All Forum Posts by: Account Closed

@Kelly Boccadutre

It's not about the contract you use, but the way you use it.

Look, I know the ebooks and podcasts that trumpet wholesaling are very seductive.  They make it sound like easy money.  

In today's market, wholesaling is not something in which you dabble.  Like most things in real estate today, it is an arena for specialists.  

I have operated a successful wholesaling operation since 2003.  I love it. If you want to make a career of it, I encourage you to get professionally trained like I did.  The guy I used is still in the business and cranking out successful students.

However, if your goal is to wholesale to "get your feet wet" or learn about real estate, better ways are out there that will be less frustrating and more rewarding.

Consider joining your local REIA. Great place to start building a network of local investors.

The first question I have is why not start in Hattiesburg?  I have to believe you have a wholesale market there, and the best place to learn wholesaling is in your own backyard before you take your show on the road.

Consider joining your local REIA. Good place to start building your network locally and get some good training.

@James Danchus

The start-up costs you cite appear low.  That's the reason so many people jump on wholesaling when they are starting out.

So pretend you send out a bunch of marketing.  Pretend you get a lot of responses.  If you don't know how to figure out if they are a deal or not or what to do with them if they are, you have wasted your money.  Do that too many times, and wholesaling isn't so cheap anymore.

I had a gal contact me about a year ago from CA.  She had bought some marketing materials and some lists and sent out a bunch of postcards in my market.  Her card generated a lot of responses, and she was really excited.  

She had no idea what to do with them, so she called me to partner with her on them and help her work them.  With the exception of one, every response she got was a "why bother".  For example, taxes owed were more than the as-it-sits value; the owner was upside down on the property and way behind on payments; the property had been through foreclosure, but the bank didn't want it so the owner was still on title...and so was the lien that was way more than the current market value for the property;  the owner was totally unrealistic on price and was belligerent about it...need I say more?

How do you avoid all that?  Hire a good, reputable trainer with a proven track record that will drop into your market and set you up in business so that you are generating an income in 8 weeks or less.  That's how I got started 13 years ago.  I have made hundreds of thousands from what that on-site mentor did for me.  Needless to say, well worth the money.

Absolutely!  Some of the best deals I have ever done involved houses no one else wanted because of issues like that, e.g. burnouts.  You can buy them dirt cheap and make a nice margin wholesaling them.

Remember - low price cures all.

The question you should be asking is  "how do I find a good mentor to teach me how to properly wholesale in my market".

Think of it this way.  The paperwork is the bullets, and your marketing is the pistol.  But if you weren't taught how to shoot, your ammo doesn't matter.  You'll only hit the target by sheer luck.

Wholesaling isn't about the real estate, it's about the deal.  You are selling the deal.  

People can find real estate anywhere.  All they have to do is walk out their front doors.  What makes a wholesale property attractive is that it is a deal.  Properties with no equity, or potential to create equity, are not deals.

Birddogging for an experienced wholesaler that is dominant in your market.

Flipping houses using OPM is an advanced strategy.  The most common ways are buying subject to and seller carry back.  

To do either properly, you need someone to mentor you through it.  It is not something you can learn on your own by reading a book or responses to your post unless you want to make some mistakes that could be very costly.