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Updated almost 9 years ago on . Most recent reply
Wholesaling Muscle
Hi, my name is Shon however I go by my given middle name which is Sirtino. I'm new to real estate wholesale investing and I have reached out to people and gotten the same question "Where's your proof of funds?" I've researched transactional companies to help with this but they all charge a nice 2-3% on my little wholesale flip. Now how can I start my first flip off right borrowing when I've mostly read about no to little money down on wholesaling? I want to take action but there are financial road blocks yet again. I drive for dollars on my way to work and back home that I just started to keep me from being in the gutter with my family, so I feel like I am taking some steps to better my situation and life but MONEY, HARD MONEY, BANK MONEY OR FAMILY MONEY IS TIGHT THESE DAYS. WHAT TO DO WHEN?
Most Popular Reply
I started with no money and have done 10 deals in 5 months. (Caveat is I spent 3-4 months learning RE in my area and developing relationships with buyers to know what they are looking for- then I bust my A to find good deals. for the first 2/5 months, I also had a full time career so I wasn't pressured to make stuff happen that wasn't a good deal).
When I find a seller that has a property to be wholesaled, I let them know exactly what I am doing. If they are okay with it, I find a buyer and assigned the contract to them who close on it with their money. I also have developed good relationships with local investors to JV with on certain deals. For example- there was a estate property occupied by a tenant. The tenant wanted to purchase the property but needed 2-3 months to close. I partnered with an investor who funded the deal. I'm coordinating the sale to the tenant and we'll split profits.
So you have lots of options to make money and learn RE without a big bank roll. Educate yourself daily, meet people daily, and pieces will fit together. I'm at the point where I can start to close on my own deals before reselling them at a higher point than a simple wholesale fee.
Good luck