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Am I just too chicken for wholesaling real estate?
I have all the information at my fingertips. I have walked a few neighborhoods. I have created a list of homes I'd like to contract. But, I'm afraid if I approach the owner and put down earnest money, to contract the property, I'd end up with no buyer at the end of the month and the nightmares begin. Everyone says shoot shoot shoot, but I don't have not even 10 people on my buyers list, nor a real estate attorney nor a group of bird dogs. I'm doing this all by myself. Am I doing it wrong and waiting too long or am I being careful and trying to create a solid buyers list?
Hey,
this is a wholesaling question. I have no idea what question you two answered. The question is am I suffering from the fear that my contract for assignable option won't work or should I wait until I have a buyers list of 50 people on it before signing a contract for option?
2 Answers
- Simpson G.Lv 79 years agoFavorite Answer
You are doing it wrong, unless you are have a huge bankroll or you can sit on the properties for awhile until they sell.
It sounds like you need to get in with a current broker and assist them so you can learn the ropes, build some clients, and get yourself together. It's pretty cutthroat out there right now and pansies won't make it. There isn't handholding and there isn't much wiggle room when you bid on a house for $100,000 just to get inside and find it gutted and worth $75,000 (you also asked about auctions).
Edit: Heaven, you need to get your attitude in check. You are conrontational to strangers whom you have asked for help and you don't seem to be able to draw a line from A to B on your own. Investors tend to be fairly smart people or they tend to have smart people working for them, so you'll have to figure out if you have the brainpower to do this. Being rude to people who tried to help you isn't going to get you anywhere in the industry. The industry requires that you have a spine, but when you need help, you can't expect the hand you bit to feed you.
- Anonymous9 years ago
If you do your homework and find out what comparable houses in your neighborhood are selling for, and you set your list price to that amount, you should have no trouble selling it in short order, not getting it to appraise for the amount. Go ahead and buy, but figure your rehab costs into your offer.
