What exit strategy should a newbie use first?

Question

I have been reading a lot of threads on here about wholesaling and now I am even more discouraged. Where should a newbie start?

Bird dogging? Wholesaling? Buy & Hold? Flipping? Where?

I thought it was wholesaling, but now I’m not sure after reading other threads of people who thought the same thing, only to be told they should probably start by bird dogging? But I thought wholesaling and bird dogging were basically the same thing.

What is the bare min. amount of capital needed to start? I don’t have a lot of cash on hand, but I have good credit, and I’m working on the cash part.

I don’t think any of this is or will be easy, I have a family, work full time, while maintaining a 3.75 GPA in college majoring in finance, so I know how to work hard.  I’m not looking to get rich quick, but I am looking to get rich. I just can’t seem to find a starting point, or where & how to fill in all the gaps. I want to learn, work hard and be successful. Some of my gaps are;

Where do I get contracts to even put a deal under contract in Georgia? How/where do you learn to fill them out correctly?

Where do I find deals? I’ve learned  you can find deals off of different lists, but where do I get these lists?

Can you even assign contracts in Georgia?

Ned Carey · Answer

They are pretty much the same in concept.

Where do I get contracts to even put a deal under contract in Georgia? How/where do you learn to fill them out correctly?

J Scott · Answer

Are you serious about becoming a real estate investor?  Really serious?  No-doubt-in-your-mind serious?

If so, start by getting your real estate license.  Here's what it will provide you:

-  You'll put 150 hours into it, so it will be a lot tougher for you to get discouraged at any point and quit real estate;

-  It will give you a new opportunity for income (being a buyer/listing agent).  While you may not want to do traditional real estate sales, it's nice to have the option as a way to make some cash while you're building your business.  Plus, you'd be surprised how often opportunities arise to represent someone and make some quick cash;

-  You'll get access to the forms you need;

-  You'll get access the MLS and some potential deal flow;

-  You'll have the ability to list short sales (if that's your cup of tea);

-  You'll be able to network with lots of others in the industry;

-  You'll learn all the basics of real estate that you're currently confused about.

Daron P. · Answer

how do I contact you if this is something that my partner and I would be interested in? Who/what kind of company did you work for in the begining to get some experience? Doing what?

Thanks for talking to me.

Braden C. · Answer

Daron Prater I can speak on my experience, so take it for what it is. I currently wholesale 75-100 deals per year in my office of 3 people. I started working for a company and learned the business for two years before going out and opening my own office. Within three months of when I started working for someone I had generated almost $50k in revenue, half of which went to the office. I have always made a good deal over $100k per year.

I am not saying this to brag or make myself look good, but this will help explain my answer to you.

I don't think I could have made as much money that fast, or even at all, if I hadn't started working for someone else. The business is much more difficult to learn than what people make it out to be and most people do fail. I don't believe that taking a single course or reading books will give someone nearly enough knowledge to be successful.

There are websites and courses all over the net that sell this dream of wholesaling as a get rich quick and easy business model, it is not. I highly recommend anyone starting out to get a coach. I offer this service but am very picky on who I work with. I don't want to take anyone's money who I don't think will have success.

Don't lose hope, there is money to be made in this business. Just don't get taken advantage of when getting started.