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Updated almost 5 years ago on . Most recent reply
Wholesale Ambitions of a 20 Yr Old College Student at UCSB (Help)
To begin my discussion I need to clarify that I am new to Bigger Pockets. Also, I need to clarify that I am an ambitious young student determined to have one million dollars in my bank account by 24. I am 20 years old from Philadelphia, PA; so realistically I need to pull in $250,000 a year to reach my quota. However, my discussion is not about that. I could care less whether or not others believe in my dreams. I believe in myself and I have heavily substantial motivational factors in my life to push me towards success, so I will not give up regardless of what you have to say to me.
I moved to Santa Barbara, CA for in hopes of becoming successful. I picked Santa Barbara for the university of course, but I would be lying if I did not say that the thing that attracted me the most was the wealth and lifestyle. The lifestyle out here is amazing; especially if you can afford it. So living amongst the wealthy is a bit of a motivational taser to me. I see kids riding around in Lambo's and it makes me HUNGRY($$$). I did not come from an insanely wealthy family. In fact, my father works his *** off to support my family and he is going to be 60 years old on Thanksgiving. I need to pay him back for everything he's done for my family and I. One day I will pay off his mortgage and he will be able to retire, and relax for once in his life. After being introduced to the concept of wholesaling the other day from a close friend of mine it has been the only thing on my mind. After doing some research I am hooked on the idea of making profit with assignment contracts. I have been listening to the podcasts and researching how to go about the process, but I am still a bit confused on certain aspects.
At this point in time I have limited knowledge about wholesaling; I know the basic idea of it though:
-Finding a motivated seller with a house,
-Offering them a below market value on the property so that I can profit
-Having the seller then sign an Assignment Contract
- Bringing that assignment contract to an investor
-And profiting from the deal made with the investor
Basically, I want to know what kind of Knowledge/Advice you guys out there in the Bigger Pockets community could offer me so that I can turn my dreams to realities. By that I mean tell me anything and everything I need to know about wholesaling so that I can learn. Some general questions I have are:
-How should I go about wholesaling in my current situation?
-What are the first steps I should take to organizing the process?
-Where do I even begin?
-What type of houses should I look for? NOD's?
-Where do I market to find motivated sellers?
-How to make motivated sellers come to ME?
-How do I present myself to a potential seller so that they trust to work with me?
-How to negotiate a price with the seller so that we reach a comfortable common ground?
-How do I properly fill out an assignment contract once I have the seller hooked on a price?
-What type of investors should I present my assignment contracts to?
-Should I stick with one investor and build a relationship with them?
... I have plenty of questions and do not know where to even begin. If anyone out there can offer me some advice or guidance it would more than appreciated. Please do not be afraid to tell me that I am misinformed on certain things, I do not take offense to criticism, I welcome it. However, if you are going to comment trying to discourage me then save it, because it won't affect me. You see, I don't want to be successful... I WILL be. Any and all help is welcomed!!!!!! THANK YOU!!!!!!
Best,
Blake Dalessio
Most Popular Reply
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Originally posted by @Account Closed:
Originally posted by @Martin Z.:
Good luck and forget the Lambos, they're non producing assets that will earn you the hatred of the majority. The "high" on landing an amazing deal on a property and capitalizing on it, is much much better.
"I see kids riding around in Lambo's and it makes me HUNGRY($$$)"
I agree Martin, Lambos may not make me any money. However, if I pull up to a business meeting in a Maserati Gran Turismo I believe it will highlight the professional appeal I am trying to give off. Also, I agree that the "high" you speak of is probably an amazing feeling. I have yet to make any deals so I can not say I understand what you mean, but I am definitely in pursuit of it that is for sure.
Yes, Blake...I would suggest that you read the "Millionaire Next Door". The wealthiest people, and I would argue the wisest, often do not flash their cash. I personally know a guy who is worth over 110 million who lives here in Berkeley. He owns buildings all over Berkeley and Oakland. He shows up to look at deals with dirty jeans and a sweatshirt. You could almost mistake him for a homeless person...but he's worth $110 million. Self-confident people do not need to flaunt wealth. They are personally motived, not externally motivated (ex. internal score card to quote Warren Buffet who still drives a Lincoln Towncar, not a "Lambo").
Often those who flaunt wealth...are actually not wealthy at all, but have a life that is financed by debt.
The reality is that most of those people are the working poor. They may drive a Mercades, but have barely any savings and little to no wealth to speak of. Living below your means is the first lesson you should learn as a real estate investor.
Life is full of duality. If you don't yet see that, I'm confident that you will.