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Updated over 7 years ago on . Most recent reply

Account Closed
  • Real Estate Investor
  • Calhoun, GA
3
Votes |
12
Posts

Wholesaling beginner questions!

Account Closed
  • Real Estate Investor
  • Calhoun, GA
Posted

hello everyone!

I'm just entering the world of real estate! 

I'm very excited about starting my new journey.

The fear of starting wholesaling (that I assume everyone has in the beginning) hasn't gone away yet, but I still believe in myself.

My fears consist of being fined, failing to find sellers/buyers, fumbling for words when speaking to potential sellers, not having enough marketing money to start out, and more.

So, I found a P/S agreement on this site that I plan on using, along with an Assignment form.

This is all I need to start correct? 

All I need to do is find a title company who is ok with investors and can do assignments? And find a property (probably through driving for dollars technique and direct mail)

By what I have learned through here and youtube this is the process in my head:

1. Find a deal (do the math, etc)

2. Send a letter saying you'll buy there home fast with cash.

3. Hopefully get a callback from someone wanting to sell.

4. Ignore people who want top dollar or just wanna see how much they can get.

5. Meet with motivated sellers and fill out a p/s agreement with them. 

6. Optional: Notify them that you are attempting to sell their home quickly in order to make a profit.

7. Take the contract to the title company and put earnest money in an escrow account

8. Find a cash buyer/advertise.

9. Assign your contract.

10. Go to title office and transfer your purchase agreement to the assignee.

11. .....Then close? with the buyer and seller and collect the assignment fee?

I think that process sounds correct. 

I'm mostly just nervous rather than scared. I would rather shadow someone in the process but I know that probably won't happen.

I know still, that I will succeed. 

After I make my first deal, should I get a DBA to be on the safe side? Do i need a business license in GA to orperate through an LLC?

Does getting a Real Estate License prevent wholesaling? I know as a wholesaler there less restrictions. 

Any info on the proper procedure for starting would be appreciated!

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