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Updated almost 5 years ago,

Account Closed
  • Specialist
  • Hollywood, CA
59
Votes |
81
Posts

Wholesale Ambitions of a 20 Yr Old College Student at UCSB (Help)

Account Closed
  • Specialist
  • Hollywood, CA
Posted

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 

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