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If nobody minds, I’m going to post what I’m going through to secure my first wholesale transaction. I’m posting it here because none of the other forum headers seem to fit; this seems to be the place for newbies.
I’m doing this because in my professional life, it has always been to my benefit to document my activities. It seems to focus my mind, and provides a log for supervisors (or in this case, fellow real estate entrepreneurs) to critique and share.
Will post more soon…
I’m, of course, basing this off Jackie Lange’s Real Estate Profits on Steroids e-book. So the first thing I did was kind of against Jackie’s rules. I read the wholesaling section in its entirety three times. I did that just to wrap my ahead around the whole process. However, I then made absolutely sure to follow Jackie’s rules, doing the lessons one-by-one.
During Lesson #1 — Find Your Buyer’s First, I ran into some unexpected hurdles. The newspapers and yellow pages ads showed up only a half dozen or so buyers. Need at least ten, right? Investment clubs, nothing within two hours drive of where I am.
Now the online classifieds is where I was able to build a decent sized list, after some fine tuning. I got nothing from Backpage.com or any other of the classifieds sites, except Craigslist.com. Here I’ve been able to secure a sizable list with persistent posting. The thing is, though, NOT with Jackie’s suggested Handyman Special ad shown in the e-book. When I posted that ad, all I got were retail buyers looking for a fixer upper. Not what I was looking for, but of course, I kept their information for potential buyer’s, most especially when I do Highest Bidder Sales with largest down payment later on.
The ad that got me the most response was an ad that went right for the jugular. Right in the heading, “Looking for Rehabbers / Cash-Flush Investors.” That got me who I wanted, real quick.
More on Lesson #1 soon…
My last thoughts on Lesson #1…
I was surprised when contacting some of these investors how surly some of them were. Jackie wrote in the e-book to be mindful of their time, so I knew some of them would husband their time. Yet just how much truly surprised me. For instance, I had two of them flat out refuse to give me their telephone number! Email, nothing else. “Don’t see a reason for us to talk” is what I got.
Anyone else heard this one?
Any way ’round, on to Lessons #2 and #3, have a real estate attorney check my paperwork. Hopefully, I can use the boilerplate paperwork Jackie provided, and then just have the attorney use that to complete the paperwork required by the county/state. Three of my “have a good feeling about them” investors all mentioned the same firm, so they’re my first call Monday morning.
Actually, maybe someone on here already knows the answer to my paperwork question. I’m in New York. Anybody have experience with using the paperwork as shown in Real Estate Profits on Steroids being good enough in New York?
I’ll still call the attorney Monday morning. Just if someone has already used it, it’d be nice to have that confidence going in. Thank you in advance.
This was an awesome read, but I’m left wishing that you had continued posting updates! I’m currently in the same boat that you were in, as I’m in the process of finding investors in the Capital Region of New York. How did your hunt turn out? If I may ask, did you ever find out about the paperwork?
I don’t know where you are located, but I did find this awesome investment club up in my region, and I’m looking forward to attending the next meeting in July! http://actioninvestorsnetwork.wildapricot.org/
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