Hi Natalie,
Let me add my 2 cents. There are ways to find off market properties where the only money you spend is on gas and wear and tearon your car- drive for $. Look around the towns you want to wholesale in, jot down addresses of properties that look to be in disrepair and or vacant. Look up owner info on a source such as beenverified which is $20 a month. And call the homeowner and ask them if they want a cash offer for their property. It DOES NOT MEAN you have to come up with the cash, you will assign your interest in the property to an end buyer who will close on the deal. Your seller will get paid. You will get paid and your end buyer will get a house to reno and flip for a bigger profit. The GOLDEN RULE IS buy a property at 70% of after repair value- repairs. Then sell it at 80% ARV- repairs. You will have helped the homeowner sove a problem, received some money for doing so, and left meat on the bone for the end buyer.
Another way to find sellers in need of help, is to buy a list. I have been using Listsource. I am buying lists such as foreclosure and distressed property lists. Usually the seller will be very motivated to sell. Foreclosures can absolutely ruin a person's credit! They won't be able to buy or rent anywhere with a foreclosure on their credit.
Finally, join a local Rei group and find someone more experienced to do a joint venture. Look up Meetup.com and search under Real estate. You will find a whole market there-including end buyers.
Hope that helps.
