This past weekend the U.S. Women’s team defeated their rival Brazil in a heroic win. The game serves as a metaphor for how we can succeed in this market. I was inspired and hope to inspire you in case you missed the game!
While the news likes to focus on the negatives, we see the opportunity. There is so much opportunity that USA Today had to write a report on it. Its no surprise though, if you were going to seinars and events back in 2008, 2009, you heard everyone saying this would happen, and guess what, IT IS!
I wanted to write a blog and talk about some of the things I learned when I did my first real estate deal. As you know, I was able to find another investor, sell myself, and get a few properties to market for him. From beginning to end, it took us over more than a month to take a foreclosure and wholesale it for 10K. Reflecting on that very special moment, here are my 5 lessons learned that would be helpful for anyone getting started.
Great investment opportunity in Chicago’s West Side neighborhood. This North Lawndale property is NOT listed on the MLS, dose NOT need a full gut, and has 3 units with 3 bed 2 baths each.
Forget wholesale deals, this is a wholesale STEAL!
Nowadays it seems as though there is too much information available for anyone in any particular field, at any given moment. Right now you can Google the words “real estate investing”, or “Chicago real estate investing”, and you will turn up thousands if not millions of pages with content. How can a investor keep up with so much information? Learning to navigate the waters and knowing what you want takes time, but can benefit your deals in the future. I have come across a few tools that may help filter the info overload.
Get Started in Real Estate Investing Just LIke Me!
These tips fit almost any self-starting entrepreneur. If you are wholesaling real estate, you are an entrepreneur, whether you think so or not. As any sport or industry you are in, the only way to succeed is to have passion, discipline, and humility.
Chicago Wholesale Property – Auburn Gresham 2 Flat
When you are driving through your farm area, you must know the typical signs of your average wholesale property. Not always do the properties exude these characteristics, but if they do, it is a great indicator of its potential as a wholesale deal. As if we were playing poker, I have listed 5 obvious tells of a potential wholesale property. If you see a property with two or more of these tells, start finding the owner because you can bring it in and flip it to your buyers!
As a wholesaler you should always call on the “we buy houses” signs scattered throughout your town. Despite the advise of gurus, I recommend you always be honest and say that you are a wholesaler working with cash buyers to do deals. I bring this up because when you start putting up signs, you will be getting called by others who claim to be cash buyers when they are just wholesalers. Knowing other wholesalers will help you leverage their time and efforts to get deals sold quicker. Like all the aspects of real estate investing, you should know what to look out for when working with wholesalers to get deals done. My advice consists of knowing your numbers, controlling the deal, working with pros, and setting a professional standard.
