What do you know about wholesaling smarty pants???

[Gregory Jay]

Hello everyone, 

I am interested in wholesaling at this moment and want to learn as much as possible. There's tons of information out there and I would like to take in as much knowledge as people are willing to share so I can be a "smarty pants" in the real estate game. I want the good, the bad, and the ugly with the hopes of being successful. Please share your experiences, and/or your dos, don'ts, and opinions.

I believe there are many people like myself that want to begin and may have enough information necessary but are holding on to the safety bar instead of just letting go and jumping in. 

I really don't know what questions to ask but I'll start with... 

What do I need to do to make my first deal happen?

What should I watch out for? 

What was your experience on your first deal?

In what market did you begin?

Is no money/no credit realistic?

Thank you in advance for your support and knowledge.

I'm a MOTIVATED REI with no investments in my portfolio! Help!?

[Chris Piper]

@Gregory Jay I'll try to answer your questions the best I can.

What do I need to do to make my first deal happen?

A property under contract. You need to find a MOTIVATED seller, get a house under contract that is a good deal. Once you have that, you go hunting for cash buyers.

What should I watch out for?

Nothing really other that cash buyers trying to cut you out of deals(doesn't happen often), and weird houses that no one wants.

What was your experience on your first deal?

Pretty basic. Got the deal, found a buyer, got paid.

In what market did you begin?

South Bend/Mishawaka, IN

Is no money/no credit realistic?

Yes it is because it doesn't really apply in wholesaling. You are basically giving the seller the "illusion" of buying there house, when in reality, you have no intention of closing on it yourself. You don't need credit or money. You might need a little money for earnest money, but if you can find a cash buyer fast enough and get a non-refundable security deposit of at least $2K, you can cover the earnest with that money.

I'm a MOTIVATED REI with no investments in my portfolio! Help!?

No worries my man. Find a good deal, find some buyers, get paid, and repeat.

Any more questions, feel free to message me.