All Forum Posts by: LuAnn Leighton

Let me know how it works for you.

This is great information.  I have been trying to wholesale for the last 2 months...I decided to start with direct mailing as driving for $ seemed very tedious.  Based on the information that I have learned from others who wholesale they all say it is a great way to build capital and that is definitely what I need!  

Thank you all for sharing.

LuAnn

@David, what an inspiration you are!  I wish I could house hack.  Congratulations on your first rental.  Can't wait to hear what you do next.

LuAnn

@Harold,

I am also trying to break into wholesaling, though all of the information I have read and found from those who have been successful with wholesaling has never mentioned an attorney.  However, in order to create the contract you will require a contract from a lawyer or you can use some of the contracts that BiggerPockets have already created; I believe the cost a fee.  

I think one of the important tasks with wholesaling is identifying the buyer and this could be by driving for $, direct mailing (yellow letters), etc. You need a script for speaking with the homeowners.  Driving for $ is the most time consuming, yet less cost approach vs direct mailing will require upfront costs.  In addition, you will need a cash buyers list to get those buyers over to the cash buyers to get them to gain interest in the property so you can get paid (assign the contract to the cash buyer).

Thanks, LuAnn

@Laura, I am looking to do the same very soon...build business credit.  Though, I heard of a company named https://www.fundandgrow.com, that I plan to use to help build me credit.  I believe there are a number of people on this board who have used them in the passed.  I do know that for me, when I started building credit on my own, I actually purchased a car using the business and my personal credit to personal guarantee the loan. However, I hear that are a lot of other ways to do the same.

@Pete, no, I haven't studied the housing crisis and identifying a trend from past events. I know I have heard a lot about it falling soon. I am new to REI, and plan on investing somewhere in Baltimore City regardless...My goal is to find the best deals, stay conservative and find a lender/hard money lender to support my goals.

LuAnn

Hi Christian, and welcome! I am also new and what I have learned thus far is to read, read and read some more on REI. I found that BiggerPockets is a huge forum for connecting, networking and learning. Another thing that I can share with you is to find a REIA meet up in your area and connect with others who are doing what you would like to learn to do and go from there!

You took the first great step by reaching out and sharing.

LuAnn

@Mark Cruse, I actually do not have any properties yet. My goal is to purchase 1 in June and another in September/OctoberI understand my goals are aggression, but realistic. There are many who have done a lot more. I will keep you posted on my progress.

@Errol, great job.  I know one do = maintain a limit before you begin bidding and don't = change your bid maximum so you can stay focus and remove any emotion.

@Cole, that is great that you are thinking about your future now. Many young people are not thinking the way you are. You will do well with the thinking you have. I would agree that you want to diversify, but based on the REI material (blogs, biggerpockets, REI Books, etc) that I have reading highly encourages REIs so I would focus on that and move to stocks, bonds, and other areas where you can build assets.