Manuel - Wholesaling Log

[Manuel A.]

Ok, this is a thread for anyone who wants to follow my wholesaling adventure. I am making this so everyone can see exactly how I'm going through this and once I make my first deal, I'm sure this will be an amazing resource for new comers.

I'm going to be detailing as much things as possible as I go through this experience until I make my first, maybe second deal. If you'd like to comment on what I'm doing, please cite the date so others may know where to look at when you respond (when this post get bigger anyway). I'll be editing this post every time I have something to share in my journey. Here's what I got:

-1/6/12

What I know in my humble begging:
Theory, tons, and tons of theory. I've read tons of books and advice on this forum. You know what I've learned? Everyone's advice is just about the same when it comes to "how do I wholesale". I think I keep wanting to learn more theory so I know I'm going to do well and you know, there is a time when you'll reach as much as you'll be able to learn and then you just have to jump into this. And it is scary to jump for me. All you need to know to jump in this is this:

1. Build a buyer list
2. Market and/or go out and find potential houses. Usually vacant and beaten up houses.
3. Once you find a house try getting the seller under contract for a substantially discounted price. (.65ARV - repairs - profit)
4. Find a buyer and "assign" your contract to him/her. The buyer is from your buyers list!!! When you assign your contract, you will charge him an assignment fee or finders fee. It's all rhetoric.
5. Close by turning in all the paper work to a title company.
6. Wait for your money.

So take it from me, and follow me, and JUMP!

Right now, I'm going to be building my buyers list. I'm looking to get about 15 buyers on this list before doing anything. I'm going to be looking for "we buy houses" advertisements on bandit signs, craigslist, the Yellow Pages, and the news paper. I'll be calling these people and asking them if they want to be on my list using a pre-made script. I'll be back once I get about 10-15 people on my list and give more details on how I did it. And for anyone going through this stage, I myself am nervous to even call up these people, so you're not alone if you're nervous too.

By the way, I'm being guided the ebook (which is on here in the resources area) "Real Estate Profit on STEROIDS" by Jackie Lange. Just in case you wanted to know. Why her book? Meh, no real big reason, it's simple and in a guide format so why not? Thanks guys/gals. Wish me luck!

[Luigi Ontiveros]

Manuel, I want to commend you for having the courage to get started.

I want to add that, if there are houses in your target market and there are people living in them , wholesaling IS possible.

I don't believe that giving it a try for 3 months, seeing if it works and if it doesn't work just giving up and calling it a day is the right attitude to have as you get started.

You must go into wholesaling with the attitude and belief that failure is not an option. You will achieve, no matter what the cost or the time, or die trying. If you are not yielding the results you are looking for, then , change your approach and change it indefinitely until you do achieve the results your looking for, but never give up nor give in. Endure all opposition, negativity and persist through obstacles and the results will follow.

Just my .02 cents.

Good luck!!