[lswadhardy]

Hello All,

I'm very new to this site and would appreciate any advice on how to get started in wholesaling.

I currently work a full time job but I'm hoping to find something that could allow me to be at home with my daughter. I figure that wholesaling is a good start because I could manage doing this and keeping my full time job. If I gain momentum, I'd like to invest in real estate full time.

Any advice you could give me would be great! Books, tapes, websites, or just plain old advice on choosing market areas and marketing would be good!!

Thank you!

[Jose71]

Originally Posted by lswadhardy

Hello All,

I'm very new to this site and would appreciate any advice on how to get started in wholesaling.

I currently work a full time job but I'm hoping to find something that could allow me to be at home with my daughter. I figure that wholesaling is a good start because I could manage doing this and keeping my full time job. If I gain momentum, I'd like to invest in real estate full time.

Any advice you could give me would be great! Books, tapes, websites, or just plain old advice on choosing market areas and marketing would be good!!

Thank you!

My suggestion is familiarize yourself with the city or the area you looking to wholesale, talk to family and friends (potential investors), find a realtor that invested themselves and of course read, read and keep on reading. Don't be afraid to take that step when you feel you're ready.

Keep in mind this is my opinion, others may think differently. Good Luck

[Brian]

[QUOTE=lswadhardy

OK, step one, keep reading sites like this and others.
step two, go to the library, and read every book the have on investing.

step three, find one method of investing/wholesaling that seems like it
will fit into you time schedule and just start, focus only on it. I would
suggest a couple but I don't know your situation and location. If you pick
the wrong one the first time, it won't be a disaster just more knowledge.
Getting the train moving is goal number one.

[lswadhardy]

Thank you for responding!

Are there any rules or guidelines to picking your market area? I live in Orange County, Ca. I'm aware that people work in areas like San Bernardino and Riverside county.

What is the reason for that? Is it just because houses are cheaper, so its less risk?? Can you work in areas like Orange County where house prices are pretty high?

I plan on using direct mail, so any advice on sites where you get your address lists would be great!

Again thank you for any advice!

[Natalie-VA]

Hi Lauren - I received your message the other day.....sorry for the delay in replying.

As far as leads go, I've bought the vast majority of our houses at foreclosure auction. I think you can get better deals using direct mail, but for me it's a matter of how I like spending my time.

As far as direct mail is concerned, I recommend mailing to absentee owners. I can't recommend a list vendor since I've never used one. The few times I did direct mail, I got the data from my own MLS.

I've been fortunate that my immediate area (Virginia Beach) has been a good one to invest in over the years. The prices are somewhat manageable. If I lived in an area where prices were high, I might not have ever gotten started. Many people successfully invest in areas where they don't live, but I'm sure it presents some challenges, especially when you're new to the business.

Best wishes.

--Natalie

[Lubasha]

Since you know which way you are going to start in REI you probably already familiar with wholesaling strategy and the way it works. Then I would agree that “Getting the train moving is goal number one” for you after basic knowledge is in place.

You say you live in high priced area, personally after 3 years of active investing in RE my farm stays in cheap or priced below average areas and I don’t think this factor will change for me anytime soon. Also in all my deals but first I could not make anyone else’s money to work for me either, I “move my train” only with hard cash. In my first the equity was still available but after RE crashed not anymore; it seems like everything went under water. I believe there is a way to work smart rather then hard and I wish you to find that way.

[bellaswan]

I learned a lot of things from your post... its a big help for the beginners... :-)

[bfiori]

Just want to let you know, I am right there with you and work 50-60 hrs a week. I literally spent my last $700 on a course recommended here at CRE. Lots of info to mull through and so little time (work + 2 yr old). I just received the course a week ago and I've been reading through the "How to" articles here. I looked up and found a local Investing club in the area, joined and the first meeting is this Thursday. If you are like me, the hardest part is going to be building the confidence and then just pulling the trigger. Well after years of reading Napolean Hill, Rich Dad, E-Myth, etc...the one thing I know is, anything you want to happen can and will...only if you make it happen. I'm about at my wits end working for someone and living paycheck to paycheck. I think for me, I will start Dealing and maybe even Scouting, just to get started. From there, well, sky's the limit. Best of wishes, time to open the Genie in the bottle!

[Lubasha]

About a month ago I flipped my first property acquired through foreclosure auction (I did some turn-overs before but never through foreclosure). Today I was driving by that property and was amazed how my buyer, advanced investor, transformed the house. I thought I am doing great rehabs, but those guys, sure, gave me so much food to learn.

I am trying to say if you really wish to have business in RE, just start with anything and things should develop.