Hello there.. I remember when I first started in REI and let me tell you its not a get rich quick deal however you can make some good money...This is what I would do is to make as much offers as possible.. Go through your local news papers and send LOI or residential purchase contracts, I prefer LOI's and you will get a lot of calls from Realtors that never seen an LOI before and may say they can not present the offer. Just let them know that you send a 100 of offers a day and it would be a waste of paper and time to fill out a complete purchase agreement..Now if there client agrees to the LOI then by all means send in a purchase agreement..Make sure it says and or assigns behind your name and in the addendum make sure you have your clauses " Outs" like Subject to partners approval, Subject to property title search. There are many things you can put in the addendum. 1-3 are good enough! Always make your offers low , like around 60-65 cents on the dollar. You can always negotiate up however it is tough to negotiate down. After you have an agreement with the seller ask if you can add up to 3% of the selling price to go towards closing cost. Your end buyer will luv you for it.. and of course it will be easier to wholesale your contract. At this time advertise all over call the ads in your pennysaver and newspapers. You are looking for We Buy House's or I Buy House's , Investors.. Call them and let them know what you have and at that point it's easy..Now you will need an assignment contract once you have executed the contract and at that time you will put your fee in lets say 10k and remember always ask for the funds upfront or a percentage upfront.. Then just make sure the deal closes and runs smoothly at that point remember your name is on the line and when things go bad fingers point your way... As long as you make sure that the end buyer is qualified to buy you are good.. Well good luck and make sure you send 100 offers a week or more.. the more the better.. You can even go around your neighborhood and look for run down houses...
Ed :D
