Someone asked what to do if you are broke and inexperienced and want to make money in real estate. I know he's not the only one in this situation. This was the exact situation I was in in 2005. I was unemployed, broke, and my credit wasn't great. Actually buying a house was out of the question. This is where wholesaling comes in. There's really three steps:
1. Learn your market
It's crazy how many people don't even learn their market before trying to flip property. To me, it was obvious from the get go.
2. Find a deal
"But I don't have any money to market". I didn't either! I talked to agents and asked them what off market fixer uppers they knew about. Within a couple weeks, I landed my first one.
Once you found a deal, get it under contract
3. Find a buyer
Craigslist, REI meetings, property rolls, etc. Lots of buyers out there for every market.
1. Learn your market
It's crazy how many people don't even learn their market before trying to flip property. To me, it was obvious from the get go.
2. Find a deal
"But I don't have any money to market". I didn't either! I talked to agents and asked them what off market fixer uppers they knew about. Within a couple weeks, I landed my first one.
Once you found a deal, get it under contract
3. Find a buyer
Craigslist, REI meetings, property rolls, etc. Lots of buyers out there for every market.
Oh yeah, step 4: Get paid!
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