New member done with analysis paralysis! Any wholesale groups?

[Damori Pierce]

Hey everyone! Hopefully you all are making productive deals!

I’m new to wholesaling and I feel like I have analysis paralysis, but for kind of a good reason...

I’m currently working overseas contracting. But I want to start building a buyers list and make a deal or two while I’m here to get my feet wet...

I heard about virtual wholesaling and I was wondering if anyone has done it or know anyone that has...

If any of that applies to you then what are a few experiences you’ve come across? (Would love the good bad and ugly) what systems you have/had in place, how legit is getting docs signed virtually and what team member did you have to hire. (VAs, Title officers, documentation lawyers, etc) ...

Any info on the subject is greatly appreciated

[Greg Dickerson]

I have several clients and friends that do virtual wholesale deals every day. Remember wholesaling is simply the assignment of contract. If you have cash buyers ready to go all you have to do is find a property under market value and get it under contract.

First step is to make sure you understand the laws in the area you want to wholesale in regarding assignments and double closes. You can talk to an attorney or title company that works with investors.

Next you need to educate yourself on the business and your market. You really need to immerse yourself and learn all you can. Join online REI groups and meetups and network with other experienced investors through Facebook groups etc.

Start with finding cash buyers. You will learn a ton from them and as you build a relationship they can potentially become a private lender or even partner with you on some deals down the road.

Different types of cash buyers are flippers, buy and hold, subject to and lease option. You need to find several of each of these types of buyers and learn what they are looking for.

Best way to find cash buyers is networking through REI meetups, masterminds, Facebook groups, Realtors, title companies, closing attorneys, property management companies, Craigslist, and bandit signs.

You can search real estate transactions in your tax database. Look for entities and individuals that have bought multiple properties. You may need to search by the address of the buyer as they may change their name or the name of the entity on each purchase. You can also buy lists from companies like list source and there are some REI software companies that have a cash buyer search feature.

Best way to find motivated sellers is to purchase lists and compile lists from city and county for 60-90-120 days late on mortgage, pre-foreclosure, delinquent taxes, water cutoff, code violation, probate, divorce, high equity, etc. and mail or cold call.

Other methods are having people driving for dollars for you, door knocking, JV with wholesalers, craigslist, Realtors, FSBO sites, expired listings, foreclosure sites, put out bandit signs, billboards, newspapers, other offline publications.

You can also use pay per click/adwords, facebook, Linkedin, Youtube, and other forms of online and social media.

These are some of the ways to get going in the business but the key is developing relationships in the markets you wasn’t to be in, finding hood deals and getting them locked up over the phone.