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Updated over 8 years ago,
Getting started wholesaling, important question
So, this may seem monumentally elementary, thats because it is. Im totally new, would really like some help.
So my goal is to get started in fix and flip deals and then move into buy and hold. I don't have the money to do that but I have a mentor that is willing to help me learn the business, he's a house flipper. I don't just want to use him, I'd like to earn his time and expertise so I'm on a mission to find deals and bring them to him so that he can basically take over and teach me. That is where the wholesale thing comes in. I don't know if I'm really trying to be a full blown wholesaler, basically I just would like to earn a small finders fee and pass good deals on to my mentor. My questions are as follows:
1. I have a small list of N.O.D's that I picked up from the assessment office and I plan to knock on some doors. What if a home owner says "Yeah! I want to sell my house right now!" I don't want to look like an idiot in front of them...is there some special document I should have them sign? Which questions should I be asking? And, how should I organize this info that I learn form the homeowner and write it up to give it to my mentor?
2. My second question is even more simplistic: If you've read this far and you're familiar with wholesaling and you have an idea of what I'm trying to do here....what should my second question be?? The truth is that I don't even know what I don't know. Im very determined to learn this stuff. Id truly appreciate some guidance and wisdom if anyone would kindly like to share.
Thank you!