Can wholesaling be done without a mentor?

[tbodley74]

Are mentors and coaching programs a must have when you got started in the wholesaling business? How did you first learn how to flip properties for profit?

[Real Estate Seller]

If you are new in the business it is better to have someone to hold your hand on the first few deals. You problem can get a mentor for about $500 to $1000 per deal which is well worth it.

[BAH6]

Hey tbodley74. While it's always a good idea to have someone helping you on your first couple deals you may be able to go at wholesaling right away alone. Whenever I've done a wholesale deal I've used a 1 page purchase agreement and a one page contract assignment sheet. The main thing I focused on in the beginning was finding a Title Company familiar with double closings as some will do them and some won't. There's a guy on youtube named Tyrone Taylor who gives great advice about wholesaling and getting started. You can search him as the flipman or teachmewholesaling I think. Good luck!!

[tbodley74]

So after I profit from a deal, I pay mentor $500 to $1k for their help? Paying that upfront is a big deal for me.

If you are new in the business it is better to have someone to hold your hand on the first few deals. You problem can get a mentor for about $500 to $1000 per deal which is well worth it.

[tbodley74]

I hear Clear Title America can double close deals in all states. I can name a few wholesale experts I can think of that are good at what they do. I have never heard of the guy you just named. I'll chek out his YouTube video.

Hey tbodley74. While it's always a good idea to have someone helping you on your first couple deals you may be able to go at wholesaling right away alone. Whenever I've done a wholesale deal I've used a 1 page purchase agreement and a one page contract assignment sheet. The main thing I focused on in the beginning was finding a Title Company familiar with double closings as some will do them and some won't. There's a guy on youtube named Tyrone Taylor who gives great advice about wholesaling and getting started. You can search him as the flipman or teachmewholesaling I think. Good luck!!

[The_Great_Martini]

my personal story is that is very hard without a mentor and you should try to find a local mentor if possible to partner up on deals. Thats exactly what I did. I had spent around a year learning the biz and paid for an internet coaching program that was not the best. I was stuck until I met a local investor who done it for 20 years and soon after the deals started happening. I paid my mentor way more than that other program and I would do it again as I done very well in large part because of him. Good luck with that.

[Real Estate Seller]

I have been a mentor for a few new wholesaling people but I teach them everything they need to do to get it done and I say lets do one so you will understand everything and the first thing they say is I don't have the funds I need 100%. My advise is never watch those television programs or buy books that tell you that you can get 100% because all are misleading.

[lauraalamery]

I recommend that you do get a mentor in wholesaling or any real estate strategy, for that matter, and I don't say it because I am a mentor myself. 
From experience, I know if I had a mentor when I started back in 1987, my learning curve would have been much faster and with less problems - try to netwwork with people that you have common real estate interests with, attend real estate investors clubs and meetings, and read, read, read. But when you are ready to jump into it, find someone who is serious and can hold your hand, without upfront fees.

[tbodley74]

Upfront fees are what kept me from getting a mentor in the first place. All mentors want money. They all do. I have not come across a mentor yet that does not require upfront fees. What do you suggest people do who wants a mentor but cannot afford very costly upfront fees?

I recommend that you do get a mentor in wholesaling or any real estate strategy, for that matter, and I don't say it because I am a mentor myself. 
From experience, I know if I had a mentor when I started back in 1987, my learning curve would have been much faster and with less problems - try to netwwork with people that you have common real estate interests with, attend real estate investors clubs and meetings, and read, read, read. But when you are ready to jump into it, find someone who is serious and can hold your hand, without upfront fees.

[Real Estate Seller]

I guess a fair question would be try on your own and make costly mistakes or pay a mentor to guide you in the right directions. We have find most mentor will charge a %%% on the first deal you do.

[justin0419]

In a recent survey, 10 out of 10 REI mentors suggested newbies hire a mentor to avoid making costly mistakes.

[Real Estate Seller]

We found that mentors get very interested when a new real estate investor has cash money and ready to pull the trigger on a deal.

