New to Wholesaling in Chicago

[Shana Miller]

Hello All,

I am new to wholesaling and I must admit that I am a nervous wreck. I have watched videos that has given me a bunch of information. I have joined plenty of groups, read and heard plenty of success stories and here I am eager to start but I am the type of person who is so scared of messing up that it holds me back. That is where I am today.

Do any of you have any suggestions for people just starting out? Solutions, motivation, tips, lessons learned, helpful tools to use or anything? I have seen different ways to possibly go out to find sellers, such as bandit signs, landlords and the MLS. Is there an easier way? Do you suggest that a newbie has a mentor? Anyone in Chicago willing to be a mentor?

Any help at all is appreciated!

[Christopher Charles]

@Shana Miller  

Get a mentor. Its the fastest way. You shouldn't be scared of anything. Its all in your mindset. You go in with a weak mindset, your going to get weak results. If your going to get into this business. Go all in. YOU HAVE TWO OPTIONS. Learn on your own. Or again, get a mentor. I recommend the second. Make sure you get a good one. Not some greedy crook, and not one thats going to charge you an arm and a leg.  Shop around there's a bunch of great guys out there. I'll repost this though. Another newbie asked a similar question in regard of whether he should pay 25k for a course. This was my reply.

"They say once you get to a certain position of success in your Investing career you'll realize your time is valuable. Negative. When you are first starting is when the time is the most valuable. You can A spend hours and hours on the web watching hour and a half long videos, be clueless of where to go, get sold a training that costs 5k plus (for information that you can learn on the web for free if you look hard enough, bigger pockets,crinoline, youtube, google, reitipster, ..the list goes on forever. We're in the digital age guys) or...you can just find a Real, Straightforward Investor to Mentor you. and if he's ligit and not a greedy crook. He or she will just be straight up and teach you what works, not drag it out.....over a hour...or in some cases a couple months.. Its all really the same business. Whether your wholesaling ( residential or commercial) fix and flipping, or buy and holding. With wholesale...find a seller in a distressed situation, connect make an offer, get a contract signed then sell it. (Assign, double close, quit claim..w.e your preference lol) stack your cash ...take it the next step ( Or if you've a silver tongue use OPM..other peoples money..give em 6% on their money in interest only payments).... ..fix and flip.. same steps except this time guess what? You close on the property yourself..by now you should have a feel for the game, know how to get sweet deals for the low low and more importantly know how to calculate repairs...yup..close on it yourself...no end buyer no assignments..that 40k profit is all yours..... hire a contracting company or if your a hands-on guy...(youtube) visit home depot and start rehabbing. Fast forward 3 months..ready to either sell it on the market..or...since it's yours ...start hunting for a tenant ( don't do it...just flip it honestly, renting out SFR is by far...just silly..having one tenant really??Ayee again some do it, it works I guess). Personally, prefer Multifamily..either start with 5-20...(target mom and pop) or be like good ole Grant Cardone and target only 35 plus units ( ps. that's when OPM comes in handy)...oh man There's so much...And by the way, all that knowledge was gathered for FREE. nope...didn't pay a dime. In the end its all about leveraging your time..and finding out who REALLY knows the know how. A man doesn't make 100k a year because he wishes to...he does so because he's unaware of how to do it in a month.... (lol there's some pretty good wholesalers out there doing that now)..oh man...If you've followed this far you see what I mean by finding a Knowledgable Straight Foward Investor. Why spend 4 months learning what should take a day..come onnnnnn...lol