Wholesaling Lease Options... start to finish

[Eric Gard]

Hi everyone,

I'm going to take you step by step through my finding and sealing my first Wholesale Lease Option deal.

A little about me, ever since I moved out at age 18 I have rented out extra rooms where I lived for extra cashflow. I purchased my first house at 19 near the height of the market bubble, then proceeded to loose it during the downturn. I'm constantly reading books, forums, blogs, this forum, etc.. plus I go to cashflow meetups, mastemind groups, etc... Earlier this month I decided its time to get my butt back into real estate. I've got some funds, but I discovered I dont have enough for a good safety net and a down payment. So I did some searching and came across wholesaling, which sounds like a good fit for me as a way to increase my capital reserves and use it to purchase rentals.

The ultimate goal is to do wholesaling deals to build up capital reserves, then use those funds to purchase wholesale deals with cash and turn the properties into a rental, or maybe lease option them where I'm the Landlord/Seller. The goal in any case is to build cashflow.

Over the next few weeks and months I'm going to post in here some updates and ask questions, hopefully pick up a few mentors that can help keep me out of trouble.

This will either be super awesome information for those interested in wholesaling, or a train wreck, either way it should be fun.

~Eric

P.S. Mods I just realized this might be more useful in the lease option forum, you decide.