Real Estate Newbie looking for ways to learn about STL wholesale

[Logan Talkington]

Hello Everyone, 

I am new to the Saint Louis area and am looking into wholesaling. I have never done anything in Real Estate before and would love to connect with people who know a lot more than I do. What I am looking for is:

1) How to begin a career in Wholesaling

2) What are some good opportunities to connect with people in the area? 

3) Is it ever possible to have someone that you shadow that you can learn from?

Thanks for any advice you can give me. 

[Greg Dickerson]

First step is to make sure you understand the laws in your area regarding assignments and double closes. They are changing and several states have passed laws requiring a license to wholesale property.

You should talk to a real estate attorney or title company that works with investors in your area to ensure you are in compliance with any laws. They will also have the proper contracts as well.

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

Start with finding cash buyers. You want professional legitimate cash buyers so you know you can close on the deal and do what you tell the seller you will do. I can’t emphasize this point enough. You do not want to contract a property unless you know you can close it or take it down yourself.

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 at local REI meetups, masterminds, Facebook groups, Realtors, title companies, closing attorneys, property management companies, auctions, 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 driving for dollars, door knocking, wholesalers, craigslist, Realtors, FSBO sites, expired listings, foreclosure sites, put out bandit signs, billboards, newspapers, other offline publications.

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

Bottom line is consistency. You need to take consistent focused action every day, answer the phone when it rings and follow up and follow through.