Best Way To Start Buying Wholesale
based on your own experience what is the best method of buying wholesale and from what source?
for a beginnning investor like me i'm just to overwhelmed by many avenues of doing the buying.
is it pre foreclosure? REOs? FSBOs? or vacant houses?
i can't decide on where to start.
thanks. 
Great to meet you . Since we are neighbors lets meet and talk. I can help you get started and who knows what may happen.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
Well, REO's.. Banks usually want to see proof of funds. So unless you have the money, your out.
Pre foreclosures and FSBO's are what i started with and suggest. Off them cash for what they owe, plus a little more for what they want, but the key is the Subject to. This will buy you time to find a buyer, and also offer you an escape from the contract if you cannot find a buyer. Never tell a seller you will try and find a buyer. Tell them, I can help you, and will do the best I can do to. Be sincere, and try to see where they are comming from. Most people are very grateful.
Eric
[addsig]
Quote:
On 2003-11-27 14:02, bodet wrote:
based on your own experience what is the best method of buying wholesale and from what source?
for a beginnning investor like me i'm just to overwhelmed by many avenues of doing the buying.
is it pre foreclosure? REOs? FSBOs? or vacant houses?
i can't decide on where to start.
thanks. <IMG SRC="images/forum/smilies/icon_confused.gif">
I do not know your finanial situation, but I recommend especially to newbie investors to maybe begin birddogging. Expenses are very little to get started. You meet other investors that can help you along in learning REI. One can reap profit with no liability. Great way to begin!! However, as far as actually purchasing RE, I believe Subject To is the best method, esp. for the novice: No Bank Qualifying, No large Cash outlays, Huge Income Potential! Good Luck!
bodet,
Good question. And you can see you will get a variety of answers. My advice is find what works for you. Can you pull off selling a Sub-To? Or is buying a junker cheap and assigning the contract more your thing. Any route will be challenging but find a path that interests you and aligns with your strengths.
My only other advice is to find a good investor oriented realtor. I don't particularly like the RE agent business (overpriced MLS monopoly BS) but a good agent earns their money. The best know where the deals are and can introduce you to HMLs, buyers, etc.
Good Luck.
I second the idea of finding a good investment-oriented real estate agent. This is particularly so if you have limited time. I have found REOs and other good investments through RE agents.
You might try several of your ideas to see which suits you. This will no doubt be influenced by your situation. I prefer REOs and pre-foreclosures over foreclosures since the time and effort required is less and my experience has been that many never make it to sale if there is much equity in the property.