[tbodley74]

Yeah but how much percentage are you talking about? Even mentors at the local REIA charge high up in the thousands.  I wish I knew where to find a local mentor in my state that does not charge way too much money upfront. I don't think the money from my day job can handle paying costly upfront fees. Now if we talking paying mentors after I profit from a deal then I can handle that but just not upfront.

I guess a fair question would be try on your own and make costly mistakes or pay a mentor to guide you in the right directions. We have find most mentor will charge a %%% on the first deal you do.

[Real Estate Seller]

Do you have cash to do a deal now?

[cindydm]

Hi tbrodley74,

You are going to incur some small start up costs. I learned this. Treat real estate as a business. I recommend eventually incorporating. This can help you later on to obtain business credit. You can use business credit lines to do your investing.

Let me see what I can tell you off the top of my head. I would recommend you focus on the things you need to get situated right now. You need cash and you need buyers right? Also, you need to learn how to fill out contracts (this is something not all real estate investing guru programs teach you). Not knowing how to fill out contracts is what slowed me up and the fear of not knowing what I was doing.

Why don't you build your buyers list. You can do this with bandit signs, craigslist, or do a search for real estate investors online using the search term we buy houses. Search the newspaper for landlords. Search online for rent ads. Contact these landlords. Be friendly and introduce yourself. The idea here tbrodley74 is to connect with these investors, see if they are interesting in acquiring rental property, what types of properties they like and what locations interests them.  You also what to know what their buying criteria is. What is their price range, etc.

You can even call other wholesalers. Put them on your investor list as well. Be sure to put down which investors are cash buyers and how soon they can close. In the beginning, I would say focus on your building your buyers list before you wholesale your first deal. This will give you some confidence to do your deals. 

Build a list of at least 50 to 100 people in the beginning. However, I really have to say, the bigger the better. When you contact these investors, you need to find out what areas they invest in. This is important. Give your buyers what they want. Then continue to market for more buyers weekly. You can do this for free by using craigslist.

You can also find investors on facebook. Join a bunch of those facebook groups geared toward real estate investing. Get involved in those online facebook groups. Have fun, ask questions there, answer questions there, and meet new people. Connect with the people in those groups by sending friend requests.

Join twitter and search for real estate investors on twitter. Both twitter and facebook are free ways to build a presence online and to connect with other investors.

Look on youtube to learn how to fill out contracts. JP Moses has videos on how to fill out contracts. I believe Steph Davis does as well.  She is on youtube as well. Learning about contracts and contingencies is very important. You want to make sure you protect yourself.

Also having the right title company is important. I did research that attorney owned title companies are a good option. They understand real estate contracts and creative real estate investing techniques. However, being attorney owned is not vital. Your title company does however need to understand the type of deal you are transacting.

If you need to bring money to the table for a 1 day flip, transactional funding is a possibility. You can also consider private money or hard money for longer term holds. Contact the transactional funders and hard money lenders to see what is their funding criteria. You do not want to put a property under contract only to find out that they do not fund that type of deal. So, ask this before you get in the game.

Private money is cheaper and terms more flexible. A private money lender can be your uncle, aunt, mother, brother, sister, friend or anyone who has cash tucked away to invest. It can also be a person you do not know who wants to invest. You may even have money yourself that you don't even know about. You or someone you know may have an IRA. That money be put it in a self-directed IRA specifically for real estate investing.

You will also need to learn how to analyze deals. You can learn so much on youtube. I think Steph Davis may discuss this as well or Jp Moses.  You can google them both.

It is best to find a local mentor. However, if you do not have the funds to pay a mentor, good ole' youtube, research and learning as you go is what you may have to do.

Everyone starts somewhere. My teenager even jumped into the real estate game a few days ago. He learned about real estate in one day and I did not teach him. He simply started connecting with people.

The things I gave you are just a few of the first things that need to be done.

Once you get your first property under contract you will be much more confident. My advice to you is to stick with it. Some people wholesale their first property in weeks while others take years because of fear. Don't be afraid to do this. Stay focused. You can do this!