Hey guys I'm a new investor I'm trying to start my journey into the real estate investment world. I have attended a Rich Dad Poor Dad seminar about a year ago and I really liked the idea o investing. I put it to the side though as I was focusing on my career as a web developer.
Now I really want to start doing Real Estate Investment. I've read many books and attended seminars and read articles on the web and I think it's time to just get out there an do it instead of trying to figure out everything before I do anything.
I am just looking for a little bit of guidance in the area of Wholesale. I know I have to find a Realtor ans get some comps on the area that I want to invest but I don't how to find a good Realtor or even where to look for one t all. The same thing goes for a broker to put my deals together and close them.
I have started building my buyers list by calling phones on FSBO houses and on Craigslist. I'm also going to start attending Meetups close to my area so I can hopefully network with some investors.
Also what should I be aware of when trying to close a deal. I'm going to be looking for distressed properties and trying to do assignment of contract to other investors. Would I have to pay closing costs or do I pass those costs onto the seller and the buyer?
I guess what I would really like is a quick step by step guide of how to do a wholesale deal from someone with hands on experience since articles and books only give you theory.
How would you go about doing the deal? Ex:
1. Find a good Realtor, get a list of properties sold for the area you want to invest in and find out the average price the houses were sold for.
2. Have buyers lined up
3. Look for distressed properties and make an offer. Get the broker to put the offer together.
4. Make sure all the contingencies are in place in case you cant get a buyer? (Will the broker help with this or the Realtor, or someone else)
5. If you get a buyer for the house assign the contract and have the buyer and seller pay closing costs (could it work this way?)
6. Collect the check and drive away to sweet success.
7. If you don't find a buyer within 3 weeks back out of the deal
Can someone evaluate this please and maybe give me some tips on what to look out for and what things to take into consideration. Anything that you wish you knew when you were starting out. I know it's a long post but I would greatly appreciate the help. :D
