Posted by Brent_IL on April 15, 2002 at 01:54:48:
A wholesaler buys property, often distressed, cheap enough so that he or she can sell it quickly at a modest profit to an investor who in turn sells the house at retail after fixing it up. You can get a perspective on wholesaling by doing a search of the archives under wholesal*, wholesaling, and Steve Cook.
Where do I start?? - Posted by Ray
Posted by Ray on April 12, 2002 at 01:59:16:
Hi, I’m a 23 year old college student looking to expand my income a little, I’m very green to this forum and real estate investing in general, but I have been reading the posts and articles for a couple of days now to get a start. I have read the archives on getting started, but it seems there’s so many programs out there involving a wide array of subjects, I can’t pinpoint one to start with. Anyone have any advice for a college kid on a tight budget, good credit, and little start up fund on where to go?
Much Appreciated,
Ray
Re: Where do I start?? - Posted by ShermanDC
Posted by ShermanDC on April 14, 2002 at 01:02:54:
Start where you are.
Not trying to be “flip”, but I am serious.
Don’t buy a thing - you have no money.
Instead get a list of all the real estate investment clubs that meet anywhere close to where you are and go to the meetings.
Ask three questions:
1 - Where does someone start who has no money;
2 - What are the best strategies currently being used in this marketplace by successful investors;
3 - Who out there is doing great things and is willing to teach me?
If you go to three different clubs and ask five to ten investors (not other newbies, but investors) these questions, chances are that one or two names will keep coming up.
Go find these people and cut a deal with them.
Give them your time, give them some of your profits, go to work for them (if you have to) but get to know them and determine if: a) you can trust them, and b) you can learn from them.
If you are really motivated, they will figure out a way that you can make some money “working for them”. Take the money from this first deal and put some away for a future deal, buy a course or book or tape they recommend and give some to your church.
You learn by doing not building up your real estate library with books and tapes you never read or listen to.
Hope this helps.
-ShermanDC
Re: Where do I start?? - Posted by GL(ON)
Posted by GL(ON) on April 12, 2002 at 10:28:34:
If I were in your boat I would look into mobile homes. See the mobile home board on this site.
Re: Where do I start?? - Posted by SCook85
Posted by SCook85 on April 12, 2002 at 07:54:33:
I got my start as a wholesaler. I had no money, no credit, and left my job and had no income. Wholesaling makes you quick cash which is necessary just to survive.
Happy Investing,
Steve
Same Boat - Posted by PB
Posted by PB on April 12, 2002 at 04:18:21:
Hey,
guess what… I’m in the same boat as you. I’m 23 about to grad with a Finance Degree goin into the work force come September.
I guess the general advice I’m gonna give is to just take time to read whatever you can! I know we all want the “ONE” program to riches or whatever… but I’ve found that there are many books at your local and school libraries that will give GREAT info to get your mind primed up for the good stuff. I mean at my University Library I found books from Robert Kiyosaki “Rich dad poor dad,” books on flipping, rehabs, rentals, general RE Investing, and many other topics. All for free… just to get started.
Then when you find out what you would like to do exactly, and what might be successfull in your market… you’ll have a good idea of what program you’d like to get. For example… maybe you area has lots of foreclosures or tax lein seizures or whatever, then you get those types of programs. Maybe your area has many apt buildings, so you’d like to find more about low downpayment/mgmt companies/rentals. Stuff like that.
Thats where I am right now. Other stuff I’m doin is talkin to many professionals in lending, real estate, banking, lawyers, etc… just to find out their views on REI and stuff. To try and learn I’m considering working in mortagage brokering to really learn from that side of things… you know tryin to get funds at good rates and little known programs and stuff. But yeah I say read up, and talk to everyone possible… it just might open doors.
Re: Where do I start?? - Posted by Jeff
Posted by Jeff on April 12, 2002 at 09:19:50:
Not to sound stupid but what is a wholesaler