All Forum Posts by: R. Kerry Brooks

Mike RomaineKayleen Hammerschmidt best advice I can give you is work with some local investors first. The biggest problem most new wholesalers have is not offering low enough or buying in a area that is not selling good. You have to know what a good deal is and the best way is to work with people in the biz in your area, you can avoid a lot of stress and headaches that way.

Hi Anthony Woodard, welcome you have come to a great place to learn

Welcome Jharmaine Harper,

You should be able to connect with some great folks who work the Chicago area on BP. If you know how to find great investments then it should be no problem making the switch from one area to the other. Find a few and post them in market place and they should be hunting you.

Best of Luck

Hi and welcome Tiffany Flores,

J Scott is right, a good business plan is a good place to start (he has a great template on his site). A few question and I or others might be able to help more in giving you advice in getting started.

1. Do you have money or trying to start with none or limited budget?
2. Any real world experience in REI?
3. Why wholesaling?
4.Have you done any local networking for buyers, realtor, other wholesalers?

Basic advice is stop paying for seminars, meet some local investors and see if you can work with them to learn, then its is marketing, marketing, marketing.

Sounds like were you need to start is education. Asking questions here is a great start. You will get a lot of answers, but will find if you don't have a base understanding of the process the answers just create more questions. There are really no quick ways to learn this business. After some years in it I am still learning, there are so many ways to work deals. Finding a mentor is a really good way to learn. Try to find a local investor that you can work with as a "birddog". Find out what kind of properties they want and if you can help them locate them. Most will be glad to have someone else looking along with there network. It does not pay as much as wholesaling, but can get you involved in deals so that you can learn how it all works. Don't expect a lot of help in the beginning, most investors are busy, so they will give you a little bit of info, then if you show you apply it they will give more. As you figure out how it all works you can then start your transition to wholesaling with a lot more understanding and a good deal of industry contacts.

First thing is breath.... lol congrats on getting the call. The next steps are pretty simple and once you have done it a few times you will see its a pretty simple process. I would suggest a word dock that you can fill out, even after doing it 100 of times you can forget to ask something. If they are truly motivated they will generally tell you their whole life story, so use the sheet to keep on track.

So you all ready have the basic info: Name add and phone. Go ahead and look up the property and get all the info you can on it. With this you should be able to figure the arv for the property.

ok then in no particular order

More info on the house
# beds/Bath
Sq FT
Condition of Property
Repairs needed (and what they think it will cost to repair)
Type of heat/air
Condition of roof

Then to why motivated
Why selling
how fast
is house listed
vacant?
is there a mortgage (1st-2nd-liens)

Now the $$$$$
asking price
flexible????
are they willing to do creative if you cant get asking price.

After that it is up to you to work out making the numbers work. Lots of ways to do that (all over bigger pockets)
Wholesale
owner financing
lease opp
fix and flip

Hope this helps

congrats on the deal!!!!!! Way to work it and make it work

Quin L. You will not be able to get a loan from a bank, they will not loan on a house that can't be lived in. You need to look into Hard Money Loans or private money. Hard money loans will be the best bet since they are designed for investors, are base on arv value and you have money to put in the deal it should be no problem. Private money will be harder since you have no track record.
But as always get the knowledge first, read, team up with other investors in your area, and ask lots of questions.

Welcome to Bigger Pockets Byron Broadnax, since you don't say what your experience level is, I am going to assume from the question you are new at this. So first thing is you have come to the right place. There are a lot of great resources on BP. Also check out some of the guys that are flipping deals. J. Scott is one that comes to mind. He has a great website, and is doing very well at flipping. the more knowledge you get the better, No power ball strategies (to steal a line from Jerry Puckett and the last podcast) in this business, just hard work made easier by solid learning

Again welcome and good luck

Awesome Dude!!!!!!!! Keep it up and you will be mentoring soon!