Real Estate Investments: Fund, Fix, Flip series – How to Get Started with Wholesaling

How to get started with Real Estate Wholesaling

“A real estate wholesaler contracts with a home seller, markets the home to his potential buyers, and assigns the contract to the buyer. The wholesaler makes a profit, which is the difference between the contracted price with the seller and the amount paid by the buyer.”

Tip of the week: So What Exactly is Wholesaling Real Estate?

Wholesaling is often marketed as a low-to-no cost way of getting into real estate investing and this can be true. A new wholesaler can certainly profit with a much lower initial cash outlay than an investor who has to buy a property and rehab it. However, the successful wholesaler has to have a firm grasp of what makes for an attractive deal – once you understand this process of wholesaling, it becomes much easier and can be broken down into a serious of repeatable steps.

Word from our sponsors:

Flip or Flop

Are you looking to invest in the south Florida market? The time is ripe for investors. Call MyHelps Real Estate Investment Services Services LLC at 954-999-6125 for all your Sales, Rentals or Property Management services. We are licensed in real estate and property management and will buy or lease your property. Don’t delay, Call today 954-999-6125

My co-host today on this podcast is Trevor Evans.
Trevor is a Professional Speaker, Real Estate Investor, Retail Store Owner.
Speaker/Trainer for Rich Dad Education and Founder of Personal Awakening brand “Being Normal Sucks.”
Trevor has also been married for 19 years and have 2 beautiful daughters ages 22 and 18.

Bio: Coach Myrna Young –
Certified Professional Spiritual, Life and Executive Leadership
Coach, Motivational Speaker, Published Author, Realtor and Real Estate Investor
Past president and CEO of A Royal Livery Limousine Service, and Entrepreneur of the year, Myrna is now the President and CEO of MyHelps Consulting LLC. I am also married and the mother of 5 children. Myrna currently lives in South Florida.

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Living in financial abundance is one way to find happiness but not fulfillment.

You deserve happiness, and you CAN attain it.

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Show Notes:

• Topic: How to get started with real estate wholesaling
1. Question 1: Tell us of your path to becoming a Speaker/Trainer for Rich Dad Education.
2. Question 2, What do you feel is a step by step plan to becoming a Real Estate Wholesaler?

Step 1: Create a Database of buyers:
Contact local Rehabbers and Contractors and ask them what kind of properties they are looking for to rehab.
You can find them at your local Chamber of Commerce or your local REIA

Ask them these questions.
1. What kind of properties are they currently rehabbing?
2. Type of properties they like to work with Eg. Single family or multi family?
3. What are they certified to work on? Eg. Are they certified to work on burn down or water damaged properties?

Step 2: Put an AD on Craigslist
Ask the following questions when you get responses to your AD
1. Is the property listed with a Realtor?
2. Are you speaking with the owner of the property?
3. Is the property in Foreclosure, probate, bank owned, or free and clear
4. Does the property need rehab? If so what is the estimated cost of repair.

Step 3: Put together your power team which includes your Title and Escrow Agent.
If you structure your deals properly, you could use one escrow deposit for 10 properties!

Question 3. In our first episode you talk about process. You said that setting up a process prevents failure.
What is the process for the real estate Wholesaler?

Wholesaler Website: do you need one

My friends at Connected Investors wrote this article on Getting started with real estate Wholesaling.

Wholesaling is often touted as the easiest entry point into the world of investing in real estate. And financially speaking the barriers to entry are generally a lot lower, especially when compared to fix and flipping or buy and hold investing. Many experienced, professional investors have door-knocked and bandit-signed their way up the REI ladder without having more than a cell phone, gas money, and the will to WIN. read more …
http://connectedinvestors.com/blog/find-it/wholesaler-website/

• If you found this blog post inspiring, please Subscribe, Rate and Review this Podcast, then send me an email to info@myhelps.us with the subject line “podcast review” and I send you a free gift.

Free eBook: Wholesale Plan of Action Cheat Sheet

This cheat sheet was created by Trevor Evans and Myself and goes into further detail on the Wholesaling steps.

