New to Wholesaling

[Jeff Deutsch]

Hello my name is Jeff Deutsch and I live in Colorado. I am excited to become a part of BP. This is really a great website with a lot of information. I am looking forward to learn as much as possible about REI. I have attended a seminar in this field and I am currently taking an online course on wholesaling, but I am still trying to find out how a wholesaler can put a property under contract without hard money or another type of loan. Is this correct or as a wholesaler would I need a loan?

Also, can you explain your experience with a seller and how would they trust you without a RE license or a solid background in this field? 

Thanks for your comments, 

Jeff 

[Bill S.]

@Jeff Deutsch First Welcome to the site and welcome from another wholesaler.

My perspective. I've never had anyone ask me my experience but I do know what I am doing so the way I approach it is from a position of knowledge. I am confident and the sellers get this because I know what I am doing.

Wholesaling means I put the property under contract and make the contract assignable. There is a box to check on the standard CREC form. I then sell the contract to someone else who performs. Easy as pie. Not really, and your online course doesn't even disclose 1/10th of the problems that can come up. I doubt the course even covers how to complete the standard form. Down load the standard from and read it. Get comfortable with it. Be able to fill it out in front of a curious seller. One that asks what each clause means and why you did this and that. Most don't ask more than one or two questions but if you falter with those then you will likely loose the deal.

As for having money to actually do the deal. It's much easier if you do have money but I know of no hard money lenders going 100% financing on a newbie's first deal. You might find a private lender that would partner with you for a share on a slam dunk deal. It takes time to cultivate those relationships. 

The saying in the business is to find a good deal and the money will find you. I've found it to be true. You will only get a small piece of the pie but something is better than nothing. 

The real challenge is finding the good deals.