Wholesaling & This Forum
First, I am new as of today, and I have been looking for an open forum like this one to both ask for help and provide some. From what I have read so far, you folks are great and are on the right track.
I am relatively new to this type of business, however, I have been doing my homework reading and asking questions for the last 4 months. I have even set up an exel database to list all of the properties sold in my area (where I get my comps). This is not difficult, just time consuming, but provides you with all the info you need. I also save all of the Real Estate Sections in my local newspaper for future reference.
As for wholesaling, I do believe this is not a 'get rich quick' situation, as 'good' deals come around only if you do your homework. From what I have gathered so far (correct me if I'm wrong), wholesaling is basically beating the next investor to the 'contract' punch with regards to tying up properties with below (typically 30% or more) FMV prices. My question is (and I have some ideas already on this) where and how do I set up my investor list for backend purchasers? I was thinking of putting an ad in the regional newspaper saying something like 'Savy Real Estate Investor/Locator looking for Rehabbers and Landlords to become part of a local network of investors for backend property purchases. Cash and quick closings are a must. High percentage commissions.
Any thoughts?
Thanks in Advance
TBud
That sounds about right. Your network of buyer is going to be the most important issue. If one buyer falls down and can't do the deal, then you should have another one in his place. It's a good thing you are doing the excel spreadsheet. Maybe you can help other investors by posting a sample excel spreadsheet in to the Downloads area?
Keep up the good work!
Thanks Jack for the vote of confidence, I will post the spreadsheet for others to see.
Tim
Tim,
That's a pretty good plan. You should also look into incorporating either a hard money broker or mortgage broker so that you can be a one stop shop for your investors.
I believe setting up your "pool" of buyers before hand is a very good plan.
good luck,
[addsig]
Tim------------
I agree on the idea of having an ad, it's just that yours is way too wordy and not at all oriented at the reader. WHAT IS IN IT FOR ME? That is the question on each reader's mind. Something more like: Bargain buy for cash! Fixers, Rentals.
telephone number
Best is to actually have a deal to sell. Then you can put in some numbers. $44,950 for $80,000 3/2 house in Ainsworth area. Needs work. telephone number. You might even put in the address and say "see first".
You might want to study advertisements before writing yours. If there are no comparable advertisements in your local paper, there are apparently thousands of newspapers with their classified advertising on the internet. You can learn from the best advertising in the country.
Good Investing**********Ron Starr**************