Need advice to get started as a wholesaler in California

[Ariel Lee]

Hello BP

My name is Ariel and I'm new to BP forums. I am 29 years old, a TOTAL newbie on REI, never bought a house nor invested in one, and I work full time as a chef.

I'm here to seek advice from experienced investors on how to get started as a wholesaler. I'm willing to put the work needed to learn and hopefully one day I will be able to buy my first investment property.

So far,

- I have couple of cash buyers who want buy and hold (living in LA, they are going for the equity). They encouraged me on pursuing this route, but it seems that they don't really know the process of wholesaling themselves.

- I have budget of 1000 dollars a month to put on direct mail marketing.

- I am working on a website and setting up a phone calling system.

Where do you suggest I get my list from? listsource? Tax court?

Which seller market should I target as a newbie? Absentee owners? pre forclosure?

How much equity should the seller have? I'm still very confused what equity does on the whole equation.

In LA in general, what percentage under market value should be my target? 70%? if that is even possible.

Living in Southern California, in the Valley specifically, where do I get the appropriate contracts that I need to do a proper wholesaling?

I apologize that I have so many newbie questions, but I recognized that here would be the best place to ask.

Thank you so much for your help! I really appreciate your help and guidance.