So you live in a large metro like LA, ATL, Houston etc … That's great!
I would recommend that you get on top of your game with finding the war zones. That is the first step! Stop thinking because you get a house super cheap you got a deal ready to go. You are setting your business up for destruction. Buyers typically do not want homes in war zones. They want homes in areas that people want to live. After they are done with the rehab, they are going to quickly put a buyer or renter in it ASAP. If it is in a war zone they will have a harder time selling it.
Reason for me talking about war zones is because huge cities like Atlanta, Houston, and Miami have plenty of war zones. I am not saying that there is no money to be made in war zones (because there is), the point I am trying to get across is that new investors need to focus on wholesaling homes that are quick in and out deals. Houses in war zones are usually not.
Real estate investing in huge cites requires you to be organized. If you have your marketing posted all around the city (bandit signs) you will need to keep all the phone calls and leads packaged. Do not think that because the deal is no good to you that it will not be good to another person. That other people that I am talking about are realtors. They love leads from investors and are willing to pay good money for the leads. We can talk more about that latter.
So many ways to skin this cat we call wholesaling real estate. You need to be organized with you Buyers list as well. This is your bread and butter. Large cities have plenty of people that are cash equipped and looking to spend that cash on some homes they can get really cheap. That's were we come in. Show them that we get homes like this on the regular and milk all the juice out of that buyers list. Deep-pocked buyers are out there. It's not rare that 2-3 of your buyers will be your main money pot. They throw extra cash your way so that could get the access to the deals first. LOL.
Get an assistant. I can not stress that enough. It will pay off for you in a huge city. New investors get some deals under your belt first. Make some cash to hire an assistant first, and then use hit the city hard. Train them on the things they should say to your sellers and buyers. Tell them what to do when the deal looks golden. They should not be calling you every time they get off the phone with a seller. They should be sending you a fax or handing over to you a bunch of papers organized in piles like "motivated", "unmotivated" etc …
Go to http://www.wholesalingrealestate101.com to get more information on this amazing low risk method of real estate investing. Getting in and out of property with none of your own money is the only way to invest in properties to me.
Source by Delondon Dear