding this to my business plan! Everyone wants to tell you to wholesale but it is not easy, and there is sooooo much competition. Check out this amazing post by @Ryan Mullin he is really making some big moves in Indianapolis! Click Here!

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