True Wealth: The PATH to FINANCIAL FREEDOM

What is True Wealth
The path to Financial Freedom

The path to financial freedom comes from the quality of our lives. This is true wealth.
True wealth does not depend on how much we accumulate, save, or spend our money.

True wealth comes from who we are on the inside, and not by what we do, or what we have.

We cannot measure our self-worth by our net worth!

The first step to financial freedom is to make the mental shift, that your world in here, will be reflective of your world out there.

This week on Mindset Transformation radio, I interview Trevor Evans, teacher/trainer in real estate investments.

Here is a tip of the week from coach Myrna:
There are 2 types of people in regards to wealth, one who is magnetized and full of confidence and know his potential, and the other is demagnetized and full of fear and doubt, and he tells himself I will fail, I could lose my money, people will talk about me behind my back etc. So, he does nothing. He takes no risks!

As you have probably figured out, the demagnetized man will never get very far.
I love the parable Jesus told about the man who was going on a long trip. He called his servants and entrusted his money to them while he was gone.
He gave 5 bags of silver to one, two bags of silver to another, and one bag of silver to the last.
The servant who received the five bags of silver began to invest the money and earned five more. The servant with two bags of silver also invested and earned two more; but the servant who received one bag, dug a hole in the ground and hid the master’s money.
When the master returned, he was full of praise for the two servants who invested his money and increased it; but the servant who gave him his money back with no increase he called “wicked and lazy.”
The moral of the story was to those who use well what they are given, even more will be given to them; but those who take no risks and do nothing, even what little they have will be taken away.

What is True Wealth

There are 3 honest ways in this life to get money.
1: The first is to work for it. The common consensus is that with a few exceptions you can never become wealthy working for someone else.
2: The second way is to inherit it. For most of us, inheritance is not a sure bet.
3: The third way to make money and the most powerful way, is to invest it. Let your money work for you. Compound interest is one of the most powerful tools in the accumulation of wealth. Let it work for you. Do you know if you put $2000 in your 401k at 21 years old and let it grow with an annual compound interest of 10%; at age 65 it would have grown to over $1,000,000?

I love this article from Inc.com

Financial freedom in America

Nassim Taleb said, “The three most harmful addictions are heroine, carbohydrates, and a monthly salary.” But salaries, fed through cubicle farms, are worse than addiction: salaries are slavery. While starting a company may emancipate you from salary slavery, most founders are enslaved to their startups — trading family time, personal health, and happiness for late nights, long commutes, and stress. So where’s this freedom in the Land of the Free?

This week on Mindset Transformation radio w/ coach Myrna and podcast, I interview Trevor Evans, Speaker/Trainer. Trevor is going to talk about the mindset of an investor, what you need to do to think like an investor and not an employee as well as some foundational tools of real estate investing.

Our sponsors for this episode are A&C Limousine service and Young Real Estate Investment services.
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Are you looking to invest in the south Florida market? The time is ripe for investors. Call Young Real Estate Investment Services at 954-999-6125 for all your Sales, Rentals or Property Management services. We are licensed in real estate and property management and will buy or lease your house. Don’t delay, Call today 954-999-6125

Show notes:

• Topic: What is True Wealth: The Path to Financial Freedom
1. Question 1: Tell us of your path to becoming a Speaker/Trainer for Legacy Education Alliance and Rich Dad Education.
2. Question 2: Before you become an investor, what mindset shifts must you overcome?
3. What I love about the Legacy training is that it focuses on understanding the market and how to use money and not just on the brick and mortar of Real Estate investing. It covers using credit card as an asset instead of a liability. So that is the first mindset shift I think we should discuss.
4. What is the second mindset shift you think is important to acquiring wealth?
5. If someone listening to this show wants to start investing in real estate, what advice would you give them and where should they start.
6. When I took your class, you spent the first 2 hours totally letting us wait for the information you know we all wanted to hear but you spent time teaching about Abraham Hicks vortex and frequency. Why was that important?

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Namaste