Question from Katie in Hillsdale, MI
Katie, thank you for the kind words. I totally understand where you’re coming from. The real estate business is a great one to get into, but there are so many avenues that you can take. The business of wholesaling real estate, which is what I do, is a course all by itself. After you learn about wholesaling real estate, you could study things like rehabbing and retailing, Lease Options, Landlording, Being a Realtor, etc etc).
If you’re looking to make quick money, then wholesaling is your best best to get started. It’s relatively easy to understand, though of course there’s a learning curve to everything new that you get into, and it’s the quickest way to make money with little to no investment of your own monies.
As far as lingo, there’s a lot to learn for each one of the different mini-business of real estate, and learning the jargon will come with time. Any time you hear lingo, just ask what it means. After a while, it will all start to make sense.
So what’s the first step to start wholesaling real estate?
The Very First Step to Start Wholesaling Real Estate
The awesome thing about real estate wholesaling is that, if you found a house today, you could write up a contract and wholesale it right then and there, without a bunch of licensing or start up cash. The most difficult part of the process is actually FINDING a motivated seller.
How are you going to do that? Marketing. If you’re looking to get started wholesaling real estate, then you need to start marketing TODAY. Start learning about bandit signs, yellow letters, direct mail, quit claim deeds, but most importantly, just get your name out there. Let the area know that YOU BUY HOUSES!
You’re going to learn over your coming journey through wholesaling real estate that marketing is THE biggest part of your business.
Once you’ve implemented some marketing techniques, you’ll have some time while waiting for calls. Use that time to learn what to say when those sellers finally get in contact to close the deal. Maybe check out our article on one Newbie Negotiating Mistake.