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Hi,

My name is Tyler, I'm 19 and currently do not go to school due to funding issues. I came across something about wholesaling and it peaked my interests. I have no realty background whatsoever. I don't know if I am in over my head by wanting to learn to wholesale. I figured since I am a good "people person" and am good at marketing my name, that maybe I could try it.

I read about contracts and stuff but I don't know what contracts are needed to wholesale and how to use them. Or what it means to put a house under contract. People say that they do this without any money from their own pockets. Is this true?

Sorry for all the stupid questions. If anyone could help me get some footing on this, it would be greatly appreciated.

Thanks,
Tyler

Tyler Finley · Answer

Thank you for the reply. I have read things saying that people can walk away if the deal does not go through. Were these just some stories made up on scam sites? Maybe I have been looking in the wrong places for info. But as far as I can tell, this seems like a nice place.

It's a little confusing to me because I do not know what exactly to search for haha.

Also, is 19 (20 in april) too young to be taken seriously?

Jon Frame · Answer

Hey Tyler,

OK first of all, you will never be over your head trying to learn something. No matter what it is we are all consistently learning something new, especially in Real Estate.

In most cases you will have to put an "earnest money deposit" down on a house that you would get under contract. Sometimes it can be as little as $50 - 100 dollars,  If you are working with FSBO's. I have done a few deals directly with owner's where I didn't give them anything, just signed a contract.

If you work with Realtor's, they will generally ask for more, usually up to $1000. to show that you are serious and as a side not, in my state, the Realtor's get half of the deposit if the deal does not go through.

There is a whole lot more info about wholesaling that you will find if you search real well through this site. There is also a place for some contracts if you need them and I have some that I can email to you as well if you want.

Hope that helps a little....

Good luck.....

Jon

Sam Whisenhunt · Answer

[
I myself just made the switch over last month (to wholesaling) and have seriously acquired more than enough info to get started from here before even purchasing a wholesaling course.]

William may I ask what you were previously into, and why you switched?

William S · Answer

Tyler,
          
          I'm a bit envious...
           
          Just thinking what a great find this forum is for everyone but especially for those of you that are still in your teens, serious and hungry - lol...you are so in the right place. If you take the advice already given about studying, researching this forum... it's a valuable resource. The bull sh*t meter does not have a reading here.  Of course your education should not end here...look for a good course that is recommended by the guys here that are actually doing deals. That's it...then continue taking action.That's where the theory of knowledge is clearly trumped by the exponential learning curve of action.
          
          Read this forum everyday..most of your questions can be answered right here by some pretty generous/cool people imo.  
          
          I myself just made the switch over last month (to wholesaling) and have seriously acquired more than enough info to get started from here before even purchasing a wholesaling course.
          
          Good luck

Account Closed · Answer

Got you beat Tyler. I'm 18 and have some wholesales closing his week. Actually, I just got back from one of my properties, had a meeting with one of my cash buyers. Even better, one of my partners, Johnny Cashflow over in NC is only 17 and already putting deals together.

Most of the time when you present yourself well. Someone may have more respect for you as a young entrepreneur.

Raymond B. · Answer

I went to an REIA meeting, last night.
I was listing to a small group of members, and they were talking about a lady who owns 397 SF Homes. 
She started at the age of 19.
She is now 61.

Anthony Garvey · Answer

Tyler,

19 is not to young to be taken seriously if you believe in yourself people will respect you and take you seriously!!

Good luck with wholesaling never give up and always believe you can do it and you will.

I have recently started wholesaling myself and I have not done a deal yet but I know it is just a matter of time. You should build up a contact list network to everyone you know and join a REIC pronto. I am currently working on these things and will not allow myself to be discouraged I am very motivated.

Good luck,
Tony

Eddie Ziv · Answer

My quick advise to you is study the field first. Learn everything you need to know( Books, internet, BP site). That is your first weapon in doing things right and being taken seriously.

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