How to start with no capital and credit card debt

[Karla Bazan]

Hi, I have heard many things about wholesaling, but I don’t know where to begin. My dream has always been to invest in real estate, and I was setting myself up for that financially. Unfortunately, last year I went through some pretty hard times that dragged me into credit card debt. Now, I am waiting for my brokers exam date and I’m excited to get started, but I don’t know where to start. How can I make money with no capital, and with my income barely covering my credit card payments and living expenses? Any advise will help. Also, I want to add that I have started working on a mailing list for wholesaling, but I’m not very confident in that. Thanks, Karla

[Jose Flores]

Hey @Karla Bazan Don’t wait.  Get started and here are a few suggestions to get you thinking. First, learn the process which could be explained in these simple steps:

Step 1: Market to motivated sellers

Step 2: Sign purchase contract with the seller

Step 3: Find cash buyer

Step 4: Sign contract with cash buyer for a higher price and collect 2k deposit

Step5: Close Transaction via Assignment or

Double Closing and Collect your check

Second, learn has much as possible about the 5 skills needed to be a Pro at wholesaling. They are marketing; estimating repairs; contracting; appraisals; and negotiating.

Last, spend 80% of your time marketing.  For beginners I like driving for dollars because it’s concrete.  You can see the distress house that is vacant and feel it.  It make visualization much easier and seeing  success is so important.  Focus on finding the owners of those distressed houses and expect to fail. Then fail some more.  At that point you are well on your way to success.  

Hope this helps. Good luck.