All Forum Posts by: Kenneth Huddleston

Hey. As we have all heard, wholesaling is not the no money down go-to method that the guru's say it is, as there is some start-up capital necessary. I understand this, but i was wondering what exactly you need to start up a wholesaling business? What paid sources are a must, what materials do you need, so on so forth. What is it that you need to spend the money on? Thanks for the help.

Cool info Damon. I realize that wholesaling is not no money down, but you don't need as much as you said either. I'm probably gonna save up about 2 or 3 grand and use that to get through my first deal, and then i can use the proceeds from that deal to do the rest. Also, i have attended one REIA general meeting in my area and i intend to attend another in about a week. I already have about 8 buyers on my list, 3 directly and someone who can connect me to 5 more, and i am in contact with a contractor and a realtor. I agree that its nice finding kids my age on here and we definitely need to stay in touch.

Hey, john. Nice to know i'm not alone on here and i have considered looking for rentals with owner financing and i have learned that wholesaling isn't exactly NO MONEY DOWN like many say it is, even if the amount needed is lower than in most forms of investing. Rentals have always been my primary interest and if i ever do wholesale and/or flip properties it will be for the primary purpose of putting the funds towards rentals.

Hey, my name is Kenny. I am currently 16, in high school, and i have been avid on business and investing for about a year now. I have read dozens of books on the subject and have been hanging around BP forums for about 5 or 6 months. I am really interested in investing and want to get involved and yet, not surprisingly, its 10 times harder considering my age. I have a relative who is willing to act as my legal face and i was wondering what your guys' thoughts were? We are looking at wholesaling to build up capital before going into rentals and flips. I was hoping to get more opinions however before i make any commitments.

Hey, good to see another high school kid online, or former high school kid. I myself am almost 17 and have been avid on investing for about a year now. I have to say, lucky you for being 18, right now being a minor who is trying to get into real estate investing makes everything 10 times harder. Flipping may or may not be the best choice for you considering your situation, but i have heard of them being done in 3 months or less, but the real issue is there is no way you can do it with only 3500 dollars. AFTER getting a good education your best bet would be to wholesale to start, which is manageable in three months but will be really hard. Honestly i think i'd give you the same advice that your are giving me, and that is to take a few real estate classes, get a realtors license, and then start investing. Hope to see you do well though, as i do not see many kids my age on the investing scene.

No, that's when you should have started filing for eviction. By offering more you will appear to be weak and that is not a good idea. I remember reading that you should prepare to file for eviction the second the tenant starts giving you problems and no later, and i strongly agree. If you had started evicting at first sign, even in a state like california you would have had them out in a month.

Great to see new local investors. Look forward to seeing you in the forums.

Tom V.

I get what you are saying and in some ways it economically makes the most sense, but i don't think i could ever do it. The idea of paying someone for screwing me doesn't sit well with me. If its a good tenant who just can't afford rent i shouldn't have an issue getting rid of them, the problem is squatters who just won't leave. Although economically it would make most sense to just pay them to leave, i tend to go by the philosophy that if you don't let people give you crap they won't in the future. Keep going about it as from a business standpoint its probably correct in your circumstance, but from a personal point i could never do it.

I was just studying the two sections in more detail and i also cannot see where it bans wholesaling. According to section 696.020 the means of receiving compensation for performing the duties of a real estate agent is banned, i understand that part. But when i looked up the definition of Professional Real Estate activity it never mentioned anything to do with the reassigning a contract. The thing is when you are wholesaling you are not working for any party but yourself. Because you are not working for the buyer or the seller you are not negotiating a sale. You yourself are just independently contracting the property to buy, then an independent buyer comes in and decided that he wants to offer you money to leave your contract so he can buy the property. To put it in a more roundabout method, let's say i was looking to buy a home and and contracted it for 120k. But then another party comes along and decides they are willing to pay 140k to get the property, they can offer me the other 20k so that i release the contract and assign it to them. This is a roundabout method, but because i am not working for the buyer or seller, i am not negotiating a deal and i am in no ways advertising it, so i am not acting within the grounds of a real estate agent. Am i understanding this correctly?

I am inclined to agree with Will. It seems to me hard to fathom that wholesaling could be killed off like that, especially when i am sure there are plenty of wholesalers out there still doing deals. Also, it is a long used method of real estate, not just investing, to pay people to walk away from contracts. For instance, if you want a house that was recently contracted you can pay them to walk away from their contract. This is wholesaling in a nutshell. I find it hard to believe that its just been killed off for Oregon. I am definitely going to get ahold of a real estate attorney, but i would still like to hear all your thoughts.