| I have been a real estate investor for many years | | | | teach this business at these expensive seminars. |
| and specialize in wholesaling properties (single and | | | | Most of those students leave those courses and end |
| multi-family properties). I have been very successful | | | | up quitting the business very quickly. No support. |
| in this niche of real estate investing. | | | | Why? Because their students run out of money and |
| The reason that I have been successful is simple: | | | | that is when any kind of support ends. Many of |
| Having a large data-base of investors to offer my | | | | these gurus know nothing of this business, but know |
| contracts to. Without those contacts, you might | | | | an exceptional amount in regards to Marketing. I will |
| want to look into another career. I advertise | | | | guarantee you that they spend 100% of their time |
| aggressively for motivated sellers and when I put a | | | | marketing, not wholesaling. |
| house under contract, I need to be ready to move | | | | If you are going to build a credible base of investors |
| fairly quickly. The seller wants to move quickly and I | | | | that trust you and your advice, you will have to have |
| need to make a living. My standard contract with a | | | | ongoing support until you learn all of what we do in |
| seller allows me approximately 45 days to find an | | | | this business. It takes time and effort on your part. I |
| investor or rehabber to purchase the contract that I | | | | know for sure that there are plenty of people that |
| have. But things happen and sellers get anxious and I | | | | want to truly learn wholesaling real estate, but the |
| don't want to lose potential profit. | | | | frustration of getting deals done without guidance will |
| Normally, I will sign a Letter of Intent with the seller | | | | eventually lead you back to places you are trying to |
| that allows me a few days to prepare the contract | | | | leave. |
| and investigate the house more closely. In most | | | | How to find investors and rehabbers to purchase |
| cases, I will have an Assignee for my contract | | | | your contract? |
| before the Letter of Intent expires. Of course the | | | | Here is a tip for you in this article. |
| new buyer will want to perform the needed | | | | Grab your local Sunday newspaper. Go to the real |
| inspections on the property before they commit to | | | | estate section. Easy so far? Here in Dallas, Texas, |
| an Assignment Agreement. But my investors know | | | | our newspaper is full of people trying to rent their |
| my reputation and value my experience when I give | | | | homes. Guess what? Most of those people are |
| them an expectation of repair cost that are needed | | | | investors. I would be willing to bet that 80% of |
| on the home. They also respect my experienced | | | | people trying to rent property are investors and are |
| opinion as to the actual retail or after repair value of | | | | looking for more good rental property. Property with |
| the home. I do quite a lot of research before telling | | | | big equity. |
| an investor what they can retail the house for when | | | | Call them and tell them that you are a wholesaler and |
| the repairs are made. What the general area of the | | | | you locate property with big discounted prices that |
| home is like and what period of time it takes to sell | | | | usually need some repairs. Put them on your list. |
| homes in that particular neighborhood. Professional | | | | When you do contract a piece of property, email it |
| Wholesalers are worth their weight in gold to many | | | | to all of them. Just like fishing. Someone will bite. The |
| investors. I said "Professional Wholesalers". | | | | more investors you have in your data base, the |
| I really don't see many of those in this business. | | | | more fish you will have for dinner. |
| They certainly are not coming from these gurus that | | | | |