Hi All,
I want to stop spending a lot of time studying on Real Estate Investing and actually apply the knowledge. Of course I want to take baby steps and start with Wholesaling. Does anyone have any tips? Maybe we can sit down sometime
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I have a friend that is successful in your business but he has taken steps that are, I would say are very uncomfortable to most...that is why he is so successful!
He very simply has chosen an area of town that he would like to work in...he knocks on every door (EVERY DOOR) asking the owners if they are interested in selling their house, he then asks if they know of anyone interested in selling their house, hands them a card and says if you ever decide to sell or know of anyone interested in selling...please have them call me. He will sit down with anyone that says "yes" and gathers as much info as possible without making any promises, and then presents the info to investors that have the capital to close the deal. 1 example of a deal is using existing financing on a property and the homeowner walks away with a check for 1k-5k with all garbage left in the property (sometimes 3 dumpsters full) and obviously the monthly potential rent after clean out must be in excess of existing financing and taxes 300+ per month works.
He has also used hard money to close deals where there is enough equity for the new HM lender to want to get involved.
He now hires out the door knocking position to another person and offers a finders fee if the deal gets closed so they can cover more ground and close more deals.
I would say again that there are not too many people with the "guts" to find the deals like this so I think it is a wide open playing field for you.
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