Best Starting Strategies for Newbie Wholesalers

[Jeremy Love]

BP,

As a newbie wholesaler, would driving for dollars be the best and most to effective way to find initial deals or properties? If not, what would be the best strategy? If so, How do decide where exactly to search in your market? ( I'm assuming you don't just wing it and just drive around random neighborhoods). Any and all help would be appreciated!

Thanks!

[Justin Fernandez]

Welcome on board bud. 

How much do you know about real estate?

How to determine ARV?

Estimate repairs?

State RE laws?

Appropriate contracts lined up?

If you know those things then read on. 

Look for a buyer, a serious one. Someone who can handle the volume you want to bring. 1-3 a month, 10 a month, etc. 

Find their buying criteria

Look up sales records for those type of properties and look for a dense area where they are.  Think GIS, tax records. 

Now drive for dollars in those neighborhoods. 

When you find one, knock on the door, write a letter, get in touch and ask to buy the house. Your money is the spread between your purchase and their buying criteria. 

Too much money and afraid your buyer is gonna be upset, double close/simultaneous close. 

Just about average or less assign it. 

Tips: 

1) Don't get greedy

2) don't lie

3) RE is a people business, selling products is second. 

4) don't mess with people's lives. 

5) you only know as much as you don't know. 

Don't know what to do when you hit a block, search on the forums. Sometimes it works out sometimes it doesn't. Sometimes you'll need to google and add bigger pockets on the End of the search. 

Can't find it? Then ask. 

Hope this helps.