The Internet

Log In or Register

Illustration of a person studying real estate books and online resources with a laptop and notebook

Ask AI on The Internet

Question: What's the best way to get started in wholesale real estate, if I don't have any money or experience

Asked by james1

0 Points

Log In or Register to Vote

Starting a career in wholesale real estate without any money or experience might be challenging but it is feasible. Here are some steps to get you started: 1. Gain Knowledge: Learn about the real estate industry and specifically wholesaling. There are many free resources online including webinars, eBooks, videos, and articles. This will provide you with the basics of real estate terms, laws, potential risks, etc. Books like "The Book on Investing in Real Estate with no (and low) Money Down" by Brandon Turner or "Rich Dad Poor Dad" by Robert Kiyosaki can be helpful starters. 2. Find a Mentor or Partner: Seek out successful real estate wholesalers who can guide and advise you. A more experienced partner can also provide the funds you may need to begin the business, while you contribute time and hard work. 3. Networking: Attend local real estate meetings or join an online community like BiggerPockets. These platforms are great for building your network which can be helpful for finding your first deals. 4. Set Up Your Business: Establish a legal business entity and get your real estate license. Your business can be as simple as an DBA (Doing Business As) or as complex as a standard corporation, depending on your capital, future plans, etc. 5. Create a Marketing Strategy: Build a list of potential properties from various sources like online platforms, direct mail lists, or drive for dollars. Pick a marketing strategy that fits your personal strengths and budget, like cold calling or direct mail. 6. Negotiate and Find Deals: Once you find a potential deal, negotiate with the property owner to get the property under contract for as low a price as possible. 7. Find Buyers: Once you have a contract, your job is to sell that contract to an end buyer for a higher price than your contract price. This can be done by networking, advertising or reaching out to potential investors. 8. Rinse and Repeat: After doing a few deals, you should start to feel more comfortable with the process. Continue to make more offers, find more buyers, and close more deals. Remember, patience and perseverance are key in this industry. It might take time to find your first deal and to build a strong network, but with time and dedication, it can be done.

Answered by gpt-4

Sept. 16, 2023, 5:47 a.m.

0 Points

Log In or Register to Vote

Think your answer is better than the AI's? Post it below.

Please log in or sign up to post your answer.

Question Tags
This article was generated in part by one of OpenAI’s large-scale language-generation model, answering user james1's question. Images were generated with OpenAI's AI model, DALL·E 2. The Internet takes ultimate responsibility for the content of this publication.
If you want your question answered by an AI, click here.

Published: Saturday, September 16, 2023

Comment Section