All Forum Posts by: Heather M.

So I totally get what you are saying and it makes a lot of sense. It's that exact lack of education that makes me feel like an unethical jackass doing this- I mean I've "faked it til I made it" in other industries and excelled over time but it feels different when you are dealing with people making major life decisions and who are looking to me as a solution provider. I've gotten a lot of mixed messages, however, on the best way to get educated. I can't tell you how many times I've read how the gurus are trying to screw me, how I need to just dive in and not fall victim to "analysis paralysis," etc. And your suggestion- to start out flipping- isn't that a lot more riskier thing to do while I'm still a "broke *** uneducated" rookie? I actually was born and raised in Southern California myself- moved to NC a year ago and got interested in this when I realized how cheap housing is out here. I've been in a hurry to get started as soon as I can but I realize I might be shooting myself in the foot by getting in over my head.

Thanks Charlie! I needed that. I decided I will at least follow through with my commitment to closing a deal before throwing in the towel on this niche. Then I'll regroup and decide from there.

Hi Everyone, so 5 months ago I delved into learning about real estate investing. Professionally I've had a successful career as a fundraiser for 501(c)(3) organizations, but I've always known that I wanted to get involved in holding and/or flipping properties someday (my initial thought was in the distant future when I receive some type of inheritance- being that I have young kids we don't exactly have thousands of dollars laying around to invest these days!) But anyways, I found out about wholesaling 5 months ago and jumped right in, literally making offers on properties the week I discovered that wholesaling existed. I thought it would be a great way to make seed money for my first rental property without having to wait for a large sum of money to fall into my lap (I don't exactly want to be looking forward for family members dying and I want to kick *** and make money on my own!) and I started working with a coach who has been trying to help me build my business from the ground up and work with me through closing my first deal (which still hasn't happened yet but I am only able to work on this 8-10 hours a week so I don't know if that's too abnormal). But here's the thing I've realized in the past 5 months. I hate wholesaling. At least some of the methods I've been using with the person I'm working with. Telling people I have money I don't have, making what I feel are insultingly low offers to people on their homes, telling people I have great deals when I really don't know how great they are or aren't, having my phone ring off the hook with prospective buyers when I'm trying to take care of 2 toddlers all day and managing my other business- I just don't feel like this is the niche for me. I have really felt discouraged about it the past few weeks- I KNOW I want to be an investor and I don't have a ton of money to get started in my first rental (about $6,000-$9000 to put down if I bought in the next few months- it'd take me a while longer to come up with more than that), but I really just am uncomfortable with wholesaling. I've invested a few thousand into my education on the topic, and invested a ton of time over the past 5 months- would it be a really bad decision to stop wholesaling and just try to save up for my first rental? What do you think?

Hi Jay, it is a lot of land; currently it is partially wooded and mostly overgrown with tall grass. 

Thank you Benjamin!

Hi Everyone! I am completely new to wholesaling and real estate in general and just tried my hand at my first deal- I gained some valuable lessons from this experience but did not end up making the deal. (I found a buyer quickly, but the seller decided to go with a different offer instead). However, as luck would have it the seller was also a veteran investor and, possibly out of pity for my rookie position, made me an offer to try and sell a large acreage for him in a great location. My question is, does anyone have any pointers in selling lots of land to investors? I am planning on going to a REIA meeting this weekend, and have emailed the information to the very tiny buyers list I've accumulated in the last week, but I didn't know if there were other go-to places to advertise empty lots of land. Not sure if this is really a Craig's List, Backpage type of thing to advertise! I appreciate any feedback and tips! Thanks!

I am undoubtedly about to make a few veterans groan with my ignorance in this post so sorry in advance! Having NO real estate experience whatsoever, I became interested in wholesaling about 5 days ago- I have no coach, mentor, or formal education in this area. After some binge reading and driving aimlessly with my toddlers after school, I drove by a FSBO property and quite impulsively, using the evaluations I had studied, determined my MAO and called made an offer. Luckily I don't think the poor guy had any inkling that I am a complete rookie and faking it til I make it! Well, after some negotiations I am actually under contract with the seller with what I hope ends up being a great deal for all parties involved.

My question is this: all the videos and step by step articles I read on assignments basically said, "Find seller, write up purchase agreement with assignment clause, find buyer, sign assignment agreement, collect your fee, and wash your hands of the deal" and then you are done- but this evening I read some articles saying I need to submit my purchase agreement and assignment agreement to the closing agent and title company before finding an investor? Do I hire a closing agent and/or title company? Does the investor? Does the seller? If that responsibility is on me, should I instead just find an investor and then be honest by telling them I am new at this and ask if they have a closing agent/title company they work with? 

My second question is, if this all goes through, how are assignor fees generally collected? Wire transfer? Check? Is the fee paid in full or partially up front and partially at closing? 

Sorry if these are stupid questions- I guess I have the opposite problem of "analysis paralysis" and am more of a "leap without looking" type!

Thanks for your time!