All Forum Posts by: Account Closed

Over 10 years ago, a guy trained me in the field on how to do wholesaling and subject to's.  

He actually mentored me in the field for 3 days, teaching me how to grid a market, how to find deals, how to make offers, gave me paperwork to use, taught me how to use the paperwork, how to find buyers, how to handle buyers...everything I needed to know to get started and get paid in the business.  When he left, I had a couple of properties under contract and prospects for them.

I made enough money to pay for my training, and have recovered my investment in that training many, many times over.  

He mentored me in 2003. It's 2016, and he's still around while the others have long since gone by the wayside.  If nothing else, the test-of-time tells you about the value of his work.  If you are interested, reach out to me to connect or email me.  BP prohibits me providing his name and contact info in this forum, but I shall be glad to share it privately.  With so many "trainers" out there, more of which offer nothing of value than not, it is hard to determine which is which.  If I can help keep someone from getting burned, I am glad to do it.

The only opinion that matters is that of the market place.  Put it out there with all the advertising and marketing methods you use in your business.  If you get takers, you will know.  Good deals have a short shelf life.

Like any deal you find anywhere, you have to analyze it to determine if it fits your business model.

That's the rub, isn't it?  The podcasts and stuff fill you with excitement and enthusiasm for the business.  Unfortunately, excitement and enthusiasm are not an action plan.

Two ways to go:

1. Invest in reputable, good quality, hands-on, on-site training with someone who will work with you personally in your market, get you trained, set-up, and actually get some deals in the hopper for you before leaving; or,
2. Act as a bird-dog for someone who is successful in your market to learn and earn.

I know.  Posters always tell you that you don't need to do that.  True.  Even a blind squirrel finds an acorn now and then.  But do you want to be a blind squirrel?

The downside is that a trainer requires an investment of capital.  If you are short of capital, go the bird dog route.

In addition, consider joining your local REIA. Nothing like rubbing elbows with kindred spirits.

@Account Closed

Bad idea? Heck no!   I wholesale listed properties all the time.  Just make sure you add a clause in the Addendum that says you have the right to assign the contract, even if you added "and/or assigns" to your name.

Assigning the contract avoids the double close and thus the funding problem.

Alternatively, find someone who will do transactional funding for you at a reasonable rate and just calculate that fee into your cost of doing business.

Three cheers for your enthusiasm!  When you say you have learned a lot, do you mean you have become aware of a lot through reading or actually learned how to operate a real estate investing business?  I am guessing from your post, the former.

I am a principal in a hedge fund, and we have done several projects in Austin.  It is a good market, although I do believe it is starting to slow a bit.  However, it still has plenty of upside for you.

If you are looking to buy and hold, consider joining your local REIA. Nothing like networking face-to-face with experienced investors in your market. You might also find someone there with whom you can partner on your first deal.

Alternatively, I know of a good trainer who will drop in and help you actually get a deal or two under your belt...not just tell you how to do it.

One more thing, Austin has a private lending fund located there to help you fund your deals short or long term at competitive rates.

You are wise to proceed carefully.  At the same time, beware of analysis paralysis.  At some point, you have to act.  Risk free deals don't exist.  Very low risk deals have paltry returns.  Determine your worst case scenario on a deal, and if you can live with it, get in the game.  You miss 100% of the shots you never take.

Best place to start is join your local REIA, and bird-dog for someone who is experienced. You will learn while you earn instead of wasting time and money on trial and error.

I have operated a robust wholesaling business in multiple markets for over 10 years now.  I know that all of the free stuff broadcast and distributed talks about how easy wholesaling is (and you have to think about the hidden agenda in that stuff), but when I read a post asking such fundamental questions as "what kind of contract should I use", I strongly recommend to people they get started the way I did.

Hire a reputable trainer (research carefully, a lot of scam artists are out there) with proven results (for his/her students not him/herself) that will come on-site, help you set up your business, give you the right paperwork to use, teach you how to use it, teach you how to grid a market, teach you how to find deals, help you get deals under your belt, and teach you how to find buyers for those deals.  

Like anything of value, you have to pay for it.  I invested in on-site training like that and it paid for itself many, many times over.  If you are interested in something like that, contact me privately, and I'll tell you whom I used.  I believe he's still in the business.

If you don't want or don't have the cash to invest in training, consider partnering with someone who is experienced on your first deal.  Better to share part of the deal rather than try to hold onto all of it yourself when you really don't know what you are doing, mishandle the opportunity, and best case blow it or worst case, draw the scrutiny of state regulators, requiring you to go to your state capitol, explain yourself, and risk a huge fine.

What is ae? 

@Jeet Sangha  I'm surprised at your comment.  All my buddies in CA are killing it.  I was thinking about relocating out there and joining them because they are making so much money.