What are the first steps to wholesaling in Dallas Tx?

[Keith Murphy]

Hello I'm new to "wholesaling" and seeking a mentor in the Dallas area. I'd like to know what are my first steps to wholesaling? I need to know how to build a buyers list, all the forms needed, marketing and questions to ask.

[Chris Feltus]

@Keith Murphy Let me try and provide you with a brief 10,000 ft view.

1. Begin actively marketing. If you have no leads, you have no deals. Decide on the criteria you will use to mail, such as ARV (after repair value / or what the house is worth) %equity (you will need likely at least 50% equity to wholesale), and the areas you want to mail to. You can purchase lists from list source. You can mail owner occupied homes, absentee owners and probates are pretty common suggestions here.
2. Field Calls and set appointments
3. Make an offer on the property. You need to structure this in such a way that the seller benefits, your end investor gets a deal and you make some money for finding the property. To do this you will need to learn how to estimate ARV and ERC (estimated repair costs)
4. Hopefully offer is now accepted, if not start the follow up process.
5. Get it under contract. Here in Texas use the TREC 1-4 single family resale found here http://www.trec.state.tx.us/pdf/contracts/20-10.pdf
6. Deposit contract with title company. Always make two copies of the contract one for the seller to keep for their records. At the title company make a copy of the original contract for yourself, you can give this to the end buyer when you assign later. Here in DFW I recommend Adobe Title.
7. Market the property
8. Find an end buyer
9. Assign the contract. You will need an assignment of contract form. Its a brief one page form there are a few examples on the BP file place.
10. Close

For the record, I never worry too much about finding a buyer. I focus on getting a deal under contract first. Finding an end buyer is the easiest part of the process. But if you insist check the sticky at the top of the page http://www.biggerpockets.com/forums/93/topics/54108-buyer-s-list-how-to-

Hope that helps