Wholesaling Student ..

[Jackson Coulter]

Hello everyone, I have been researching into wholesaling and can't seem to find a good progressive guide on how to go about this. I have been trying to go through youtube and biggerpockets and seem to have a good broad aspect on it but feel like I am trying to stitch together a thousand different methods on this. I was wondering if anyone would help me kind of pinpoint this step by step what to research so I am not getting too far ahead of myself. (Feel free to reach out and connect no matter who you are as I plan on taking many different approaches to real estate once moving to Sarasota, Florida in a few months.)

[Cody Lee]

Hi Jackson, 

A good place to start is getting a Purchase and Sales agreement and an Assignment agreement. Real estate attorneys can often draft these for you or you can research online to find resources for those.

For sales approach and mindset, I personally recommend John Martinez with Midwest Revenue Group. You can find a lot of his sales videos and articles for free. There's a TON of gold in his words.

For generating leads through sweat equity, I recommend going to the county's courthouse to find Probate, Divorce, and Eviction leads. Some counties have the information available online and others require you to go into the courthouse. It's a good idea to call the courthouse and see what options are available for getting these records. 

Many times, these records are completely free!

Once you're in Florida, driving for dollars is one of the best way to get leads on a slim marketing budget. You'll probably want to find properties that appear to be vacant or in disrepair. In general, you may want to avoid newer developments and affluent neighborhoods as these typically won't be a good use of your time. Also be sure to chat with the neighbors if they're around and ask them to spill the beans about the property. You'll find people love to chat about their neighbors and you may get really helpful information!

Once you have your leads, you can look up ownership information and mailing addresses by utilizing the tax assessor's office. Many TA offices have a property search portal online but you may need to go into the TA office to get this information.

You can search online to get the property owners' phone numbers and email addresses for free in a lot of cases. This is especially useful because it will allow you to cold call which often has a better response rate than direct mail.

If you have a marketing budget of a few hundred bucks or so, you can also pay for marketing lists and skip tracing services. This process is a lot quicker and can often be more accurate than doing it yourself, but there is that upfront cost on your end.

Remember that the vast majority of people you contact won't lead to a deal. You'll get many no's for every yes. Just make sure the numbers work and then put together an agreement with the seller.

If you comped the property correctly, estimated rehab costs accurately, and left enough room for a healthy profit margin for you and the end buyer, then it should be a deal.