Adam,
Thanks for visiting my blog. Wholesaling is by far the best way to start out in investing if you have no experience, no credit, or no money.
There are many distressed homeowners out there that need help with their properties. Situations like foreclosure, divorce,death in the family, need to relocate quickly, and many other life situations put homeowners in a position of needing to sell quickly and for less than the value of the property.
You can find these properties many ways. Local classified ads, visiting the courthouse, driving neighborhoods, and many more.Buyers are advertising all the time in the local papers, "We Buy Houses" ads and ads with similar headlines belong to investors looking for good deals on properties.
There are local investors in your area that can be located by scanning the classifieds, running investor special ads, searching the internet, talking to real estate agents, etc.Putting the two together is how you make money as a wholesaler.
You can start as slow or as fast as you want. I would begin by compiling a list of investors as I actively seek for the right property.In my ebook you will find all the details you need and you can work at your own pace.
By the way, I'm still looking for my 3rd student for one on one training for just the cost of the ebook.
Hope you found this helpful. Feel free to post your questions any time.
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2 comments:
I'm ready to put my first house under contract but need some help on what clauses to use in order to protect myself incase the property is not sold. I plan to assign it over to another investor for a profit but I'm afraid of faxing over my offer and not getting it sold within the closing and inspection period. Need help.
Regards,
Jaime Corral
(jaimec@wood-bender.com)
Jaime,
There are a couple of ways to do this. First you want to make sure the seller understands that you will be finding a buyer and not buying the house yourself. This could save you some trouble if you aren't able to move the property.
In Texas we can pay an option fee (I always pay $10) and back out of the contract for any reason. You can specify a number of days for the option and as long as you and the homeowner agree to this you can back out of the agreement if for some reason you can't locate a buyer. This is your best bet if your state has the option on the approved contract.
The inspection period allows you to get out of the contract as well. Make it 15 days or more if you need to and start your buyer search immediately. Make sure you contact several buyers by email or fax and send them information on the fix up costs, ARV (After repair value) with comps, and your asking price.
This is my opinion, talk to an escrow agent at the title company and let them help you with the contract to be sure you are on good ground with the laws of your state.
Here is the deal. If the house is priced right, you will find a buyer. Just remember that in this market investors want to buy a little lower than normal.
I hope this was helpful,
Let me know when you sell this house.
Thanks,
Ray
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