Confidence in Wholesaling

[Jeff Deutsch]

Hello, I have been doing research and taking courses in wholesaling. I really want to get started once I feel confident in the process. My concern is find a seller who will trust me to put their property under contract and then finding a buyer who will take over the property. I would like to find out from wholesalers who have experience, if you can explain the process that you do when you find a property from a distressed owner. I would like to find out what you do to have a seller have faith in what you do and put the property under contract. 

Also, when you first started, who do you recommend that should be a part of your team. For example, a Real Estate Attorney, CPA, a title company,. What is the typical cost to hire a Real Estate Attorney? I am really interested in getting started as a wholesaler real soon, but If someone can answer these questions it would be a great help! 

Best of luck with your REI!!

Jeff 

[Tim Watts]

@Jeff Deutsch, I'm not too far away from where you are.  I'm just starting but I've had a lot of the same fears and questions.  I have a B type personality that gets stuck in analysis and learning.  The only way I was able to start was to do it and quit asking so many questions.  I could spend years learning, and I highly recommend getting an education, but the best education is to fail by doing and that will move you forward into success if you keep moving forward. 

To your first question, I've found that they have faith in me when I have faith in me.  But I had to put my foot in my mouth several times and have sounded dumb many times... but the more I do it, the better I feel about what I have to offer.  The more confident I am, the easier the conversation goes.  You should really practice out loud with a friend.  Tell them to ask you tough questions and come up with answers.  This will help you increase up your confidence faster.

My first advice is to get started and don't worry so much about the details end game.  it will happen when it happens.  Hard for me to say that, but I'm getting deals, and I'm not sure how to sell them... freeks me out so much I have to work really hard finding solutions.  I've lost a few that I thought were deals and were not.  I've learned and fall forward.

What I recommend is to start advertising or beating the streets.  Learn enough to get started and set up your marketing plan.  Then learn the next step when you need to.  You may sound foolish and you will loose deals by not saying the right thing or estimating the numbers wrong.  After a while, you will get a better grasp of how to listen, what to listen for, and how to talk to the needs that people have.

As you are marketing, and making offers, then start adding your team members.  Start talking to Real Estate agents.  Start asking for referrals from others in the same area.  What is a good title company to use.... got a good and cheap roofer... etc?

Don't' worry about the lawyer. You will get one when you need one.  Right now you need deals.  I waited until I started getting deals before I start talking to a CPA or a lawyer.  No taxes to worry about if you don't have any income.

Good luck and get started