Barely getting in here in time, I believe.
My name is Luke and I'm a 22 year old finance major with a real estate minor as a senior in college.
I have been reading every book and web page possible for the last couple of years it seems, and so far I have one rental property and am in the process of a fix and flip. I should also be purchasing a duplex in the next month or so.
Unfortunately, fixing and flipping is not my passion, and I would prefer to do wholesaling because I really enjoy putting the deals together and such. I have not had much luck with wholesaling. Though, I really want to wholesale to continue to buy more rental properties for passive income. My goal is to not have to have a 9-5 job when I graduate in the spring. If I can continue to buy a few rentals and can begin to wholesale 1-2 houses per month, I think I it's reasonably achievable.
Wholesaling background:
My first attempt at wholesaling was about a year ago before I had any in depth knowledge of the business of wholesaling. As far as different strategies, finding a title company, a solid buyers list. I figured I wasn't getting anything done by doing nothing. So, I went out and found a house that was worth 70-80 and put it under contract for 30. I found a buyer that was willing to pay 31, but I got greedy and said I would prefer to find a little more. (Turns out that guy is another huge wholesaler, 18002sell homes). I turned the reigns over to another investor to find a buyer and they promised they could, but it fell through. No money on that deal.
My next deal was a great remodel deal for someone in a great area. I even found a buyer, but the pretended that they were not interested and waited until I was out of town and out of contract and went in and bought the house for the same price. It was a shady move, but it was my own fault for not having all my bases covered.
Finally, my third deal. I had a deal under contract for 23,000 and I found a buyer to assign the property to for 25,000. Not a ton on a wholesale, but tons of money to me. In the end, the realtor involved informed me what i was doing was illegal, he would not allow it, and he took my 500 earnest money. After he threatened to sue me in court. I knew that I was in the right, but didn't know what to do. So he sold the house to my buyer for 25000 and cut me out. Bummer. And that's where I'm at.
But, I will not be discouraged. I will make my career out of real estate, and i will be extremely successful at this. I feel like the only thing holding me back is my lack of marketing. The letters and mentoring would be a tremendous help.
