Posted by Chris in FL on March 23, 2006 at 08:46:38:
Johnny, Glad I could help. You got the concept, and it works anywhere as long as you can find bargains. Some people find bargain R.E. easily, some people struggle, and some people say “those deals don’t exist”. I don’t know of a book just on wholesaling - I don’t think it is that complex of a topic to warrant a book by itself (though there may be some). Many of the gurus cover wholesaling as one of their strategies, and, yes, it is an excellent way to get started - the best in my opinion. Robert Allen and Ron LeGrand both cover it [probably find Allen’s “Nothing Down” at librabry or any bookstore - it is old, but mostly still applicable, or LeGrand’s “How to Make Millions in Quick Turn R.E.” (or something similar) - I have a signed copy at home.
Now, let me get on my soapbox for a minute. If you don’t have much money, and are just getting started (because there are a lot of you out there), wholesaling is great - but if you don’t learn how to manage your money, etc., you will never be wealthy. The deals where you make a million overnight are few and far between; R.E. is, largely, a get rich slow plan. Assuming you haven’t already, get Robert Kiyosaki’s “Rich Dad, Poor Dad”, and learn the fundamentals of how rich people think differently than poor and middleclass people. Then, do yourself this one favor as you go through life: live below your means, and save and invest the difference. “If you save 10% off the top, you will never miss it. If you save 10% off the bottom, you will never do it” - very, very true. I religiously have a set amount of my income automatically transferred to a savings account, which only gets touched when it is time to invest it (for me, mostly R.E.). This starts to create your money machine. You put money in, and create cashflow, but never take money out. “The Millionaire Next Door”, boiled down, says 95% of millionaires have one thing in common - they are very good at managing their money! Best wishes!