Wholesaling: Buyer’s List

[Scott Sanchez]

Hey BP community,

I have some questions about Wholesaling and practical ways to get started for a beginner. I’ve read quite a few blogs and articles on wholesaling and have learned a lot about the process of assigning contracts. However I don’t know exactly what to do first in order to get closer to my landing my first deal.

Here are a few specific questions I had,

1. Should I focus on developing a Buyers list first? Or looking for a good deal?

2. What do I look for when Driving for Dollars? How can I find those hidden deals?

3. When should I contact a Title Company?

4. How can I find out about the legality of wholesaling in my specific area?

Thank you in advance to anyone who takes the time to help answer some of my questions.

[Brandon Krieg]

Good ideas @Frank Necatera! To @Scott Sanchez - 

1.  Look for both at the same time.  You need both to make a good deal, so you might as well get started developing your skills for deal finding while you meet buyers.  Be consistent in going to local networking meetings (i.e. go every time), and your list will grow quickly.  Take notes, and create a system to store their contact information and investment criteria.  Then, when you have a deal, look at your system.  If none of your investors meet a particular deal, talk to the 'big fish' in the area and see if they know anyone who's looking for a deal like that.

2. @Frank Necatera pretty much nailed this one.

3. I wouldn't worry about a title company until you have good deal under contract.  However, you need good contracts, so find a quality RE lawyer.  The local meetups are again good sources.

4. Ask the lawyer that you found in #3.

Hopefully that helps!