The Quickest Way I Know of To Make $10k If You Are Dead BROKE!! SERIOUSLY

[Yussef]

This is great stuff and very motivating. I would be very interested in learning this and giving it a try. I have never been interested in the land flipping/wholesale land stuff. I work directly for 1 of the 8 credit card processors in the U.S. and one of my partnerships I have is with Land Academy and ReTipster. They teach folks how to buy and flip land. Believe it or not, people do buy ocean front property in Arizona with a credit card online. I have 100's of land sellers as clients and some knock it out of the park each and every month.

Man I love it. You are in a good position to learn people's habits and values.

 

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[Guest-5ty5s4]

Sounds cool if you know about real estate....I'm good at talking to people but I know jack s*** about houses and property

learning about houses and property is the easy part.

Talking to people and finding deals - that's the hard part.

edit: this is a very old thread lol

 

[Yussef]

learning about houses and property is the easy part.

Talking to people and finding deals - that's the hard part.

edit: this is a very old thread lol

Nothing worth having is "easy" to acquire.

 

[Yussef]

I used to wholesale in Pittsburgh.

Its a simple idea. You are flipping the contract (in most cases) and often NOT taking ownership of the house. (Although smart people DO take ownership of the house for a few hours and then turn around and resell it to the end buyer, who is sitting in the next room over, aka "double closing".)

Caution: If your marketing materials say you are interested in buying their house, you need to BUY their house and not just assign the contract to the end-buyer. You could get bit for misleading people by saying "I buy house" when you never actually buy them and, instead, just flip the contract to the person who does eventually buy it.

Honestly, you can get an option contract on anything for a set price (tying up the rights to it), then sell your rights on that contract to someone else at a higher price (and you step out of the way). You are basically just 'middle-manning' it. Can be done with houses, cars, businesses, equipment, etc. Option contracts are nothing new.

The PA state realtor association was cracking down on wholesalers because they are essentially acting as an unlicensed real estate agent (finding a buyer and connecting them with a seller and getting a fee for doing so).

There is definitely good/quick money to be made doing it. It attracts a lot of snakes and shysters so the industry often gets a bad name.

My advice:

Be honest in your marketing (don't say you buy houses if you really don't).
Be up-front with the sellers and let them know your plans (if you intend to assign the contract to someone else)
Build a legit business, not a back-alley BS machine.
Don't hide behind a google voice phone number.
Follow your towns' ordinances on using bandit signs.
Be honest in all of your dealings.
Consider getting your real estate license (which are often super-cheap on groupon nowadays) so the state cannot come after you for acting as an unlicensed agent.

Good luck.

Yes but remember your contract should state that you have the "option" to buy or assign the contract. You can't get anymore honest than that and in my experience, the seller usually doesn't care as long as they get the homes old on the date you guys agree upon.

 

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[Goodfella999]

As of now, are you still wholesaling? I think it would also be a great way to become an investor yourself and jump on the deals before anyone else since you've learned the market well. I have a real estate license but never used it as Ive found another industry doing better for me right now but I have been learning more about wholesaling. Thanks for the thread

 

[Kevin.o]

I used to wholesale in Pittsburgh.

Its a simple idea. You are flipping the contract (in most cases) and often NOT taking ownership of the house. (Although smart people DO take ownership of the house for a few hours and then turn around and resell it to the end buyer, who is sitting in the next room over, aka "double closing".)

Caution: If your marketing materials say you are interested in buying their house, you need to BUY their house and not just assign the contract to the end-buyer. You could get bit for misleading people by saying "I buy house" when you never actually buy them and, instead, just flip the contract to the person who does eventually buy it.

Honestly, you can get an option contract on anything for a set price (tying up the rights to it), then sell your rights on that contract to someone else at a higher price (and you step out of the way). You are basically just 'middle-manning' it. Can be done with houses, cars, businesses, equipment, etc. Option contracts are nothing new.

The PA state realtor association was cracking down on wholesalers because they are essentially acting as an unlicensed real estate agent (finding a buyer and connecting them with a seller and getting a fee for doing so).

There is definitely good/quick money to be made doing it. It attracts a lot of snakes and shysters so the industry often gets a bad name.

