A question I received today:
Dear Matt,
“I’m looking into trying some real estate investing. I thought I’d see if you had any recommendations on websites, books, etc… to take a look at. I’ve been reading some about wholesaling (just selling the contract) since it seems the lowest risk and no money down but the speed of how fast you have to move worries me. I am looking to start in N Virginia.”
My answer:
Wholesaling can be an awesome business and it is a great way to start your real estate investing career. If you can learn how to find deals, you can apply it to everything else there is to do in real estate. You make your money when you buy — that’s deal finding.
Be ready to look at ugly houses and find rehabbers that want to rehab them!!! Your concern about how fast you have to move is valid, but there are ways around that. The best one is to find some rehabbers in your area that you plan to sell your deals to before you go find your deals. Then you have the end buyer before you go under contract. Also, you will want to write your contracts so that you have an out…. “subject to the approval of my end buyer”.
I would encourage you to start to develop relationships with other investors and realtors and to sign up for conference calls, webinars, go to investment group meetings, etc… the amount of FREE or relatively really inexpensive information there is available is staggering! Almost every real estate investment guru has a free monthly (or even more frequent) conference call you can get on just by signing up for their email mailing list.
When you say N. Virginia, do you mean DC area or where specifically? I would like to find you an investment specialist realtor in the area I can refer you to.
Here are some investment gurus:
Than Merrill — star of TV show “Flip This House” http://www.fortunebuilders.com/ Than will actually be in Charlotte this month at the investment group meeting http://www.metrolinareia.org/ClubPortal/ClubStatic.cfm?clubID=1396&pubmenuoptID=14398 which is an awesome opportunity ($15 admission for nonmembers, but if you join a REIA even where you are now you can get in free). He is a rehabber/wholesaler which means he is an expert at finding deals.
Robyn Thompson — http://www.robynthompson.com/ “The Queen of Rehab” her info is excellent. She is also a rehabber and works with many wholesalers who find deals for her.
Well, that’s a start… let me know your questions and what specific part of VA you are talking about. Real estate markets are very localized so you will want to work with realtors who know your area. I will help you with that.