My advice:

Be honest in your marketing (don't say you buy houses if you really don't).
Be up-front with the sellers and let them know your plans (if you intend to assign the contract to someone else)
Build a legit business, not a back-alley BS machine.
Don't hide behind a google voice phone number.
Follow your towns' ordinances on using bandit signs.
Be honest in all of your dealings.
Consider getting your real estate license (which are often super-cheap on groupon nowadays) so the state cannot come after you for acting as an unlicensed agent.

Good luck.

Hey man,

I used to wholesale in Pittsburgh.

Its a simple idea. You are flipping the contract (in most cases) and often NOT taking ownership of the house. (Although smart people DO take ownership of the house for a few hours and then turn around and resell it to the end buyer, who is sitting in the next room over, aka "double closing".)

Caution: If your marketing materials say you are interested in buying their house, you need to BUY their house and not just assign the contract to the end-buyer. You could get bit for misleading people by saying "I buy house" when you never actually buy them and, instead, just flip the contract to the person who does eventually buy it.

Honestly, you can get an option contract on anything for a set price (tying up the rights to it), then sell your rights on that contract to someone else at a higher price (and you step out of the way). You are basically just 'middle-manning' it. Can be done with houses, cars, businesses, equipment, etc. Option contracts are nothing new.

The PA state realtor association was cracking down on wholesalers because they are essentially acting as an unlicensed real estate agent (finding a buyer and connecting them with a seller and getting a fee for doing so).

There is definitely good/quick money to be made doing it. It attracts a lot of snakes and shysters so the industry often gets a bad name.

My advice:

Be honest in your marketing (don't say you buy houses if you really don't).
Be up-front with the sellers and let them know your plans (if you intend to assign the contract to someone else)
Build a legit business, not a back-alley BS machine.
Don't hide behind a google voice phone number.
Follow your towns' ordinances on using bandit signs.
Be honest in all of your dealings.
Consider getting your real estate license (which are often super-cheap on groupon nowadays) so the state cannot come after you for acting as an unlicensed agent.

Good luck.

Hey, I'm a 15-year-old aspiring wholesaler looking to get into the game any words of wisdom you can dispense for someone like me trying to be a successful entrepreneur?

 

[Shono]

I can not multi task well.

multitasking is a stupid thing to be proud of anyway, unless your like a chef... probably

 

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[Guest-5ty5s4]

I've now done a wholesale deal. Add it to a long list of very different things I've tried. Can confirm, this is a very real thing, and many people have built great businesses out of this one real estate niche!

 

[USN-Ken]

Hey man,

Hey, I'm a 15-year-old aspiring wholesaler looking to get into the game any words of wisdom you can dispense for someone like me trying to be a successful entrepreneur?

Hello.

Wholesaling is not easy. You are basically operating as an unlicensed real estate agent – so you have to find buyers and sellers and bring them together under contract and collect a middleman fee. Being a real estate agent is an a notoriously difficult job, so just know that you will do a lot of work before landing your first deal. Of course, you will make more money as a wholesaler than you will as a real estate agent.

There is an ethical way to do this business, and there is also an unethical way. Choose ethical at every turn. Wholesaling attracts a lot of greedy snakes. Don’t be one of them.

Outside of that, I highly encourage you to hire an ethical mentor who wholesales for a living. I hired two of them and it helped me out a lot.

Good luck.

 

[Kevin.o]

Hello.

Wholesaling is not easy. You are basically operating as an unlicensed real estate agent – so you have to find buyers and sellers and bring them together under contract and collect a middleman fee. Being a real estate agent is an a notoriously difficult job, so just know that you will do a lot of work before landing your first deal. Of course, you will make more money as a wholesaler than you will as a real estate agent.

There is an ethical way to do this business, and there is also an unethical way. Choose ethical at every turn. Wholesaling attracts a lot of greedy snakes. Don’t be one of them.

Outside of that, I highly encourage you to hire an ethical mentor who wholesales for a living. I hired two of them and it helped me out a lot.

Good luck.

Thank you for the words of wisdom and for taking the time to respond. Any suggestions on mentors to hire?

 

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